Agents: How do you not waste your time with an unrealistic seller

[Eric H.]

Greetings BP Fam,

Seller wants $375k walk away (after commission and fees), doesn't want to offer buyer any subsidy. Sold comps identify $300k is more realistic, other sellers are offering buyer help.

Caveat: desirable area of harford county, md. Not many homes come up for sale in this area (found 4 good comps, 1.5 mile radius, 3 sold in august '15, 1 in december '14) and 0 foreclosures in the past 4 years (is scarcity a reason to justify higher price?)

Is it worth my time to work with a seller that's not willing to come down on price to be competitive with what's in market? Should I just enter into a listing agreement with seller and see what happens?

Thanks in advance!

Sincerely,

E. Harris

[Russell Brazil]

If they want an unrealistic price, I am honest with them that their house will not sell at that price. I give them a choice then on the cost of the marketing. If they want me to do my standard marketing with professional photography and professional flyers, then can pay for that and get reimbursed when the house sells. If I am going to spend money marketing the property (It usually costs me between $500-$1,000 out of pocket) then I need to list it at a realistic price. Either way Im more than happy to throw it up on the MLS as that has no cost to me.

Usually if you tell a seller honestly what they can get for their house, they understand. They may not be willing to move for that lower price though. So you throw it on the MLS with pictures youve taken instead of using a professional photographer. If you are honest with them in the beginning though, they wont be upset when it sells.

The key though is dont just walk away....because at some point the market will catch up to the price they want, and then they may be willing to list it at the market value of the home.  Being an agent is about having relationships, so just maintain that relationship when the property doesnt sell at their unrealistic price, and properly set their expectations throughout the whole process.