Wednesday, September 27, 2006

Realtors With Little to Do

I think one of the reasons asking prices on many places are still out of touch with reality is because there are still too many Realtors willing to entertain many home owners delusions of fabulous wealth. Basically, if 3 out of 4 Realtors tell a potential customer their asking price is too high, then the customer is likely going to list with the 1 Realtor who says to list higher.

Eventually, and as we maybe seeing already in New York, the 1 Realtor that recomends a higher price never gets the sale and quits the realty business leaving the three remaining sensible Realtors to explain to homeowners why their asking price is too high.


"Veteran real estate broker Deanne Esses, who plies her trade as a senior vice president at one of the city's biggest firms, Bellmarc Realty, said eight people in her Upper East Side office on Madison Avenue are leaving their jobs for alternative careers. Those eight represent 20% of the office's sales staff of 40."

Full article...

4 Comments:

Anonymous Anonymous said...

Timely article. My company does business with several home builders active throughout NJ and I often have the opportunity to speak with sales reps employed by these builders. Many salespeople with years of experience in selling new builds are bailing out now. Visitor traffic is dead and they realize there aren't many new projects on the immediate horizon.

Wednesday, September 27, 2006 11:54:00 PM  
Anonymous Anonymous said...

Maybe if they realtors encouraged sellers to price more reasonably, they would still have work.

Friday, September 29, 2006 4:17:00 PM  
Blogger njcoast said...

Here's a seller who really took it on the chin-

Ocean Township
MLS # 10070614
Purchased 8/04 for $1,200,000.
Listed 3/06 for $1,424,000.
Closed 9/06 for $998,000.
Ouch

Friday, September 29, 2006 8:35:00 PM  
Anonymous Anonymous said...

Well said anon 4:17. The real estate agents and brokers better start convincing sellers to drop prices if they hope to stay in business.I did notice that in my neighborhood there is a long- time agent who has significantly dropped the prices on her listings. Unfortunately, there are a lot of newly licensed incompetent idiots who will go along with whatever the seller wants just to get the listing. Fortunately,within the next year, the idiots will be out of business.

Friday, September 29, 2006 9:14:00 PM  

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