Mark Lyon had a great blog last week that I want to share with my readers. Thanks Mark!
The seller told me - Keller Williams agents in Pembroke Pines. A couple of years ago a relatively new licensed associate with another brokerage was telling me about his first listing taken. Knowing he had little or no training, I asked him how he determined the price. "Oh he replied the seller told me what it was worth", looking quite pleased with himself, I thought to myself , why in all my years haven't I thought of that, to just show up and ask the seller for the price, it would have saved me countless hours in CMA's.
David Eiglarsh a top Realtor in the county whose office is in Weston and one of Howard Brinton's stars tells the story he once had with a seller trying to overprice, it goes like this.
After making a pricing recommendation to the seller based on the comparables the seller was still adamant about using the price he needed, David filled in the listing contract for a 20 year period and a 20% commission. The seller upon seeing the terms, replied in a surprised voice "20 years at 20% commission" David calmly replies with the price you want, it will take 20 years for the market to catch up to your value and I have to recoup my cost of advertising over the next 20 years that's why the commission is so high. The seller got the point and even though he did not list with David that day, the respect was built and when he was serious about selling, David received the call and The Eiglarsh Team listed the property.
Well back to this creative agent, needless to say he never sold the property, nor did he last long, not surprising.
Share with us some of your funny stories regarding pricing issues that you have experienced. I'll share mine in my next blog along with some other common reasons sellers use for overpricing.