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Sellers beware of real estate sales people that over value your property and discount their commissions in an attempt to acquire your listing!!! Let's go back to the old adages, "If it seems to good to be true, then it probably is!" and "you get what you pay for". Let me explain: As everyone knows we are in a buyers market and sellers must be highly competitive to accomplish their goal. This certainly is not the market to test the waters nor is it the market for the "We don't have to sell, We just want to sell" Sellers. With listings in Palm Beach County at an all time high of over 15,000 to include many bank owned foreclosures, preforeclosures, and short sales (see what is a short sale blog), prices are being driven downward each and every month. Unfortunately, this is affecting everyone in every price range. This is the simple law of economics, Supply and Demand. Simply put, the number of properties far exceeds the number of buyers. So if you are a serious seller and must sell your property you must compete for the buyer.

A property owner hires a real estate professional to give guidance, to consult, and ultimately perform their skill successfully. However, there is good and bad of everything. Some salespeople will tell a seller whatever they want to hear to acquire their listing instead of being honest and informing the seller of the truth in fear of not getting the listing. Dishonesty will only cause harm in the end. To the saleperson and to the seller.

Real estate commissions: Traditionally half of the total commissions paid to the broker are to compensate the Realtor that brings the buyer. (Can't discount there, with most listings offering 3-3.5%, why would an agent show a property that is offering 2-2.5% when don't have to? Why would they? If they know that they are going to do the same amount of work and they would be compensated less! Apply that concept to your own job. If one day the boss said we are going to pay you less this week to do the same amount of work as you did last week. You may just start looking for a new job) The other half is paid to the listing broker and is divided as follows; marketing costs (definitely can't discount there. Who would see your property if it is not visible to the public? What if there was a 5 bedroom, 3 bath house, on a lake, with all the upgrades one desires priced at $100,000, but no one knew about it?), brokerage fee (can't discount there. A highly recognized national brokerage with national relocation network and knowledgeable, well educated staff is crucial), Real estate agent's profit (no one will will work for free. Would you want a discount surgeon? No, you want a skilled professional that has an excellent track record and settles for nothing less than exemplary service!)

First and foremost, your property must be properly marketed by a competent Realtor/Broker. (see 10 questions to ask on our homepage) This will include professional quality photos, an abundance of internet exposure~as over 75% of buyers begin their search on the internet~, and a network of past clients and business affiliates that your professional has on their team.

Next, the issue of over pricing a property. Pure and simple, if the property is overpriced less buyers will view it. Which in turn decreases your chances of the "perfect" buyer walking through the door. If the property is drastically overpriced, do not expect too much to happen. You will be very lucky to get anyone to view your property. On the bright side for motivated sellers, all those unrealistic prices are helping to move their properties that are priced properly and competitively.

The bottom line is if you are a seller and you are not competitive, your property does not stand above and shine in the sea of properties for sale in Palm Beach County, then you might just accept the fact you are going to stay. If you do need to sell, it is in your best interest to do so now rather than later to capture the maximum net proceeds. There is currently about a five year inventory that is growing each and every day. More houses, more competition and lower prices. Massive amounts of inventory must be absorbed before prices will increase. It is going to be awhile until the next sellers market.

Kristen Kearney