In real estate agency today, you still find clients that want the highest price or rent for their property no matter economy conditions locally. Unless your client owns a great property, it's unlikely that any price or rent offer will reach their required benchmark.
An overpriced property gets quite stale in the marketplace quickly. The buyers and tenants from our area know very well what the true prices are and won't generally make a proposal on something which is beyond market evidence in price or rental. If your client chooses to list out in a high price, they risk destroying any enquiry that may have come to them. You can even be squandering your time.
The next question is going to be whether you want to capture on an overpriced listing. Some agents can do that for the chance of manipulating the stock and conditioning the client. Are you going to, but you will not want to be referred to as agent that will list anything at any price. You also don't want to be called the agent that can list and never covert your opportunity to a finalised transaction.
Below are great tips to help you with overpriced listings and clients that won't pay attention to common sense:
Make certain that you are speaking with the actual decision maker. In corporate real estate it is not unusual to get a 'middle manager' result in the first enquiries or approach. Respect their position and recognise which they could possibly be talking with key people behind the scenes.
Inspect the property with all the client so you can both discuss the features of the property as you can see them today as well as in the current market.
Get the client to let you know a brief history from the property and why they are. Also ask the client to inform you why they think someone should buy or rent the property. Should be genuine will give you some leverage to go over the current market today.
Give some facts and data regards the present property market by incorporating real concentrate on comparable properties which exist currently available. Compare those properties to people who did sell or lease. The price or rent differentials is important.
Show your client the way a good property should be marketed today. If they desire to take their property towards the market they should provide you using a vendor paid marketing strategy plus an exclusive listing. In only like that is it possible to build the levels 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 proceed and balance those options from the motivations of the client. Don't step into the listing until you feel that you are able to service it well.