As a real estate agent, having an expired listing can be quite discouraging. Not only does it mean that your investment of time, energy, and money hasn’t yielded results, but it also jeopardizes your relationship with the client and impacts your overall business.

One common reason for listings expiring is incorrect pricing. Even in a market with low inventory levels, a home priced inaccurately can linger on the market for weeks or even months. Unfortunately, pricing mistakes happen, even to experienced agents who should know better.

Let’s explore the top three pricing pitfalls to avoid at all costs:

1. Appeasing the Seller: Sellers often have strong emotional ties to their homes, leading them to overvalue their property. When faced with pushback from sellers regarding the suggested price, some agents give in to maintain harmony. However, this short-term solution can lead to an expired listing down the road.

2. Being Unprepared: Accurate pricing requires up-to-date market information and expert skills. Agents must confidently guide sellers toward the best pricing strategy. Lack of current data and inadequate communication skills can hinder this process, resulting in a challenging journey to sell the home.

3. Short-Term Focus: Some agents prioritize securing the listing over long-term success. If a seller questions the proposed price, they may compromise to secure the business. Unfortunately, this approach can backfire. Incorrect pricing leads to expired listings, causing lasting consequences.

Remember, pricing is an art. Both new and seasoned agents face challenges in this area. Continuously improve your skills by participating in education seminars to meet the demands of today’s dynamic market.

*Adapted from an article published by RISMedia