Monday, August 14, 2006

"Price Reduced" Signs Give Buyers the "Wrong" Message

I'm really busy with the stuff that pays my bills. But please do check out this excellent post over at the SoCal Real Estate Bubble Crash blog. It points out some of the sleazy marketing practices that real estate agents are currently being encouraged to follow. And click on the blogger's recently added ads and help him make a few pennies to justify his time and effort.

Here are some tidbits from the post to whet your appetite:
Listing Agent Advice
1. Price Reductions:
Please do not put a “price reduced” banner on your listings, and if you have one up, please take it down. It “falsely” advertises to the neighborhood that prices in the area are going down. What is more true is that sellers are lowering their expectations and becoming realistic. Plus: For we who show property, it does not instill confidence in our potential buyers.

Sold Signs: When the listing goes into escrow, please put an “in escrow” or “sold” banner on the sign! The days of a panicked buyer, desperately looking on their own for a home, are long gone. Once again, we are advertising to the neighborhood the wrong information.
Plus: Imagine how potential buyers feel seeing all those for sale signs. Do you really think you’re helping them enter the market?
Signs: If you have a listing where there are other (or many) for sale signs nearby, I would recommend that you call the other agents and see how many of them will remove their signs from their listings. At the very worst, rotate your signs until one (or more) of the listings sell, then make sure it has a sold sign on it!


Anonymous Anonymous said...

Breathtaking though a tacit admission from shrill number 1 that things are bad.

Aug 14, 2006, 12:57:00 PM  
Blogger Chuck Ponzi said...

As my wife said, Watts is the Real Estate Industry's "God" down here in SoCal. I am confident that if you walked up to any given realtor, you'd have better luck asking them to spout out Gary's economic forecast than to tell you who is president.

Aug 14, 2006, 4:52:00 PM  

Post a Comment

<< Home

Terms of Use: The purpose of the Marin Real Estate Bubble weblog (located at URL and henceforth referred to as “MREB” or “this site”) is to present and discuss information relating to real estate and the real estate industry in general (locally, state-wide, nationally, and internationally) as it pertains to the thesis that recent real estate related activity is properly characterized as a “speculative mania” or a “bubble”. MREB is a non-profit, community site that depends on community participation and feedback. While MREB administrators do strive to confirm all information presented here and qualify all doubtful items, the information presented at MREB is neither definitive nor should it be construed as professional advice. All information published on MREB is provided “as is” without warranty of any kind and the administrators of this site shall not be liable for any direct or indirect damages arising out of use of this site. This site is moderated by MREB administrators and the MREB administrators reserve the right to edit, remove, or refuse postings that are off-topic, defamatory, libelous, offensive, or otherwise deemed inappropriate by MREB administrators. You should consult a finance professional before making any decisions based on information found on this site.

The contributors to this site may, from time to time, hold short (or long) positions in mentioned and related companies.