At our office we are trained NOT to take every listing. Lets face it, if you're going in the door taking a listing with the sole intention of grinding the seller down over time on their price until they reach the cusp of market value, you're not only putting yourself through an ordeal, you're ultimately not providing an honest service. We're taught that when you take a listing you are implying that there is at least a chance you will sell the property for the list price. Most sellers want to list higher than our CMAs suggest and we as agents are left with the choice of compromising, and we usually do. My rule of thumb is that within a reasonable margin, say 10% I will do the listing. Higher than that, I know the phone won't even ring, never mind getting an offer.
We're also trained to sell them fast. Selling a property in the first 21 days is the best way to get the most money for it. If you don't sell in the first three weeks to a month, then there is one factor in your way and thats the price. Most homes are price reduced once or twice before they sell. With the accsessibility to the internet these days, buyers are more aware than ever about whats available. Its an educated buyer pool and with respect to the home buyers of today a very cheap or shall we say conservative buyer pool as well. Most buyers I deal with are buying below their pre-approval number. Many buyers are willing to compromise on what they truly want for what they are willing to pay.
So where does that leave us when we take a listing, we're within that 10% margin, it doesn't sell right away and our client all of a sudden throws a kink in the works of our neatly laid plan by NOT wanting to reduce? I think the best thing to do is to do your job to the best of your ability and continue to market the property. While you can't expect the phone to ring off the hook you can continue to do communicate with your client, do your agreed upon schedule for open houses and fulfill all your obligations for the listing. Just because the odds of sellling are lower does not mean they are zero. We signed a contract and we have a job to do. We need to find that one perfect buyer for our listing, because it only takes one. Even if it doesn't happen tomorrow by sticking with it you'll show your client that your are in it for the long haul and that you have their back.
In most cases one of three things should happen. 1. You get an offer, get the property under contract and even though it didn't happen as effeciently as it could've been, you get the job done. 2. Your client sees your effort and knowing that youve done your due diligence they decide to reduce after all. 3. The listing runs out and you sign a right to relist contract or shake hands and part company with respect for each other intact. Lets face it, even the best agents don't sell every listing. But all of the best agents mantain their professionalism and respect for their clients.