Setting the Asking Price Too High - Part II
Asking Price Too High - Asking for Trouble!
What's Going on Behind the Scenes
It's important to know that the listing agent does not usually attempt to sell your home directly to a homebuyer all by him/herself. That would be inefficient.
Instead, Realtors market and promote your home to the multitude of other local agents who are also working with homebuyers, and this increases your "personal sales force" exponentially. That's the beauty of the MLS Service! Hopefully, during the first couple of weeks a home is on the market, buyers' agents may be calling and coming in to preview the home so they can show it to their inventory of clients.
If the price is right.
If you and your agent have over-priced your home, fewer (if any) agents will preview your home. As Realtors it is their job to know local market conditions and home values and they know when a home or property is overpriced. If your house is dramatically above realistic market values, why waste time their time, and more importantly, why do a potential disservice to their homebuyers? Their time is better spent previewing homes that are priced realistically.
Even if Realtors don't typically preview new listings, they do scan the MLS for suitable listings for their buyers and your over-priced home will be completely passed over for consideration time and again. Think about it: How many Realtors would think about showing your property when they are bound by their Code of Ethics to protect their buyer by giving them their best advice and that advice would be to offer you a much lower price? They know they run the risk of insulting you and exposing the buyer to a potential flat rejection or worse. So, they just pass you by. You're somebody else's problem. Your Listing agent. And he/she has plans to ask you to lower your price when you call and ask, "What's going on?"
Lowering The Asking Price - New Troubles
TO BE CONTINUED...
What's Going on Behind the Scenes
It's important to know that the listing agent does not usually attempt to sell your home directly to a homebuyer all by him/herself. That would be inefficient.
Instead, Realtors market and promote your home to the multitude of other local agents who are also working with homebuyers, and this increases your "personal sales force" exponentially. That's the beauty of the MLS Service! Hopefully, during the first couple of weeks a home is on the market, buyers' agents may be calling and coming in to preview the home so they can show it to their inventory of clients.
If the price is right.
If you and your agent have over-priced your home, fewer (if any) agents will preview your home. As Realtors it is their job to know local market conditions and home values and they know when a home or property is overpriced. If your house is dramatically above realistic market values, why waste time their time, and more importantly, why do a potential disservice to their homebuyers? Their time is better spent previewing homes that are priced realistically.
Even if Realtors don't typically preview new listings, they do scan the MLS for suitable listings for their buyers and your over-priced home will be completely passed over for consideration time and again. Think about it: How many Realtors would think about showing your property when they are bound by their Code of Ethics to protect their buyer by giving them their best advice and that advice would be to offer you a much lower price? They know they run the risk of insulting you and exposing the buyer to a potential flat rejection or worse. So, they just pass you by. You're somebody else's problem. Your Listing agent. And he/she has plans to ask you to lower your price when you call and ask, "What's going on?"
Lowering The Asking Price - New Troubles
TO BE CONTINUED...
0 Comments:
Post a Comment
<< Home