I absolutely hate taking an overpriced listing and simply would not do it. It seems like one big waste of time to me since the market has been declining for the last 4 years. It is like going to work and not receiving a paycheck.
If a seller is overpriced from day one then they will really be overpriced 3-6-9 months down the road. However, the market is looking more positive as inventories are declining and unit sales are up. It appears that we are in or coming close to a bottom.
So should you start building your listing inventory even if the sellers are overpriced?
If you ask some of the largest producers in your market they will probably say yes.
I’m always looking to learn in this business so I like to observe the biggest producers. Most of them take a lot of listings. There is definitely a direct correlation between being a huge listing agent and selling a lot of real estate. If you look closely at some these large producers you will notice that they don’t always take a listing at an aggressive price.
In fact, many of their listings are over priced. However, in time they manage to get the seller to see the light and eventually many of them sell. Start observing the larger producers in your market and I think you will see the same patterns.
I read recently that a seller accepting the realities of the market is similar to the stages of the grieving process.
Stage 1 – Denial Continue reading this post