A motivated seller will price his home to sell and not make these kind of remarks to his agent. This is a must read post by Hella M. Rothwell, Broker/Realtor®.
Probably every real estate agent has his own idea how long a listing should be, probably the longer the better. From the sellers standpoint, I'm sure that asking for a year's listing makes the seller think it will take that long to sell it.
Why would a seller sign a long listing? Here's the biggie:
The "I don't have to sell" seller:
This is one that agents should RUN from because there is a hidden meaning in those words:
It will be overpriced! Heck, it's probably WAY overpriced!
And here is what happens next:
1. The agent will take on the listing, but wants a year's listing period.
2. The house won't sell.
3. The seller finally realizes that he will not get his price - this can take up to year.
4. The seller and agent finally decide on a price reduction.
5. The house still does not sell, even if it is now priced right.
1. The seller is very disappointed.
2. The seller does not renew the listing.
3. The seller hires another agent who prices it correctly.
4. The house sells within a few days.
5. That agent is the HERO and will get all that sellers future business!
So what happened?
This is the age old story with an overpriced house. Buyers have great expectations when they look at it, but when they realize it isn't special at all, in fact, way overpriced, they and their agents pass on it.
In fact, agents don't come back with other clients either, they don't want to disappoint others as well. So the house doesn't get any traffic until another agent takes over.
By the by:
I've actually seen this happen several times with the same house, until finally it sells. And usually quite a bit less than it should have, had it been priced right to start with.
So what's the answer, how long should a listing period be?
It depends on your sales price and the market your are in.
Why this photo? You can build a very complicated doggie fountain, but to the everage dog, the water is still the same. Really, think about it. You can't sell the public a bill of goods if it doesn't have the value. TIME will not change that.
Buying or selling oceanfront, oceanview, commercial or any type of property in Carmel-by-the-Sea, Pebble Beach, Pacific Grove, Carmel Valley and Big Sur?
Call me and let's meet at beautiful Carmel Beach, in my Carmel-by-the-Sea office on Dolores between 5th & 6th, or in any of the wonderful restaurants, coffee bars, or wine tasting rooms that this city-in-the-forest is known for.
Or let's meet over the phone if you are out of the area.
Listing your property? Call me first and let's establish its value and what it will take to get it ready for sale to get the highest sales price.
Buying a home? If you are from out of the area, I will preview property on your behalf. Please call me to discuss how I can help you attain your real estate needs.
As an independent real estate broker licensed in California and Hawaii, I can represent you with residential real estate, commercial properties & investment opportunities.
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Member: National Association of REALTORS, California Association of REALTORS, Hawaii Association of REALTORS, Del Norte Association of REALTORS, Honolulu Board of REALTORS. Also MLS Listings in California.
Hella Mitschke Rothwell (R)
Real Estate Broker/Owner/Realtor®
Licensed in California #01772851 & Hawaii #RB-21268
ROTHWELL REALTY INC.: Su Vecino Court, Lincoln & Dolores between 5th & 6th, Carmel-by-the-Sea, CA 93921
MAILING: P.O. Box 4554, Carmel-by-the-Sea, CA 93921
Disclaimer: Hella Rothwell does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.