What's the Most Common Sucker Tactic Used on Uninformed Home Sellers?

'Sucker Tactic' is a rather harsh word, isn't it? By now you know I pull no punches, but it is truly because I care. In a Buyers Market,what type of Broker/Agent has the greatest likelihood of obtaining a sale? The Listing Broker/Agent? Not hardly. Buyers Brokers/Agents (or Selling Agents, as we in real estate call them) have the best chance at a paycheck in this slim pickens market.

Soooooo, how would a Listing Broker make a sucker out of you?

I will tell you...now!

'Why yes Mr Seller, this house is gorgeous...(gush, gush, gush). Oh I have no doubt your home is worth every bit of what you say it is. It is in top condition, so lets just start it at your Top Sales Price. We can always drop the price later, if we need to.'

Now why would a Broker take your listing at a ridiculously high price, with no resistance at all, and start out by telling you 'we can drop the price later'? I'll tell you the nasty truth...now!

Because your house, in a highly visible location, will yield him sign callers, which he will work hard (much harder than he'll work your listings, by the way) to convert to a Buyer whom he is now helping. True, your house is too expensive, but that's okay, because there are thirty others in the neighborhood to choose from. He'll gladly sell them one of those!

'Yes, I know we are getting showings, but no offers, Mr. Seller. We just need to give it some more time.'
Hogwash! Time doesn't sell houses, proper pricing to the condition does! But Mr. Seller does not want to hear that, and Mr. Slickboy Broker needs some bait to attract a steady stream of Buyers he can make money off of for six months. Your lovely house is perfect for his Buyer trap.

'Looks like we need to extend the listing for 3 to 6 more months. Perhaps, now we need to consider dropping the price, Mr. Seller?'

And you thought you were getting such a bargain on the commision he's charging! Three or four Buyers, and he won't care what he gets paid, or even if he ever does get your house sold!

If you want the house to sell in this or any market, you had better want to hear the truth, and you'd better find someone who'll tell it to you, even if it is what you don't want to hear!

Your lovely alternative is to spend time, tax money, hassles, frustration, and mortgage payments (if it is sitting empty), while lining Slickboy's pockets with Buyer Dollars.

Don't be a Sucker for this one!

(The vast majority of Realtors are ethical, professional, and will not do these behaviors. That said,  lots of unsold listings, and lots of closed Buyers is a caution flag. Also, beware the schmooze artist, who will take your listing at any price, because he 'just loves how you've done this house!' That may well be a Sucker Listing you are being set up to endure.)

Thanks for reading the Dr Phil of Real Estate!