I just tell them... and at some point if they don't get it, I fire them. That's the ultimate message. There should be a limit to the amount of time and money you spend marketing a property for unrealistic sellers.

I have a statement I make that their house will sell at that price one day but that day may be in a year or it may be five years. I am not willing to promote a property that long.

You don't have all the ingredients, you lack the ingredient of a reasonable seller, now be reasonable and do what you need to do...drop them like a hot potato.

Some people will not listen to reason.  They know better, and I woud suggest you just move on.  A

Sometimes  you are beating your head against a wall with sellers.  Early in my career I learned that sometimes it is better to be the second or third agent with listings.  By then the seller may be more willing to listen.

Words don't do it but action will and sometimes you just need to walk away.

This has happened to me a few times. I tell them in the begining to list with someone else and then call me back in 6 months, because it wont sell. Or if its during the term I send them two addendum, one is for a price reduction and the other is for a cancellation of contract. I tell them to choose. 

Relatives, friends and neighbor's are often the most difficult clients.  Here's what works for me:  I am a professional just their neighbor on the other side of their home who is an attorney or physician.  If they were sick wouldn't they follow the doctor's advice?

Welcome to ActiveRain Deanna Fortney 

I just reacently had to fire a seller with the same issue.  They since hired another agent and the home still on the market for the past 6 months at the same price.

An addendum terminating the contract.  Let them hire another agent and when the place doesn't sell maybe they will have learned a hard lesson.  Why worry there are many other clients that will listen

Sometimes people just need to hold onto their home for a while longer.

They will not listen so present them with a schedule of price reduction if there is no results. When they see there is no interest for that price, they might realize that you are not a magician. 

You can't win in some cases!

You can walk away, get it appraised or put it on the market and show them the feedback.

A motivated Seller.

Last year I did tell a seller that I simply had to let it go as it clearly wasn't going to sell at that price - the market has dictated that loud and clear. They finally (after letting them think about a few days) brought it down and within a week it sold.  But....I was done marketing it had they not reduced it.  I told them I would refer them to another agent. Their response to that....but you're our agent. We haven't even thought of anybody else because we like how you market.  Well, sorry but I just can't keep marketing an over-priced listing.

Deanna Fortney You've proved the home cannot sell at the current price. It won't be long and the sellers will blame you for not selling it. It is time to walk.

I tell them "I'm sorry but I won't be able to get that price, perhaps you'll be better off "Listing" your house with a listing agent".

Straight forward and then I move on - I don't take over priced listings unless the seller is willing to reduce the price within 2 weeks if we get no traffic

A pre-determined price adjustment schedule built in to the listing agreement!

after 30 days on the market, meet and repeat.... that's all you can do.... 

There will never be a shortage of unrealistic clients. Limit your expenditures in these cases.

One of the best questions for showing feedback is - What do you think it will finally sell for ? Show 10 or 15 of these to the Seller

I would suggest they take it off the market or list with another agent.

Deanna Fortney - by sending regular updates on recent sales. If seller is educated about what's going on in market, they will understand.

Suggest you order an appraisal from a 3rd party since your voice is not heard-90% home sellers are that way.

Market in SF Bay area is relatively quiet this year. In Palo Alto, Los Altos, Saratoga most listing agents on bigger homes ask: Do you have a buyer for me? 

Sometimes no matter what you say someone is not going to listen to the facts. The emotions may simply be too strong. Then it's time to move on - you did your job, and they have to deal with the consequences of their decision.

By the way welcome to ActiveRain. I hope we will have the benefit of hearing more from you about yourself, your business, and your local community. You will learn so much by being here! If I can help, please let me know!!

My personal approach would be to ask them at what point he or she would know that it won't sell, specifically, how many open houses, how long is long enough to wait?  This won't change their mind...nothing will do that.  But it might get them thinking a tiny bit about exactly what they are asking you to do, for no money.  You might choose to point that out to seller.  Privately, I would get ready to bail, especially if a 5-10 minute conversation on the question I just posed gives no clear answer or an unrealistic answer.  Now the client has to sell you on staying (but don't say that).  I did a blog once about a seller who didn't want to sell.  Different actions on the part of the seller, but it appears to be the same game.  Sorry for your loss.

You are not alone in this...I had one today also

Why did you take the listing if you felt it was not priced correctly? 

Tell them you won't take the listing at their price. You may lose it, but under the circumstances, taking an overpriced listing woud be more painful in the end. It won't sell and it will be "your fault", not theirs, in their eyes.

I had a client like this and she finally dropped me.  I was glad.  She ended up listing with another realtor and over priced the home again.  It has been sitting for 6 months and the presentation is terrible.  I think you have gotten some good advice here.  Just continue to give feedback and good customer service.  If the home is showing, then you are doing your job.  It is ultimately up to you for as long as you want to continue marketing a listing that is overpriced and won't sell.  It is your time and money being spent-and you are losing other business because of it.  I would be honest and just tell the seller the truth.  You appreciate their business and they are a great neighbor.  This is what you do fulltime and in order for you to do the job they have hired you to do you need to either reduce the price or put some type of incentive on the property - buyers agent bonus, update allowance, seller pays so much of buyers closing cost, etc.  If that doesn't work then cut them loose or refer to another agent and get a referral fee.  Good luck!

Walk away.   This will only get worse.

Show them a days on market report.

They are entitled to test their belief. If not now when? When done, its your turn. Be supportive when it is their turn or else they will try another agent

In this case i show them the comps so they can see the home and not just a piece of paper

I would kindly show them recent comps and chart showing when the price over priced will take longer to sell.

Be patient. Not all sellers are in a big hurry. Eventually they'll decide on a course of action, and that might involve interviewing other agents. Keep marketing it. Monitor comps on similar houses that are going under contract or selling.

Have you suggested they have an appraisal done? It sounds like you might be wasting your time. 

Take them to their competitors and show them the houses in their price range to help them see why their home isn't selling.

You could suggest getting an appraisal or maybe stage the property. But, sometimes when they don't listen..it's best to walk away. Trust your instincts..will this be productive? I will walk away from overpriced listings...like $20,000 - $50,000 more than comps show.

Take them out and show them homes that are priced where you want them to be and maybe that will get their attention.  Often times sellers have a hard time imagining their competition and need to see it in person.

A former colleague used to tell them that Mr. Market spoke, and they needed to listen.  And Mr. Market was not always talking price.  It was often property condition, unwieldy showing  instructions, and other challenges not related to the list price.  You need to include all of the factors in your conversation.

You aren't missing anything, Deanna. You can drop the listing or keep it, knowing it may take a year or more to sell. Sometimes getting nothing but low offers eventually convinces sellers they need to drop the price.

There is no cure for stubborn, Deanna.  If a seller won't listen to reason backed by facts and logic and you are tired of spinning your wheels, I'd let them have their listing back.

Sit down over a cup of coffee and tell her that the price is just too high.  Since she is your neighbor and I'm assuming you want to maintain some type of friendly relationship with her, suggest she call some other realtors to interview.  Agree that when she chooses one, you will be glad to relinquish the listing.  If she meets with consummate professionals, they will honestly tell her that she is listed too high. If she interviews with someone who is just trying to buy the listing, you'll just have to look at his/her sign for a year or so.  Life is too short for this stress.

You are missing a motivated seller.  

The data supports the facts. The market is not listening to the seller.  Seller lacks true motivation. I have yet to find a way to convince stubborn.  I lean on the side of cutting my losses and moving on - fire them and focus my energy on more productive things.