Resign -or- Re-sign? That is the question.

By
Real Estate Agent with Prado Real Estate South UT DRE# 6541633-SA00
https://activerain.com/droplet/4dzs

Resign -or- Re-sign? That is the question.

Prior to a listing expiring, sellers will have a clear view on how they wish to proceed with the sale of their home. They may opt to extend the listing with the same agent, shop around for another agent or take the home off the market. 

Some factors a home sits long on the market:

  • It is overpriced. Even after reducing the price several months after, the window to sell has passed.
  • Inundation of properties hitting the market. More homes means less showings, creating a buyer's market.
  • Suggested repairs at the start that were not done and clearly are a deficit when shown.

Before continuing to spend time, money and resources on a listing that is close to the contract end, make sure the owner is on board to re-sign paperwork and get it in writing. Do not depend on a verbal response. Otherwise, the intention may be to resign you and re-sign with someone else

It happens and you know what they say, don't make assumptions! 

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Rainmaker
126,717
Tg Glazer - The Right Realtor® for the Right Results!
Coldwell Banker, Westfield, NJ - Cranford, NJ
Westfield/Cranford, NJ area

All of the factors that you mention as to why a home sits too long on the market come down to the same thing....price.

If there are many homes on the market and lots of competition, the subject home needs to be priced so that Buyers see the value in that one over the competition.

If there are repairs that have not been addressed, it needs to be priced accordingly.

And if it is overpriced from the start, reducing the price has to be at such a place that you are not just "chasing the market down."

It always comes back to price.

Mar 25, 2014 02:10 AM #8
Rainmaker
509,724
AJ Heidmann ~ CRS
McEnearney Associates, Inc. - Alexandria, VA
YOUR Alexandria & Arlington, VA Real Estate Expert

Wanda - I would say that the agent also needs to get written agreement from the sellers to change whatever is holding the property back; price or condition, at renewal.  Otherwise, nothing will change and the agent will continue to be frustrated and spend time/money without any realistic expectation that it will go to settlement.

Mar 25, 2014 02:22 AM #9
Ambassador
2,864,119
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I've never had anyone tell me one thing verbally and then not re-sign.  But I generally send out the new listing with the traffic report.  Keeping sellers informed helps keep them from resigning.

Mar 25, 2014 02:26 AM #10
Ambassador
1,879,520
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Great communication between client and agent gets a win-win for everyone. Often the client can be fuzzy with their intentions and what is really going on, and that is why the relationship can get strained.

Mar 25, 2014 02:47 AM #11
Rainmaker
4,447,061
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Wanda,

This as usual is an excellent post.  Great communication between the seller and the agent make resigning easy in our opinion.  We had the listing on a building for lease  for 5 years until it was sold...there was never an issue that they would sign with anyone else.  We made sure of that.  
A

Mar 25, 2014 04:03 AM #12
Rainmaker
842,617
Barbara Altieri
Kinard Realty Group - RealtyQuest Team, Fairfield and New Haven County CT Real Estate - Shelton, CT
REALTOR-Fairfield County CT Homes/Condos For Sale

Wanda -- Great advice. NEVER make assumptions and ALWAYS get it in writing!  Well done.

Mar 25, 2014 04:11 AM #13
Rainmaker
3,982,614
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Never wait until the last day to talk about extensions or price changes. 

Mar 25, 2014 04:14 AM #14
Rainer
172,981
Marc McMaster
RE/MAX Centre Realty - State College, PA
Putting my clients before myself

Sometimes it's best just to cut them loose.  If there's no motivation it may be time to move on. 

Mar 25, 2014 04:49 AM #15
Rainmaker
1,355,289
Jeff Jensen
The Federal Savings Bank/Lending in 50 states - Greenwich, CT

Price is so often the culprit.  If they will not adjust to the market, let them be someone elses headache.

Mar 25, 2014 08:03 AM #17
Rainmaker
1,560,731
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Cute play on words, and great way to look at it.  Toward the end of the listing, this is something to really consider.  Good post!

Mar 25, 2014 02:58 PM #18
Rainmaker
3,094,623
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

As we all know, a listing is a contract and if a contract is not in writing with signatures, dates, etc. there is no contract and no commitment.

Mar 25, 2014 08:57 PM #19
Rainmaker
1,516,022
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

I say use bait when you have a chance of catching a fish. In other words, let go of a losing investment and a listing that will not sell for whatever reason is a losing investment.

Mar 25, 2014 09:14 PM #20
Rainmaker
2,346,102
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

We all know what happens when one assumes.  Get it in writing.  Great post Wanda.

Mar 25, 2014 09:25 PM #21
Rainer
128,145
Frank Iglesias
Working With Houses, LLC - Atlanta Real Estate Investments - Lawrenceville, GA
Atlanta, GA Real Estate Investor

Brilliant post, Wanda! 

Always remember to get the commitment in black and white. And get  reminder in bold letters in case you happen to be forgetful 

Mar 25, 2014 11:50 PM #22
Rainmaker
2,455,334
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Yes to this post and its point...an agent must stay hands on until relieved

Mar 25, 2014 11:52 PM #23
Rainmaker
212,425
Stefan Winter
Real Estate in IL & NV | Owner of Real Estate Web Tech | Daily Vlogger - Las Vegas, NV
Owner - Winter Group & Real Estate Web Tech

I like your line about resign you and re-sign with someone else, very clever. Hopefully any agent in the business more then a year knows to get it in writing!

Mar 26, 2014 12:31 AM #24
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Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Jerry, There will always be someone offering a better 'deal' to the homeowner to get the listing!

Will, Some people agree to take an overpriced listing with the idea to reduce after no activity...get it in writing ahead of time because sometimes they are not motivated to do it once the time frame is up.

Bianca, I do agree with that too!

Jill, Allowing the listing to expire is a pretty clear message of intention!

Cara, Even when shown current comps, some owners just think their home is worth more and will fight to be right, when they are indeed not! 

Pamela, The goal is ALWAYS to GET IT SOLD! Sometimes sellers get in their own way.

I agree Anna, When you practically have to beg someone to lower the price, it's time to get out!

Tg, Yes, price is key in any market! Agents understand that and savvy sellers understand that as well!

AJ, Agreed. An agent can only suggest. You can't make someone do necessary repairs but can only make a list of things to be done. If they refuse, then you can decide whether to take the listing or not.

Tammy, You are very lucky then!

Mar 26, 2014 01:04 AM #25
Ambassador
2,214,600
Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Gary, Great communication is a must! It is the things that are not said that become a problem further down the road.

Alexandra, Trust is a powerful tool in our personal and professional lives! Congrats to you for finally getting it sold.

Thank you Barbara!

Bill, Waiting until the last moment usually does not net good results!

Marc, Some are motivated to move on but are hesitent to do what it takes!

Jeff, I do agree and appreicate when sellers are on board!

Thanks Carla, Having a clear plan ahead of time is essential!

Nina, Yes, we all know that or should but if a seller puts off getting paperwork done...move on! 

Gary, Love the fishing analogy...looking forward to gettin gout there and casting the line and reeling them in!

Mar 26, 2014 01:14 AM #26
Ambassador
2,214,600
Wanda Kubat-Nerdin - Wanda Can!
Prado Real Estate South - St. George, UT
So Utah Residential, Referral & Relocation REALTOR

Roger, I have been there and not a comfortable palce to be! Can't read a person's mind...sometimes I wish I could.

Frank, Yes, get the commitment up front so the listing continues without fail!

Richie, Getting the listing is easy compared to what it takes to get it sold and I am not a collector!

Stefan, Promises do not necessarily mean follow-through...in writing - works! 

 

Mar 26, 2014 01:19 AM #27
Rainmaker
1,607,599
Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

I am of the mind if we don't sell it the first time we're not going to the second time

Apr 20, 2014 12:55 PM #28
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