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Today, I Have To Do Something I Hate!

In real estate, my worst thing is asking for extensions of listing agreements. And when I have to ask for one a second time, I really really hate it!

So this afternoon, I have to ask some sellers for a second extension - at least if I want to keep the listing I do. And at this juncture, I think I do.

But like most of us, I don't do well with rejection. And I'm convincing myself that the sellers are going to want to fire me.

B'bye Pat? Oh! No!

This isn't the first time I've had to grovel for an extension, though I haven't had to do it recently. But no matter how many times I do it, it doesn't get any easier. I guess with longer periods of time on the market, I need to do a serious attitude adjustment. I have been getting longer listing periods, and if they expire, I'll just have to suck it up!

While I hate the extension thing, and while I have this stupid conversation with that whiny little voice in my ear (scoot! Go away!) about getting dumped, I don't think I've ever had sellers really fire me. I've fired myself a couple of times or referred the sellers to another agent, but these might have been a preemptive strike on my part - dump them before they dump me?

No, I'll go into the office, corner my very wise broker, and get whatever good advice I need.

The bottom line - I want to do what is best for these clients. They are terrific people who need their house sold. Maybe another agent would be able to get the job done better than I could. Except I am pretty good at this!

It looks better this morning than it did last night. Sleeping on is does help! And I do realize that part of being successful in this market is being able to hold onto listings for as long as it takes to get them sold!

Posted by Patricia Kennedy on 10/22/2008 11:53 AM

Comments (60)

Extending Listings in the Sales Strategies / Tactics Channel

extending listings, washignton dc real estate, patricia kennedy

Originally posted at: Pat Kennedy - Your Washington, DC Real Estate Connection: Today, I Have To Do Something I Hate!

Post is included in group: Realtors®

60 Comments on Today, I Have To Do Something I Hate!

OCT

2008

Good luck on that Pat. There are always unpleasant tasks in our jobs. Glad that there are also some fun things or one would just stay buried under the covers.

If the house is still on the market, it's just because the market is slow and their price is too high compared to the competition. Whenever we work with people whose listings expire, that is pretty much why, maybe they need a little sprucing, some new fixtures, etc., and a bit of a price drop and bingo - sold! Good luck - I" hope they stay with you!

Patricia. You need to revise your terminology.

Firing would involve the sellers asking for the listing agreement to be cancelled prior to the end date on the contract.

A listing that didn't sell is just that, a listing that didn't sell. No one is firing anyone.

I know the feeling-sometimes just asking is hard to do. If you have a good relationship with the seller it is easier. Good luck.

I always tell my clients that I wouldn't have to be there for an extention if they priced their property correctly....but still it is no fun....

Ted

Patricia,

I take my job very seriously and sincerely want to help my clients like you do!

Let us know how it goes and how much resistance or if you get a price reduction along with it good luck.

If you are getting nervous about it - did you do everything you should do? Why would one worry about an extension - I tell them five days before they expire and if I believe that the demand for that type of product in that neighborhood isn't going to move, then I let them know five days before the expiration so that they know I will not be extending their listing and if they want to hire someone - it gives them the time to interview.

Bernice Ross talks alot about how our attitude aobut our successes, life, what we think about actually is what forms and shapes and delivers our future.

Always figure out if your client should stay on the market or get off and sit down and explain it to them. You are there to guide.

I agree with the price reduction theme here. It seems like that's what you should really be asking for!

I tell my sellers "Getting your home sold is something I take personally, and I don't want to let your listing languish on the market selling the competition!"

Your second to last paragraph shows what a good agent you are - give yourself credit!

Hey, Patricia. I am sure that it is not as bad as it seems. They obviously like you, otherwise you would not be their agent. Continue to give them the best service you can and I am sure you will get the job done. All my best, Jim

I look at it the same way that Lenn does. I have walked away from listings for a lot of different reasons. Just keep your chin up and you'll be fine. :)

Patricia, If you still want the listing you'll find the right words. If you don't want the listing you'll still find the right words. The choice is yours.

I hate them too. Because of market conditions, I have longer listing agreements than I used to have. I explain to the client that my hope is to get it sold as quickly as possible though my sales program, but know that there is a chance it will not. Secondly, I would definitely try to salvage some commission if you can refer the client to someone if you are definitely going to lose the listing.

We always seem to second guess our selves but your instincts are right on. You are pretty good at his and they are lucky to have a great agent working for them.

I always said if this business was that easy every one would be doing it.

If they are nice people, they may continue the listing. But if you have done everything you possibly could for them, then maybe it is time to step aside. I have done that in the past.

Good luck Pat! I always feel bad for realtors when I've shown a house and my buyers didn't like it but I remember it for another buyer 2 months later and find out there is a new agent. I know it's hard!

Patricia,

Pull no punches, tell it like it is, especially recent successes that promise hope for the future (The Messiah is coming), and trust their faith in you to get the job done!!! Thanks, Fran

Now might be the time to take back the listing. Maybe you don't want them. I would bring a price change form and a copy of all the feedback you have received. Ask them to make changes or change the price, the terms or something. If they want to stay the status quo, you might be better off without them.

I love the beating I take when calling for the extension LOL

Pat, we're all doing alot more groveling these days...or so it seems doesn't it? I'm sure you're doing everything you can and your clients will be more than happy to sign that extension

Pat,

A Price Reduction and an Extension of your listing go hand in hand, the market is changing so rapidly that you can do a new market analysis to justify a price reduction. I have a listing that when we put it on the market the comps suggested a list price of $1,000,000 I extend the listing every 3 months and we are now at $875,000 and I'ts been on the market for 10 months

It's not your fault that the house has not sold.

Houses aren't selling unless they are reduced significantly. Those are the facts in this market. My guess? A 25% reductions since last year!

If the price last year would have been 200k,it should be at 150k NOW especially going into RECESSION & the winter.

I don't even want any listings right now. I don't want the sellers to be mad at me. I know some of you disagree. UNLESS the seller is wanting me to list FOR SURE & understands the market, fine. I do not force listings in these times. Why? because the sellers expect miracles from you since they gave you the listing instead of going FSBO. Right now I don't want to invest time & money . Because of the RE market being bad, trying to help the sellers is like banging your head agianst the wall. Nope, I'm taking it easy until the market comes back. I have another job p-time, so I'm ok. Anything I do in RE currently is in vain. I don't want to donate time for no returns. I still try to prospect but not at the level as before this financial chaos.

I did an Open House for another agent this past Sunday. The owner came back at the end & asked how things went. I was very polite, cautious what I said to him....still forcing a smile. In reality, NOBOY was even remotely interested. His price drop of 20k was NOTHING compared to what the lookers expected. He's priced ok. The house is beautiful, but there are no buyers unless the property is given away. Anyway, he seemed frazzled & upset AT ME. I guess it was my fault that nobody bought it. Realtors are supposed to perform miracles. The market is dead, no matter how we are supposed to smile & tell everybody that the market is fine. Those are the facts, Jack.

Pat,

I appreciate your candor, it really does feel like licking their shoes when it comes down to extending the contract. "What have you done for me?" kind of thing...stay in touch!

Price and location are the important factors. You can't change the location ..........

Good Luck

Pat,

Don't feel like you are groveling or asking---just tell them it's time for some upkeep on the records and an extension is needed. Keep it simple.

Pat,

Don't feel like you are groveling or asking---just tell them it's time for some upkeep on the records and an extension is needed. Keep it simple. Remember that old s

Pat,

Don't feel like you are groveling or asking---just tell them it's time for some upkeep on the records and an extension is needed. Keep it simple. Remember that old saying? Never ask a

I've had to do a few extensions too, I think the fear of asking is different than the reality. Most folks who don't like you would have already fired you and moved on.

Pat, I agree with Lenn. The listing just didn't sell yet. It takes much longer these days. If the sellers like you and think you've been working hard and have done everything I think they will extend.

It might be better to take it off the market altogether for a week or so, reduce the price spruce it up (maybe stage it) change the ads and descriptions and bring it back as a new listing. Their house hasn't sold - Not You can't sell it!

You don't want the second wife agent to sell it.

Patricia - Ironically, one of the things I hate most from the Mortgage Side is calling up folks to extend the agreement of sale. Never an easy call to make in either case. Yet, these things do happen whether they are a fault of ours or not.

I have felt that pain so mnay times!! I hate asking for extensions also.

Pat,

Be confident! Don't show fear! I know its hard, but if clients feel it and if you are not confident than...

Patricia, I usually joke with them at the beginning to lighten things up - it may be awkward for them too. "Well I bet we'd all agree it would be nice if we were sitting at the closing table right now rather than your kitchen table ..." They usually laugh, and it's a great intro to the discussion of why hasn't it sold (pricing?) and what are we going to do to get it sold (reduction).

Good luck, every time you do it your skin will get a little thicker and the task gets easier. If you ever get to the point that you don't care, then it's time to give up the job and I am sure you'll never get to that point, you sound like a person who cares and always will.

Good luck with that. I had one expire last week. It doesn't happen often. This one I didn't want back either - never even tried to extend.

Patricia,

As long as your prepared with the data you shouldn't have a problem I would just tell them that they need to reposition their home for the ever changing market, which in this day and age is daily. Sounds like you have given them good service and they have had confidence in you. As long as we do and act like a professional our clients will do what's right for them to attain their goal, sell their home for the best possible price. Good post! Good Luck!!

I'm with you Patricia - asking for an extension sucks swamp water. Good luck to you!

Patricia,

Good luck with your listing. Alot of sellers don't get it. The price is set by the marketplace. A property is only worth what a buyer is willing to pay. I will be glad when this market turns around.

I remember praying for someone to buy the house the week before having to make the "extension call"... Then if necessary I had to think of ways to sweeten the pot...but, life goes on! :)

Hi Pat, I've been there before, but as long as the seller knows you're doing everything you can do you are okay. Most would rather extend than reduce the price, but try to get both in one shot. Good luck! Cheers, Harley

Patricia...nice work....recognize it well....you tell the experience so well. Your heart is in the right place and sometimes we just have to accept what comes. I bet it will be to continue. My hope is for you because it will be best for your client.

I don't like extending either. When I chose not to extend, I was just ready to end the relationship with the seller. In your case, it sounds as though you have a good working relationship with your sellers and it's just a matter of time. Good luck.

This is a market where extensions are more common. It's no fun, but the seller's house not selling is the fault of the market, not yours. We all just have to have a brave face and villainize the market when asking for the opportunity to continue working hard so we can hope to recover our costs of marketing.

Good luck Pat.. I hate asking for the extention too... At the same time, I hate to loose the listing that I have worked so hard to sell.

OCT

2008

It is unfortunate when a market gets to that point. If the listing is that difficult to sell, I would not take it personal if the seller wants to give someone else a try at it.

I like to take the approach of talking about the path of the current listing... going over things that could help the property move. I don't like to look at it in the "I might get fired" light. I prefer to make it exclusively about the property as well as the methods that we could explore to improve marketability. Homes sit for a reason... usually price. If we don't see eye-to-eye on the pricing I have few regrets. It may be better to for them to seek another agent who feels that it can move at a price that is above market.

That is always a tough one-- but it has to be done -- and more times than not in this market. All the best.

I hate extensions too. Even if sellers know intellectually that we are doing everything we can

to sell their property they look for someone to blame.

Keep your chin up.

Patricia, when I have to do something I hate to do, I do it first. Get it out of the way. Hope it went well!

Here I do a 364 day listing or at least 11 months for that very reason of course I give them a 30 day release clause. But I just tell them and show them in the MLS where it is taking a year to sell. I also show them where if at a price they can sell it sooner. I ask them what are they going to do if it desn't sell, lower the price and list with someone else. I don't have any problems and they know I'm telling the truth.

Hi Pat... We were just going into an extension on a listing and after a year of marketing this home the seller wanted us to take a 20% cut in our commission! I told the agent not to accept that UNLESS the seller is interested in marketing the home at a price that will sell !

Go into the extension discussion with two forms - The extension form and a cancellation form, slide both across the table and be willing to cancel if they're not will to get realistic about price. Your time is valuable. I know they're nice - There are a lot of nice people out there - Our seller is "nice" but my agent is losing time and effort and we're losing money on a home that is not sale-able at this price.

Tough business - I know - but let's be fair to ourselves as well!

Pat, I think that this is one of the hardest conversations that we have with people, not to mention the one we have with ourselves.

Pat,

I know how you feel - My stomach started churning while reading this post.

I found something that works for me when I'm in this situation. ---- Lots of paperwork - showing in minute detail what I've done to sell the house, copies of ads and brochures and how much of an expense this has all been.

Good Luck

I've never had to ask for an extension...all my listings are for 1 year. Although with longer market times, I fear that time may come!

Pat, I understand, especially these days when homes have so much competition and are on the market longer. I will say that instead of worrying about it, I try to make my difficult calls and tasks as soon as possible and get them out of the way. Fear of the future ends up compromising my ability to do my best work today. Thanks!

Is it priced to high, causing the need to lengthen the listing period?

Patricia - it is easy for me to sit back tell you , just ask for the extension. However, I know by your post , your level of care and concern for the best interest of the client and no other agent could do a better job. Good luck

Cleints who know how much you about meeting their needs give the extensions...and appreciate the efforts!

OCT

2008

Patricia - I'm sure it's not you - It's this crazy market. Hang in there! :)

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