Ethics of listing price (agents, Realtor, sellers, value)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Today I went out with a Realtor to look at houses. I liked some, did not like others.
One of the properties I saw bore no resemblance to the listing. The paint on the driveway was peeling, the door jambs were busted, light fixtures had been ripped out of the wall, the pool was only half full of infested water, the house smelled.......This property was listed at $795K!!!!!! I doubt it would sell for $400K.
What are a listing agent's responsibilities with regard to pricing a property? Is this sort of listing ethical?
None to speak of. The agent can suggest a price range, but ultimately the owner chooses the asking price. Some agents are better at it than others. Of course, even good agents get it wrong sometimes.
It's always good to really research the market on your own so you will be able to know whether or not a listing is overpriced or whether or not your realtor is trying to rip you off. I had a bad experience with a realtor who wanted to price all their listings low so they could sell more and more. Good thing I had already researched my property value and comps in the area.
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,957 posts, read 22,330,680 times
Reputation: 6472
I try to tell sellers that buyers are going to be looking at all the properties in the area and they are going to recognize fairly priced properties pretty darn quick. I don't have to tell a buyer whether the value is there, the buyer sees it immediately.
As mentioned above, the seller ultimately decides on the listing price. It's up to the listing agent, however to educate seller on the comparables. If the pictures don't match the present condition of the home (misrepresentation) then there's a problem there and the listing agent could get fined. BUT, if the house would list at, lets say $999k in better condition that shoulld be taken into consideration.
I always tell my sellers that the house has to appraise for the buyer to get financing, so in essence, the house has to qualify for the loan! If they refuse to price it correctly I most likely won't take the listing. It's a waste of time and money for me as a listing agent and for the seller it's not going to sell in a reasonable amount of time.
I have learned. If the home seller isn't willing to price the property competitively, I WALK. I don't have the time or money to service an out of bounds over priced home.
A seller can set the asking price for his property for whatever amount he/she wants. It doesn't mean that there will be any takers. What's the question of ethics?
There are many listings out there that don't match the description, trust me. And it's annoying as heck.
There really isn't much you can do about it unfortunately. Our association will give a warning, no fine, unless it's not corrected or there are complaints about a particular agent over and over.
There are many listings out there that don't match the description, trust me. And it's annoying as heck.
There really isn't much you can do about it unfortunately. Our association will give a warning, no fine, unless it's not corrected or there are complaints about a particular agent over and over.
I think the OP is talking about an inconsistentcy between condition and asking price. As we know, anyone can ask any amount for their property and it does not need to have any bearing on where the locat market is at.
I have learned. If the home seller isn't willing to price the property competitively, I WALK. I don't have the time or money to service an out of bounds over priced home.
I am with you on this. And as we both know, there is always another agent willing to take the listing at any price and hope that in time, the sellers will come to terms with the market.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
