Real Estate Video Blog: “Should You Take Over-Priced Listings?” Featuring National Real Estate Speaker Van Deeb
This week National Real Estate speaker and author, Van Deeb spoke in the Amoura Production’s studio about an often debated topic, “Should Real Estate Agents Accept Over Priced Listings?” Van makes several strong points for his case. What are your thoughts? Should brokers encourage their agents to accept over-priced listings?
Below is a transcript of Van Deeb’s Real Estate Video:
When you’re building any business, if you had a company right now that sold light bulbs, and someone walks into your store and you have one light bulb for sell, you aren’t going to stay in business very long. And that’s the mindset that agents have to have is your listing inventory is your store, it’s your company, it’s your business .So it’s very important to go out and get as many listings as you possibly can, even over priced listings.
The jury is still out with many brokers and real estate owners on advising their agents to take an overpriced listing. I say take it all day long, however, there is an asterisk by it. If you’re an agent that takes an overpriced listing and your seller doesn’t know that it’s overpriced then that’s wrong. I don’t believe in that and that happens all the time. If the seller understands that they are priced out of the market and that you are not going to spend a bunch of money, if any, on marketing this home, however you’ll put a sign in the yard and you’ll do your very best to sell it; it benefits the listing agent times ten if they accept this because you never know when the seller may have an epiphany and call you up one morning and say, “I’m tired of nobody showing up at my house. I’m tired of not getting any traffic. We’ve gotten serious. We want to get it sold. Let’s drop it $50,000.” Well if you’re not the one that took the listing in the first place, you aren’t going to have those benefits.
That’s just one, and that always happens. And number two is, your going to sell at least one home off that listing, if you do it right. So when you’ve got a sign in the yard, and somebody drives by and says, “Yes, I’m calling about the house at 1256 Jackson Street. Can you tell me the price?” and you say, “It’s 275,” and the buyer says “Well, we’re trying to stay in the 200-225 thousand dollar price range,” if you’re a smart agent, you’re going to have a list of homes that are in that price range within a three mile area so you can immediately turn them on to some other home. And it doesn’t have to be your listing. So if you do it correctly, if you take an overpriced listing and you disclose it, where the seller knows it, you’re going to sell at least one house off it, if you do it right.
Your credibility should not be a concern to anybody but you and the general public. If you’re blazing a trail, if you’re leading by example, and if you’re blowing everybody’s doors away, you can be the nicest agent in the world, and you’re still going to have your peers be jealous of you. So the last thing you need to think about and worry about is if the other agents are going to talk and say, “He takes overpriced listings,” because if you took all underpriced listings, its going to hurt your credibility also, because they’re going to think you talk the sellers down. To sell it, you know, at a lower price. So, my recommendation, to all real estate agents, if you have an opportunity, to take a listing, and its high for the current market, to at least take it, and consistently council with the sellers to bring it down to where it should be.
Thank you to Van Deeb for sharing his real estate advice and appearing in our Video Blog. You can contact Van Deeb at www.vandeeb.com