Is the agent “Buying the Listing”?

“Buying a Listing” is what I call it when an real estate agent is willing to tell a homeowner that they feel the home should be listed higher than it is really worth. The agent claims the home is worth an inflated price so the owner will get excited and hire the dishonest agent. With their lies they “buy the listing”.

Just the fact that an agent is willing to misrepresent what a home is worth to get a listing shows a lack of ethics and shows they don’t really care about the client. What really happens with an overpriced listing?

• They sit on the market longer
• Agents and buyers assume there is something wrong with the home the longer it sits
• Price reduction after price reduction is needed
• The seller now look desperate
• The home ends up selling below what market value

While that high listing price might sound great you need to be realistic and looks at the facts. The other homes that have sold that are closest to your home will help show your value.

So how do you get top dollar for your home?

• Market the home aggressively to get buyers into the home
• Have the home clean and staged so buyers can see themselves living in the home
• Make sure to have the home priced correctly so buyers don’t leave saying “I love the house, but not at that price.” Buyers would rather write an offer on another home they like less than try and low ball your overpriced listing.
• Understand that the more flexible you are on things like closing date the firmer you can be on price

When interviewing agents make sure they aren’t trying to “buy the listing” and find an agent that is honest and upfront with you from your first meeting.