I got this off Jim the Realtor’s blog. Jim is another honest hard working realtor.
QUOTE
“I mentioned in a deleted comment about losing a listing recently.
I had made a professional presentation that included a 20-page analysis of the property, and detailed the current market conditions. I recommended a list price of $749,000 for an old beach house that was purchased a year ago for $750,000.
When I followed up the next day, the seller told me she spoke with another agent who told her $795,000. She listed with him. I had to ask, “Did he give you a presentation that proved he could get that?” She said no, but she could use the extra dough.
Today, after just 12 days on the market, the agent put it on the value range of $695,000 to $795,000. There’s no doubt that the agent told the seller that she doesn’t have to take the $695,000, “it’s just to get the conversation started”.
We know what’ll happen next, right?
They’ll get an offer in at $695,000, and the agent will throw his hands up, blame the ‘market’, and tell her to take it.
This is realtor malpractice.
If you are thinking of selling, don’t fall for the old ‘high-ball’ trick. Examine the evidence closely, and ask a lot of questions of the agent you’re interviewing. Do they have a clue about the bubble? Do they have any way to justify their outrageous price? Or are they just trying to get the listing, so they can work you over 12 days later for the $100,000 price reduction?”
