DAILY REAL ESTATE NEWS | MONDAY, JUNE 18, 2012
If you have a “pinball” or “setup” home you’re trying to sell, you may inadvertently be helping other real estate professionals sell homes similar to yours that are more reasonably priced.
The terms “pinball” and “setup” are being used by real estate brokerages to refer to a “house listed with an unrealistically high asking price that pulls in lots of visits by agents and shoppers but no offers,” The Miami Herald explains in a recent article.
The overpriced listings often are shown by other real estate agents to their clients to make lower priced, similar homes look even better in comparison.
Joe Manausa, owner-broker at Century 21 First Realty in Tallahassee, writes in an Active Rain blog post about how “pinball” listings are used: “If two very similar homes are near each other, with one priced at $250,000, and the other at $280,000, the higher-priced home is often shown first. Then the real estate agent says, ‘If you like this home at $280,000, you are going to love the home down the street at $250,000!’”
Source: “Is Your Listing a Pinball?” The Miami Herald (June 18, 2012)