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What is the biggest reason people don't extend their listing?

Many listings expire every day. The truth of the matter is that most of the sellers whose listing comes up for renewal have a very good reason for not renewing.

The Realtor doesn't communicate with them enough!

There is no excuse for not communicating with your sellers. At least once a week you should be in communication with all your sellers, one listing or a hundred.

What if nothing happened, or I have nothing to say to them.

Let them know about the market or what you have done this week.

You were advertised here or there, we have new pictures on the internet, We did a postlet.com on your home.

Your home was not shown this week, we may to talk about a price reduction.

The market is slow, the market is busier in another price range.

Just as we blog on different subjects, just to touch base with your seller clients is huge.

E-mail, phone, handwrite a note. DON'T put it off.

All the best for a GREAT WEEK!

Posted by Kevin O'Shea, White Plains, NY Real Estate on 05/25/2008 02:15 AM

Comments (13)

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13 Comments on What is the biggest reason people don't extend their listing?

MAY

2008

Good Reminder Kevin - I have to say it reminded me of one client in particular that I haven't stayed in touch with - now i'm feeling guilty - when there are no showing for a while.....I think I feel guilty - I think I'll call her tomorrow! :-)

Very good points that we sometimes need to be reminded of. I try to keep close contact with my listing clients and have found that my transaction coordinator is valuable to take up some of the slack although I still need to make my contacts as well.

Some agents believe they should do everything to keep every listing when it is time to renew, but I look at each one of them and if I don't feel the home will sell at or near a price the seller is willing to price it at I would rather give up the listing that is costing me time and money.

But if you have done your job well as Kevin has pointed out I have found it easy to refer that listing to another agent, still get a 25% referral and many times a new agent can get a more of a price reduction than you were able to. Sometimes it just takes a fresh face, so why not get rid of those listings that are just sitting and you know they are not going to sell for one reason or another in the current situation.

This can actually be kind of fun, if the client is really a good person to work with but they are just not able to make the home desirable enough or lower the price enough I try to refer these clients to an agent I like and trust.

On the other hand if the client has been one of those that you couldn't hardly wait for it to expire I politely try to refer them to an agent that maybe I don't care so much for. lol

So are right on the mark. Communication is extremely important. Sellers want to be kept up to date on what is happening.

Kevin... I keep in contact with my clients at least once a week.. whether they be buying or selling. Personal contact makes everyone feel at ease and so lets they know you are doing your job.

Kevin you are right about communication. It is so important. All the surveys say this is the #1 complaint about Realtors Nationally.

Our web site allows us to post tp them and relay activity if they are web savvy it can also text them at every lockbox opening for showing. Yes communication will have someone else listing it at a price it would have sold for by you.

Kevin: I agree with you. If we put ourselves in the client's shoes, I think we can all agree that at the very least, weekly communication is crucial.

Communication is key. If they do not hear from you they will only think the worst. Don't keep the hard work you are doing a secret!

Hi Kevin. If you are not communicating with them I think the believe we forgot about them.

Talk to your listings!

Ken

p.s. O'Shea

Kevin - Prior to getting into real estate I worked with a Realtor that never communicated. I had to initiate every call. I learned a good lesson from that experience. Sellers DO need constant communication.

I agree that letting you client know what is going on is very very important,a weekly update is a good way to do business--bart

Kevin I've always wondered what agents tell Sellers that they'll do differently during a second period that will now sell the home. More importantly, why don't the Sellers ask those agents why they didn't do that during the first listing period? There are some unique properties that require more time than a market's average days on market, but besides those few exceptions homes should sell if they're priced correctly.

Good points Kevin. We got a listing a few weeks ago because we were the only agents to show the house in the previous 6 months and the sellers agent did not call to give any feedback.

Contact with the seller is vital. Good, bad or ugly, make those calls

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