Ever since the market started tumbling I've heard agents complain about the expense and problems of working with sellers. Not work with sellers! Are you crazy?
Their reasoning: In a market where home sales for typical sellers are virtually non-existent, one good qualified buyer is worth two sellers (excluding reo's of course). Well I'm here to tell ya--- that type of business approach is doomed for failure. Ever hear that Ole' adage 'list to last"? If you haven't, you are probably headed out the proverbial real estate door and if you have---you're probably sitting on a couple listings that have been collecting dust. What a dilemma.
So---how does one "list to last" in a market where homes are sitting for hundreds of days? Why have a listing that isn't selling? Here are a few reasons.
1) Having listings on the market ensures that your phone will ring. Maybe not as regularly as years past but it will ring and having the opportunity to speak to and possibly procure buyers is what it's all about right?
2) Having listings on the market shows buyers and sellers that you are a motivated go-getter with area expertise and are willing to take on market challenges.
3) Having listings on the market shows the neighboring property owners that you have been selected to represent that owner. This, in and of itself gives you a huge advantage over other agents who may be considered to list homes in that neighborhood in the future. Don't squander it
Now---The only thing you must do is educate the sellers about proper pricing so the home sells. Easy right? Keep the sellers happy and informed about the current market so they are prepared to remain competitive with value adjustments and subsequent extensions. Another easy task. Keep the neighborhood informed so they do not think you just listed the home and vanished. Again---simple. Right?
The "list to last" principle is not one that focuses all marketing and sales efforts on the listing aspect of the real estate market, but it is the most important tool we have at our disposal for advertising our services to both buyers, sellers and the general public. As we progress, especially through these tough times, it's my opinion that agents should use every tool available and not simply focus on one area of expertise. Work with buyers. Work with sellers. Work with everyone who needs the services of a professional real estate agent. Only then will you capitalize on every available possibility. To do otherwise is placing limitations on your potential.
If you do not have listings---you are missing a very fundamental element of the "list to last" priniple....."List". Without it--- you can not--"Last"...
Wilmington Real Estate 4U Wilmington, NC - Wilmington, NC
As in every market ....it depends. We used to carry 40-50 listings, and worked the buyers from those listings, and as the market changed, we changed and do not "go after" listings in a buyers market. We won't refuse a good salable listing, yet for us, it makes more sense to work with buyers.
Dick Beals
May 28, 2009 02:13 PM
Remax Town & Country - Woodstock, GA
The Honest Agent Full Time Pro
Remax equity group - Portland, OR
Broker - Portland Oregon Real Estate
Great points. Enjoyed being remided of the importance of listings. Have many more now than this time last year -- working on getting many more , at the right price and with the right sellers.
May 28, 2009 03:53 PM
Anonymous
It's not just about money and sales that I enjoy about this business (although I work endlessly to increase my gross - sure!) I also like to feel really good at the closing table. I'm sure you know the recent saying that we might be able to make a seller satisfied, but seldom happy in today's market. Buyers, now, at these prices you can put a really big smile on a buyers face. And I love it. When a buyer gives you a closing present - now that's a nice pay back. It takes the edge off all the doom and glum we face in the industry, and I need it - smile.
I take listings, but would rather work with buyers. It's absolutely true that listings generate buyer leads, and then there's the thought about servicing all our clients. Who needs professional representation more than sellers today! But I'll take buyers!
May 28, 2009 04:13 PM
#17
Keller Williams Realty of the Treasure Coast - Palm City, FL
PA
I was one of the top producers in my office last year, which came mostly from buyers. That said I am now going for a more balanced listing / buyer ratio as the market begins to stabilize.
May 28, 2009 04:21 PM
Inactive - Wailuku, HI
Living the Hawaii Lifestyle
My view is that "listings are a dime a dozen but buyers are golden". In today's market, a buyer agent will outperform a listing agent day after day, month after month.
The sign in the front yard is good for the brokerage but that sign rider on top with the agent's name is much less noticeable.
May 28, 2009 04:41 PM
Desert Gold Realty - Mesquite NV Homes For Sale - Mesquite, NV
Mesquite NV Homes and Neighborhoods - Search MLS
"but it is the most important tool we have at our disposal for advertising our services to both buyers, sellers and the general public"
I advertise other agents' listings on the internet, top producer in my office - mostly work with buyers. Many subdivisions here don't allow signs, most buyers here come from elsewhere, and already have an agent when they get here, hopefully, me.
May 28, 2009 04:44 PM
West Shores Realty - Whittier, CA
Top Producing Broker Associate
Gene & Kim. Great reminder. Listings are the easiest way to prospect, advertise and farm at the same time. Advertising because your name, number and picture are up in someone's yard. Prospect those that call the number or better, yet, have a text capture or a 1-800 number recording/number capture system do it for you! Lastly, farm the area by talking to the neighbors before, during and after the Listing. Great Post.
May 28, 2009 05:10 PM
REALTOR , SFR, RECS
Thank you for this post! I love a good debate.
I started in this business just as the bubble was beginning to burst. Everyone kept saying "List to Last", but logic rules, and I couldn't get past the fact that if we are in a Buyer's Market, then Buyers are the ones to work with, and the quickest way to a paycheck for a rookie. I have not regretted that for one moment. Now that we are beginning to see the hope of stabilization, I am reworking my business model to include listings whenever they come along. I will be signing my first one ever on Monday! I will also be seeking them out, but not as aggressively as I seek buyers, not just yet. Eventually, I would love to have a good mix of both. I love working with my buyers so much that I do not anticipate ever becoming just a listing agent. But I really do appreciate the new perspective you have given me by explaining the importance of listing so eloquently, especially getting all the comments about how the listings & signage actually get you more buyer leads. Thanks again!
May 28, 2009 05:36 PM
Coldwell Banker Residential Brokerage - Rancho Bernardo, CA
Your Agent for Change
In my area, a huge percentage of listings are bank owned properties. Regular sellers are electing to hold off if they don't have to sell now. Our inventory is below normal levels as we work through the short sale and REO listings. I had mostly sellers in '07, mostly buyers in '08 and all buyers in '09. Talking to someone today about a listing, so maybe the percentage will change just a bit. Both have their purpose and I enjoy both, but the buyer's side can be more fun.
May 29, 2009 02:33 AM
Northwest Equity Home Sales - Tacoma, WA
Kellie; Thanks! Productive AND inexpensive..
Celeste; I agree about being spread too thin at times. When Kim and I were closing 40+ homes a month all by our lonesome it was hectic. But challenging and rewarding. I think it's best for the client when an agent is proficient with both sides of the transaction.
Dale; Go list'm!!
Alexsandra; "Right price" is so important. Good for you!!
Bob; A smooth closing with happy clients is surely the icing on the cake. Many of our clients apologize for interrupting us when they call.. Gotta love it.
Eric; G get'm. Keep'm happy and informed and they'll produce far more than NOT having them.
Richard; "Day after day"? It all depends on your market wouldn't you say? And what you are listing. I'll have to get back over to your State soon. Nothing quite like it. Lucky.
Virginia; Isn't the internet great. I too allow other agents from time to time to advertise our listings. Depends on who though..
Mark; Thanks! Prospecting...Tried and true...
Paula; You're very welcome. I recommend we do both. A plane needs two wings to fly and we need two legs to run. Although we can hop around on one leg, I prefer using both whenever possible.
Karen; You have a good approach..Versitility!
Thank you everyone for participating...
May 29, 2009 06:57 AM
Schaumburg, IL
Real Estate Broker Retired
I ain't buyin' it one bit. Sounds old and cliche. This has been the first year that I totally disagree with the old principle. Time to bury it along with the broker open house.
May 29, 2009 09:34 AM
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes
I am working on getting sellers now. I have only had one listing in the last 2 years, everything else has been buyers. I agree getting sellers is the way to go.
May 29, 2009 04:05 PM
Anonymous
Great discussion! As a 25-year veteran Realtor, I've been through a few market cycles. I believe that the time-honored "List to last" axiom holds true most of the time. However, in this present market, I like this slogan better: "ADAPT to last!" It's great to see how different people are staying nimble and adjusting their approach to the present demands. We'll get through this rough patch and come out the other end stronger than before!
May 30, 2009 05:10 PM
#27
Modern Realty - Beaverton, MI
Helping Buyers & Sellers of Waterfront Property
I agree and don't see why people don't want to list as many as they can! It is up to the agent to list competitively and market effectively. This listing is a good an investment as the agent wants it to be. Sure I turn down some that won't list at a realistic price but there are people out there who just want to know why their home isn't selling and will listen to what it will take to get it sold! Help them out and list their property!
May 31, 2009 11:53 PM
eLoanRates.org - Thornton, CO
I tend to attract more buyers by 5 to 1 than listings online. On a personal referral basis it seems to run about even. Right now, I think they are both good to have.
Jun 02, 2009 05:04 AM
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist
I would not care whether my Clients were Sellers or Buyers. I get paid either way. I'm here to help people buy and sell real estate. Why would I discount half of those people by only working with the other half? Doesn't make sense to me.
Jun 03, 2009 09:36 AM
Northwest Equity Home Sales - Tacoma, WA
Lyn, It is cliche'...:-) Not sure about burying it though. I'd rather keep all our options open.. Now the Bokers Open is another story. That has always been about the broker and not the client...
Gene
Jun 04, 2009 09:32 AM
Northwest Equity Home Sales - Tacoma, WA
Northwest Equity Home Sales - Tacoma, WA
Larry, Adapt to last. I Like it.
Sonya, couldn't agree more!
Stuart, they are good to have. Don't want to be one dimentional...
Jim, you and me both. Make far more sense to work both.
Thanks to everyone for your time..
Gene
Jun 04, 2009 09:39 AM
Comments(33)