A Word about Commissions
There is not such thing as a standard rate of commission.
Each listing is unique and a marketing strategy and advertising approach to the subject property should be governed by several major issues including motivation of the seller, the desired target market and the attributes of the property.
If it is mutually decided by the listing agent and the seller that the target market will likely be found off-Cape, than Over the Bridges is prepared to advertise wherever and whenever it is appropriate. Listings that fall within this category may be better served with a diverse advertising approach and, therefore, the agent and the company will expect a higher rate of compensation.
A point to consider here is not so much what it will cost you in terms of a commission percentage to list your home but, more importantly, how attractive your commission rate is to other agents within the MLS system. Agents compete for attention and, likewise, your property competes with other properties for a showing opportunity.
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Issues About Overpriced Property
Buyers eliminate by comparison.
Overpricing the home may help sell other homes. Buyers expect certain things for a certain price. When a property does not meet their expectations, they become disinterested. If someone is qualified to buy in your location, they may disqualify themselves if confronted with one or two overpriced homes.
A factor to consider is your holding costs while waiting to sell. The market may come up to your price in that timeframe, but you’ve already invested more. Plus, you have the added disadvantage of your property now becoming stale.
Furthermore, after a few unfavorable reactions from their buyers, other salespeople are likely to discontinue showing your home, resulting in a loss of promotion.
When a property is unsold for a long time, it provides buyers with the opportunity to make some unreasonable low offers.
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