A Lingering For Sale Sign Has Negative Impact
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 will cause buyers to call, maybe. Buyers 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.
There is a diminishing return on having a For Sale sign stay up months and months. Having a For Sale sign up too long could be damaging your reputation. The questions come, why hasn't it sold, what is wrong with the house, what's wrong with the agent? Do you know when to say no to a listing?
I have an opportunity to list a property. The seller bought it over ten years ago and says she has put several hundred thousand dollars in 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. We are in a challenging market.
The question is will having a sign in front of this home for 6 months help or hurt my business? When a home doesn't sell in a popular neighborhood the fingers point to the agent. The agent priced it too high and the agent isn't doing the job to get the property sold. The agent takes the brunt of the responsibility.
Onlookers may think the agent should know better and the agent must not be that good of an agent. Sure there could be talk that the seller is unreasonable, difficult to work with and wants too much money, but the bottom line is the agent's name is on the sign. 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?
Accepting a listing that is way overpriced and that will have a For Sale sign up for months and months is not good advertising. In my opinion it will have a negative impact on the agent. On the reverse side if the listing is priced right and the house is in excellent market condition and sells quickly, the real estate agent gets kudos and will most likely get other sellers in the neighborhood calling and remembering. It is good for business.
A lingering For Sale Sign has a negative impact. Be choosy and smart. That For Sale sign is being watched by other sellers. With that said, saying no may actually be a better plan for your business and your reputation not to mention your stress level.