In today's Agent Insights - Debbie Reynolds - a Real Estate Agent in Clarksville, Tennessee - talks about how having a house up for sale for too long (and having a for sale sign collecting cobwebs) can damage your reputation.
Not all real estate markets are hot even as we approach the increased activity that comes in spring and summer. There is a philosophy that says, list it and someone will buy it. Having lots of signs out may prompt buyers to call, or they may just go and check out the property on their mobile device. When they see it is way overpriced they may not call you anyway.
Here's a piece of solid real estate advice for you: there is a diminishing return on having a For Sale sign stay up for months and months.
Having a For Sale sign up too long could be damaging your reputation. People will begin to wonder why the home hasn't sold... is it the house? Is it the agent? What's wrong here?
Let's look at a real life scenario. Let's say you have the opportunity to take on a new listing. The seller bought it over ten years ago and said she had put several hundred thousand dollars in to the property. It is not totally updated, and the buyers in the market will not like that. There is physical and functional obsolescence. To make the situation more complex the seller wants $50,000 more than it is worth in a good market - and we are in a challenging market. Should you do it?
Before you decide, think about this... will having a sign in front of this home for 6 months help or hurt your business? When a home doesn't sell in a popular neighborhood, fingers point to the agent. And if you were a seller watching the progress of the sale, would you call the agent with the lingering For Sale Sign to sell your home? Probably not. Instead, you would assume the agent priced it too high or the agent isn't doing a good enough job to get the property sold.
The bottom line is, your name is on the sign, and you take the brunt of the responsibility. Accepting a listing that is way overpriced and that will have a For Sale sign up for months and months is not good advertising. Be smart about which listings you accept, and be fully aware of the impact they will have on the future of your business.
For Real Estate Services in Clarksville TN, Debbie Reynolds can help you buy the right home or sell the home you have. Debbie has the experience and skills to assist you to get you to your real estate goals. To connect with Debbie, visit her website: www.buyorsellclarksville.com.