How long should a listing be for the "I don't have to sell" seller?

Reblogger Debbie Reynolds
Real Estate Agent with Platinum Properties TN Broker: 208698

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®

Original content by Hella M. Rothwell, Broker/Realtor® CA#01772851 HI#RB21268

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.

Followed by:

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.

Hella Rothwell at Carmel Beach during Concours WeekCarmel-by-the-Sea Beach and Pebble Beach Golf Course California

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.

For more information

www.HellaRothwell.com & www.RothwellRealty.com

& www.HellaHawaii.com

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

Tel. 831-626-4000 

Fax 1-877-822-9332

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

 
Email: HellaRothwell@gmail.com


Hella Rothwell's Facebook Page       Hella Rothwell's YouTube videos      REALTOR LOGO      Equal Housing Logo

 

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.

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Rainmaker
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John Wiley
Right Move Real Estate Group- EXP Realty - Fort Myers, FL
Lee County, FL, ECO Broker, GRI, SRES,GREEN,PSA

Thanks Debbie for giving us who missed this post originally a chance to read it.

A very good point is made that the motivation of the seller should first of all determine if we take the listing. How realistic are they going to be in pricing.

Second, a long listing can set negative expectations.

Great food for thought.

Jun 13, 2017 12:09 PM #1
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Belinda Spillman
Aspen Lane Real Estate Colorful Colorado - Aurora, CO
Colorado Living!

I saw this one yesterday.  You have to wonder why sellers even bother if they really "don't have to sell". Time wasters.

Jun 13, 2017 12:17 PM #2
Rainmaker
3,830,649
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good afternoon Debbie Reynolds ,

Thank you for the re-blog on this post I missed it. Off to read and comment on Hella M. Rothwell, Broker/Realtor® post!

Jun 13, 2017 01:54 PM #3
Rainmaker
525,725
Hella M. Rothwell, Broker/Realtor®
Carmel by the Sea, CA
Rothwell Realty Inc. CA#01968433 Carmel-by-the-Sea

Thank you so much for the reblog, Debbie Reynolds . This has come up several times this week and I thought it was important to share.

Jun 13, 2017 03:16 PM #4
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

If the seller says he doesn't have to sell then my radar goes up. I need to find out more John Wiley.

Jun 13, 2017 08:17 PM #5
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

I had a seller tell me that but in fact he was desperate to sell and applied constant pressure. He had a term mortgage coming due I found out, Belinda Spillman.

Jun 13, 2017 08:19 PM #6
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Isn't it funny how we hear things over and over and it's like the sellers are all talking with one another, Hella M. Rothwell, Broker/Realtor®.

Jun 13, 2017 08:22 PM #7
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Hi Dorie Dillard, I appreciate you stopping by and know Hella will too.

Jun 13, 2017 08:22 PM #8
Rainmaker
2,772,495
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

I think it was Yoda who said that there is no try, do or do not. I think that's good advice here. It's a very halfway, one foot in the pool type of thing.

Jun 13, 2017 11:47 PM #9
Rainmaker
4,797,386
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Great choice for a re-blog, Debbie.  And, for those that want to this is an excellent reason to go after expired listings.

Jun 14, 2017 04:45 AM #10
Rainmaker
5,424,718
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

It is easy for agents to spend a lot of marketing funds and much wasted time on overpriced properties.

Jun 14, 2017 04:54 AM #11
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Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good Morning Debbie - good repost from Hella M. Rothwell, Broker/Realtor® .  Both sides need to have a meeting of minds on realistic expectations.  As for I don't have to sell, that is a listing not worth taking.

Jun 14, 2017 05:25 AM #12
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Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

In some of our high end prestige areas we see agents take two year listings. For me I just gave up a listing that wasn't going to sell without a significant reduction. That should tell you what you need t know when the won't lower it.

Jun 14, 2017 06:41 AM #13
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Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
Charlotte Homes for Sale - Charlotte Neighborhoods

Excellent advice from Hella - and she is spot-on about homes lingering and ultimately selling for less because the seller has no motivation to price the home right and actually SELL it for it's true value!

Great one to re-blog, Debbie!

Jun 17, 2017 10:18 AM #15
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