In commercial real estate agency today, you still find clients that want the best price or rent for his or her property irrespective of market conditions locally. Unless the client owns a great property, it is unlikely that any price or rent offer will reach their required benchmark.
Property agentAn overpriced property gets quite stale in the marketplace quickly. The buyers and tenants in the local area know what the actual price is and won't generally make an offer on something which is beyond market evidence in price or rental. In case your client chooses to list at a high price, they risk destroying any enquiry that may have started to them. You can even be costing you time.
The next question will be whether you want to capture on an overpriced listing. Some agents is going to do that for that possibility of governing the stock and conditioning the customer. Are you going to, but you will n't need to become called the agent that will list anything at any price. In addition, you should not be referred to as agent that can list and not covert your opportunity with a finalised transaction.
Here are some tips that will help you with overpriced listings and clients that won't pay attention to common sense:
Make sure that you are talking to the true decision maker. In corporate real estate it isn't unusual to have a 'middle manager' increase the risk for first enquiries or approach. Respect their position and recognise which they could be talking to key people under the surface.
Inspect the property with the client so that you can both discuss the features of the home as you can see them today as well as in the present market.
Get your client to let you know a brief history of the property and why they purchased it. Also ask the client to inform you why they think someone can buy or rent the property. Should be genuine will provide you with some leverage to go over the existing market today.
Give some facts and information regards the prevailing property market with some real concentrate on comparable properties that exist on the market today. Compare those properties to those that did sell or lease. The purchase price or rent differentials is important.
Show your client how a good property should be marketed today. If they want to get their property towards the market then they usually supplies you having a vendor paid marketing campaign plus an exclusive listing. In just that way are you able to build the amount of inspection and enquiry that the property deserves.
Don't be too eager to jump into an overpriced listing. Consider all of your options before you decide to proceed and balance those options against the motivations from the client. Don't step into your chance if you don't feel that you are able to service it.