Why Would Agents Turn Down Listings?
June 7, 2010 by By Owner University
Filed under Marketing
Experienced agents are turning down listings more and more. Do you know why? Would yours get turned down? What can you learn from their experience that will help you sell ‘for sale by owner’?Realistic expectations
If you want to sell your home for more money than the market will support, you’ll have a tough time getting the phone to ring. Experienced agents won’t take on a listing that will be an advertising money pit knowing that comparable homes are priced less. (Although it’s not hard to find a newbie agent that doesn’t yet realize what it will cost them to try and help you.) The same goes for market time. If you want to sell your home faster than the average market time for your price range, it has to be more than nice. It has to be spectacular, AND the price has to be a “once in a lifetime” deal. Both of those conditions have to be met to beat the average market time. There are tons of beautiful homes out there that sit on the market for whatever the new “average” market time is in this economy. If you want a chance to beat the average, your home AND your price need to be able to wipe out the competition.
Mutual commitment
A seller needs to be just as committed to the marketing process as the agent. A good agent will put together a plan that will test the market and adjust accordingly. They will need your support and commitment to the plan, including periodic price reductions. When you are acting as your own agent, you must have a long term plan, and stick to it. This includes finding out how many buyers are shopping your price range and area of town and gradually dropping your price regularly if you don’t have enough showings in three weeks to support at least half the number of buyers you determine are out there.
Objective Valuation
What your home is worth and what your home will sell for are rarely the same number. Since real estate values have dropped nationwide, an awful lot of home owners have not made it through the five stages of grief in regards to the loss of value in their home. Many sellers get stuck in the denial and anger phases. They aren’t ready to drop their price and accept the loss of equity. These are the clients that agents run from. Some of them are uncooperative and frustrating to work with, others become verbally abusive. Experienced agents recognize the symptoms and refuse the listing. If you are acting as you own agent and you haven’t made it through the five stages of grief yet, you have a tough road ahead of you. Not many people can step back emotionally and look at the big picture objectively. Time is usually the best treatment for this condition. Sadly, time is something that most sellers don’t have.
If you have researched the top agents in your area, and interviewed a couple of them only to feel like they were interviewing you, don’t be surprised. It’s a different market out there. You still have a very good chance of selling it yourself, but only if you have done your homework and developed a plan that will allow your home to shine compared to the competition.
What has your experience been? Contribute to this article in the comments area.
