Why Realtors Continue To Market Listings Under Contract

Reblogger Praful Thakkar
Real Estate Agent with LAER Realty Partners

I do see many agents market the listings that are under contract.

Joe Manausa answers this question in this re-post

Why Realtors Continue To Market Listings Under Contract

 

Original content by Joe Manausa 8508880888

If you have ever worked with our company when selling a home, you will already know that we continue to market listings under contract all the way up to the day that they close.

Do you want to why?

Why Realtors Market Listings Under Contract

We often get buyer calls and contacts for listings under contract, and sometimes they get frustrated wondering why we are working so hard to promote a home that somebody is already in line to buy.

The short and simple answer is because I have pledged to do so on behalf of our sellers.

They have not hired my Tallahassee Real Estate Company to get their home under contract, they have hired us to get their home sold.

And at first blush you might think that I am splitting hairs, but data from the Tallahassee MLS supports the need for continuous, daily marketing of homes from the time they are listed until the time the new owners take control of the keys.

Only 36% Of Listings Under Contract Make It To Closing

Homes Under Contract

It's hard to believe, but just over 1 in 3 listings under contract in the Tallahassee MLS actually make it to the closing table.

There are many reasons for the fallout, like the growth in the supply of short sales which create a terrible lag in the real estate closing process. But the reality is that our industry has always maintained a poor closing conversion rate.

Industry standards for training are very low, so many real estate agents are working with buyers who have no chance of closing. But that won't stop some of them from bringing you an offer on your home!

If you want to ensure that you have a great chance of closing on your home, make sure you work with an aggressive real estate company that is going to qualify every buyer offer that they present to you. Demand that they include a letter of qualification from a reputable, local lender too.

There is no way to guarantee that all listings under contract will make it to closing, but working with a seasoned, highly trained real estate agent is going to give you the best odds of succeeding.



Joe Manausa, MBA
Joe Manausa Real Estate

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Ambassador
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Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Good choice for a re-blog.  Out job is done marketing a listing only after the final documents have been closed

Nov 18, 2016 11:48 AM #1
Rainer
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Virtual Realty Consultants
Virtual Realty Consultants LLC - Wellesley, MA
Making the American Dream a Reality

absent the blantant marketing for a specific firm (reminder - AR is NOT about self-promotion), the  correct reason for continuing to market a listing after an accepted agreement to sell is THE SELLER'S WRITTEN REQUEST THAT MARKETING BE CONTINUED.  If you are a REALTOR and follow the Code of Ethics, a REALTOR shall be under no obligation to continue to market a property once that property has gone under agreement.  To do so without the specific permission of the seller is contrary to the fiduciary duty to the client.

Nov 18, 2016 12:05 PM #2
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD
Roy and Dolores Kelley Photographs

This is an excellent selection for a reblog and good information to share.

Nov 18, 2016 07:20 PM #3
Rainmaker
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William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

I am amazed at the 36% only making it to closing.  I have ot lost a deal in 3 years and locally very very seldom do we see a back on market.   Usually it is a foreclosed home.

Nov 19, 2016 02:04 AM #4
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Thank you for stopping by at my post and your comments.

Nov 21, 2016 02:06 PM #5
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Ed Silva getting an offer on our listing is just the first success.

Nov 21, 2016 02:07 PM #6
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

(And our work starts when the marketing starts bringing in the results, isn't it?)

Nov 21, 2016 02:07 PM #7
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Virtual Realty Consultants -  you are right. We must seek the permission from the seller to market the listing after it has gone under contract.

Nov 21, 2016 02:08 PM #8
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Thank you for stopping by at my post and your comments, Roy Kelley.

Nov 21, 2016 02:10 PM #9
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

William Feela - this may be just a stats in one specific market. I have a different experience - like you.

Nov 21, 2016 02:10 PM #10
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Praful Thakkar

Andover, MA: Andover Luxury Homes For Sale
What did my neighbor's home sell for?
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