Why would you list a property to sell if it was overpriced? A real estate agent should not list something that is overpriced, however some do.
Some real estate agents would argue that any listing is desirable and if no interest is forthcoming at the high price, then the price should come down soon and the marketing of the property should continue.
Unfortunately not all sellers of property reduce the price of the property quickly and easily. More often than not they will run a full marketing campaign at a high price and then when disappointed with no sale occurring, change real estate agents at the end of the agency appointment. The sellers then will Real Estate Investment Groups Uk use some excuse that the first agent was not much good at selling and they had to find another who could do a better job. The reality is that the seller should say of themselves that they are not good at listening to the real estate agents advice and therefore wasted time and money in attempting a sale.
Experienced real estate agents selling any property should do their job well and usually do. It is the seller that needs a reality check and firm advice when taking their property to market.
If you are a real estate agent, do not list a property at any price; list it at the right price. Tell the seller the real facts of the property, the price and what it should be in the current market. If the seller still wants an unrealistic price well above market, then as an agent it is better to walk away from the listing. Don’t waste your time.
Here is why you should do this! Any new listing will attract reasonable market interest from property buyers over the first two or three weeks of the marketing campaign. After that critical window of time the level of market interest will fall dramatically. So if you spend the first 3 weeks of your marketing campaign at a high price (because the seller tells you they want to test the market before reducing price), then you are actually wasting the most important time of property promotion. The property will become a stale and dead listing before you know it. The seller gets annoyed with no results and the agent wastes precious time.
Buyers know what they should pay for a property and generally they are right. They have done their homework and are prepared for negotiating the right property at the right price. Buyers are selective and smart; sellers beware. Price your property well from the start of the marketing. Do yourself a favour.
If you are a seller reading this and you think your property is still worth more than what the agent says it is worth, then auction the property. If the market is indeed so buoyant and the interest is really out there, then the property could sell at the price you want. An experienced property agent will want vendor marketing funds from the start of the promotional campaign; this could be around 1% of the property value expected to be achieved.
More often than not, an overpriced listing kills its own enquiry and the property stays on the market for a very long time. Do not make this mistake.
Listen to the experienced real estate agents that really know what is going on in the property market locally regards:
Pricing of property
Buyer enquiry for property
Methods of sale
Timing of sale
Time on market
Comparable property in the area
The reality is that most sellers do not know the property market very well and foolishly waste precious marketing time. Experienced real Real Estate Photography Sydney Prices estate agents really do bring high value to the sellers of property and help the property sell more efficiently at the right price.