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Check These Out
Is Your Property the Pinball Listing??
A pinball listing is a house that is listed for an unrealistic asking price. It pulls in a lot of showings by agents and home shoppers, but receives no offers. Real estate agents, including the listing agent for the home, use the overpriced house as a negative example to sell similar homes that are listed for lower prices.
Any pinball listing is basically a set up. Listing agents show clients these homes to make realistically price homes look like fantastic deals, which is why the traffic for pinballs is high…but no sale will ever take place until the price is drastically reduced.
What Happens to the Pinball Listed Home? Unless it is being used by Realtors as a set up…they stop showing it until the seller agrees to reprice it at a realistic number.
Is it Ethical for a Broker to Accept a Pinball Listing? NO! It is not ethical to list a property at a price that an agents knows it will not sell. If they do, they are intentionally misleading the seller. Do agents list unrealistically priced houses to use as a set up, anyway? YES, all day long.
How to Protect Yourself? Interview several real estate agents before signing any listing agreement. Get as much information as you can about CLOSED sales prices of comparable homes in your neighborhood. If you are inclined, you can always push a little on the listing price, but if you get greedy, or try to go overboard…you may unknowingly become the set up, pinball, out of touch with the competition listing…that everyone loves to visit, but no one will buy.
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