Some agents will do anything to get seller listings.
And the wrong way to get new listings is to get Overpriced Listings.
This post is going to be brutally honest, and therefore, OFFENSIVE to some property agents.
But that’s OK with me...
This is an unapologetic call for us as real estate agents to raise our standards of professionalism when it comes to taking over-priced listings.
We Can Do Better Than That!
How many of us realtors have been told at some point in our real estate agent career (especially as a new agent) to go ahead and grab a listing even if it’s over priced to “get your name out there” or so that at least you can “get buyer calls?”
I remember hearing that too.
There are two main reasons property agents take overpriced listings:
- To “get their name out there” for buyer calls.
- Because the seller doesn’t like the price the agent recommends, so the agent agrees to the high price with the hope or expectation that the seller will eventually come around to “reality.”
Come on, fellow agents...
We can do way better than that!
Here's why you never want to take an overpriced listing:
REASON #1: It’s JUST BAD BUSINESS
In the first place, because it doesn’t represent your client’s best interests!
In any other profession, misrepresenting a client like this would be inexcusable!!
- For an accountant to prepare your taxes incorrectly, deliberately, just to make more money or to make you happy…that would be a criminal offense!
- For a doctor to perform a surgery you don't need…or to prescribe a drug for the kickbacks from the pharmaceutical company…is considered malpractice!
- For a lawyer to take a case he knows you can’t win just to get the commission and fees….you would want them struck off from the register!
- For a dentist to pull out an otherwise totally healthy tooth just for the fee…inexcusable malpractice!
But for an agent to take an overpriced listing even though the agent knows it’s overpriced….is too often considered just business as usual.
This is what I call B.S.
Simply put, it doesn’t represent the seller’s best interests…which happens to be a fiduciary obligation you accepted as their agent.
And it’s not just as easy as saying “we can always reduce the price.”
Because the longer the house sits on the market, the lower the offers it tends to generates.
Which causes lower sales prices (not to mention even lower commissions for you.)
Beyond being bad for the client, it’s also bad business for you as a property agent.
How much extra time and money and resources (and stress) is required to “service” an overpriced listing.
REASON #2: IT’S BAD MARKETING.
This idea of taking a listing just to get your name out there and for the buyer calls, beyond being unethical and unprofessional, it makes you as the listing agent look incompetent.
Think about it.
Your name in the same ad month after month after month with no SOLD sign showing up IS marketing to every homeowner in the neighbourhood…but it’s not the marketing you want.
What exactly are you advertising?
Your incompetence and inability to get results!
And when your ad comes down a few months later without the house selling, you just told every homeowner in the neighbourhood NOT to list with you, because you don’t know how to get a home sold!
That was not the marketing message you wanted, was it?
The right way to get more listings at prices where they will sell is really very simple:
- A skilled Qualification Script that filters home owners who are motivated to sell, using my Call Back Scripts that I give away HERE.
- A powerful, prepared Listing Presentation that educates sellers on the true market value of their property and that inspires them to TRUST you with the job of selling their property and getting them the best results (CLICK HERE to get that listing presentation).
- Only take listings when the sellers are as motivated and as committed to selling as YOU are. If they’re not, it’s OK. Build a relationship with them. Stay in touch. And don’t ruin your credibility by putting their house on the market at a price that it will not sell.
- SELL every listing you take… which is actually possible. I know that sounds extreme, compared to what most direct uplines and coaches teach, but why not? Selling every listing is totally normal and possible when you follow points #2 and #3 above. And it will give you huge leverage and credibility with every potential seller. This is what I train agents how to do…sell every listing for top dollar.
Imagine how good it will feel to know that you always deliver results and how much less stressful it would be to not have to deal with overpriced listings and angry sellers.
Make a decision to operate your business as someone who consistently delivers results and never has to resort to an excuse for why your client’s house hasn’t sold.
Yes. It’s possible.
And, yes, it’s awesome!
If you have questions or comments about taking listings at the right price. Also, if this helps you, please share it with other agents you know to help me get the word out to more agents.
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Yasser Khan is a real estate coach, speaker, and trainer at YasserKhan.SG who teaches Realtors how to make more Money, have more Time and enjoy more Freedom without all the B.S.
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