There is a posting today by a Keller Williams agent in Portland, OR about how she declined to take a land listing from an unrealistic seller. She should be congratulated many times over!
There is a business model being followed by many agents in my community, and elsewhere I assume, that says take any listing you can as by so doing you will control the inventory when the market turns around. It sounds like a good plan on the surface, but I could not buy into it. I feel you have to be honest with people, just like the above agent. Also, as these listings "age" and the calls keep coming in from your sellers asking what has been the activity on my listing and why haven't I received any offers, what are you going to be saying over and over? "You need to reduce your price." Eventually, those listings will leave you and your reputation will be effected in the negative. Your time, I believe, is better spent by listing properties at prices that will sell, even in tough markets. You may have fewer listings, but you will have more time and energy to put into them and thus they will sell! Also, you will gain a reputation as someone who sells real estate rather than just takes listings. And, many of the folks whose listings you did not take will ultimately list with you bec ause they want their property to sell. Sounds like a better plan to me!
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