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Price It Right or Walk Away

Have you ever knowingly accepted an over-priced listing?

We all have.  And here’s what happens, almost every time.

  1. The seller contacts you frequently wanting to know what you’re doing to “market the property”. ☎️
  2. You waste all kinds of time doing Open Houses and other activities, hoping beyond reason that somehow, it’s going to sell. 🏡
  3. You’re concentrating an undue amount of energy on your worst listing, to the detriment of your good listings. 😓
  4. The sellers are completely resistant to any price adjustments. Big surprise: They haven’t suddenly become reasonable. 🙅‍♀️
  5. It ends badly. In their eyes, you’re a terrible REALTOR®. And guess what?  That’s what they’re telling others.  😠
  6. The listing expires. They list it with your competitor for the proper price (the one you recommended) and it sells right away. 🙍‍♀️

The kick in the head comes later when you notice that same competitor’s signs popping up.  He’s getting new business based on the great job he did on that listing that you couldn’t sell.  😲

If you value your reputation more than any one lousy deal, you’ve got to learn to walk away from unreasonable people who refuse to listen to your well-considered, logical argument.

But first: Give yourself the best chance to land the listing at the right price.  Stop cutting corners on your CMA.  Getting the price right is absolutely the most important part of your job as a Listing Agent.

When you’ve thoroughly done your homework, you will project confidence as you defend the correct price with calm, professional reasoning.

(When you haven’t done your homework, you can start to doubt yourself in the middle of your presentation.)

If you know you’re right, and they stubbornly refuse to listen to reason (because they know better), be prepared to stand up and decline the listing.

Hey, I know it’s hard!

But when you do it, I’m here to tell you it’s a great feeling!  😄

Whenever I made the decision to refuse a bad listing, I felt amazing!  I sang happy songs all the way home, and I felt waves of relief because…  I just dodged a bullet.  🔫

When you make the right decision and you stand up to leave, you’re standing up for your principles and your reputation.

By eliminating future stress, you make yourself more available to reasonable, intelligent people who will look at the facts and make an informed decision.  Aren’t these the type of clients you want to work with?

Guess what?  Reasonable, intelligent people will happily refer you their reasonable, intelligent friends, after you’ve proven yourself right and sold their home quickly for top dollar.

Hey, we’ve ALL taken over-priced listings that turned into nightmares.  Then, finally, you learn.

Do NOT ever risk your valuable reputation, for the sake of a single (lousy) listing.

—Ted Greenhough

12 X RE/MAX Chairman’s Club ($500K+) all as an individual agent (2006-2017)
Now, I teach good REALTORS® how to be great REALTORS®

Knowledge First Real Estate Training
Knowledge + Action = Skill

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