I find I can list them but holding on to them is a different matter. I lose them after they expire and they don't relist. I've had them tell me it's not me but they've gone to another broker anyway. So, holding on to listings is a major thing that I've never learned how to do. Thanks.

What is your average DOM and what is your initial listing period?

I'd be more concerned about getting saleable listings as opposed to overpriced ones that will renew after they expire.

Depends on your market. Try selling houses in MA right now.

I am trying to sell in MA right now..I don't understand the remark.

I was responding to JFlynns post. He is located in TX in a market much different from MA.

I know Mass has slowed dramatically (in and around Boston area), where you can have a properly priced listing that doesn't sell.

Listing period is 6 months. They wil expire at that term. DOM is 6 months. I think they are probably over priced. I have to learn to walk away from a tough sale. I just fear not showig any lisitings at all my boss will think I'm not doing anything. I'm trying but he also isn't advertising. He feels MLS is the only way to go and to forget the newspapers. My clients don't understand that. they do't see their properties and they think I'm not doing my job. How do I explain he's not advertising? If they hear that they will just go away and again it will be another listing I will lose. I'm just at my wits end.I don't know what to say or do.

So far my experience is that advertising is just a way for the papers to make money. Not one single deal from ads. 100% from either the MLS or signs in the yard. Most from MLS (most meaning 85%). Of course in the Detroit area nothing is selling unless it is priced 10-15% BELOW last years values. Then it sits on the market for 6 months. We are FLOODED with houses for sale and REO's are starting to drive the market. 6 month listings expire most of the time. The DOM is a phony number because most folks are on their second listing period if not their 3rd but DOM still looks like it is less than 180 when in fact if you figure in the actual days on market regardless of times listed it would surely be OVER 1 YEAR!

As for holding on to them, well just let them know up front that the MLS and lawn sign is waht works (in my case) and be honest. Ask them to commit to you the re-list in 6 months if they won't commit to list with you now.. That will make them think!

For example. I"ve just listed a condo for $189,900. I felt it was overpriced but I took it because the owner was willing to go down. The first 2 days it ws on market I had dozens of phone calls and 2 showings. So, I would think it really isn't overpriced with that kind of activity. I just think it's a hard sell do to a steel spiral staircase to the master. It does have value due to an in-law in the basement.It all needs painting and deodorizing. They intend to do that and replace the carpet. I just want to hold this to sell. It's been on market for 4 days.

Well, you have a problem. Taking over priced listings and not advertising them is a recipe for disaster. Nobody wins.

You need to learn to (as JFlynn said) get saleable listings... especially in a slowing market. Consumers need to hear the reality of things vs. want they want to hear.

I'll go farther and say that if a seller has an average property (meaning that there are alot of similar properties on the market) then they need to make it stand out in order for it to sell. In the early stages of a down market sellers are in denial, and then reality sets in. Best to let another agent take the high-priced listing... and have you pick up the listing when the sellers realize you were right in the first place. They should be much more motivated the longer it sits on the market.

I agree with the others but have another question. Why are you waiting for your broker to do the advertising? In my area, NO brokers do the bulk of the advertising. They may have a page in the Sunday paper, but the agents pay to have their homes put in the ad. If the agent doesn't want to pay, the house isn't in it.

All other ads, whether newspaper, COMPANY magazine or what have you, the AGENT pays.

How much commission will you make? In your area the agents don't figure the cost of marketing into the "cost" of taking a listing? If that is the problem, considering this to be your cost may help you take properly priced listing or forget them.

For me, when I know 100% of the marketing is landing in my lap, I am VERY discriminatory what listings I take, both from a "cost" standpoint to an "integrity" standpoint. Taking an overpriced listing is implying to the seller that you believe it will sell at or near that price. In the seller's mind, if you don't believe it then why the heck would you list it? So even if you have had repeated conversations regarding lowering the price down the road, the seller still now believes that their price is doable. If you are willing to walk away from a seller who won't properly price, they will have nothing but respect for you later (when some other bozo takes their listing at the seller's price and it does not sell, just as you advised them).

P.S. My company was on a 50/50 split starting out, and could go up to 80/20 and the agent still was responsible for all advertising, even in the company magazine. No company does it any other way in that area.

Always try to price a listing aggressively, and if DOM for sales is 6 mos, try to get 9 mos listing.

If I was a seller, I would switch to another realtor when my listing expired unless I was absolutely convinced that the current agent had aggressively marketed my home throughout the listing and would continue to do so if I chose to renew.

I think some agents heavily advertise and market a listing in the first few weeks because that is the best period to get the market's attention. The longer a listing sits on the market, the less an agent spends because they don't want to keep sinking money into the listing. They wait for the MLS to help bring a buyer. So a new agent may bring a new burst of advertising dollars into the picture. Some may disagree, but that's my 2 cents.

Most of the agents I work with only take ONE YEAR LISTINGS. We don't take listings where the seller thinks his house is going to sell for more than the comps say it most likely will (especially in our market in the Phoenix valley). I simply fill out the listing contract with a full year and if the seller baulks, I remind them I allow them to cancel at anytime with a thirty day notice. Now, if the seller sees I am following the marketing plan and we're getting activity, then they don't cancel and I've secured the listing for a year. Heck, if I still haven't sold it in five or six months then we've got a bigger problem than the one year listing and I'll dump the listing if the seller won't cooperate.

Ferne,
As someone already stated if it is 6 months you need to be getting 9 month listings, full year if the seller will agree.

Are you telling me that all you do is put the listing in MLS, Throw up a sign and make flyers for the box?? That is NOT marketing your Listings!

It is your responsibility to market the property and that includes advertising. If all the broker does is put it in MLS then the rest is up to you. Knowing that DO NOT take over priced listings PERIOD. They are a waste of time and your money if you actually advertise.

Ok, I will make you all sick.... I suck up so much to the seller that we become family. I baby-sit their kids, I walk their dogs, we have brunches together, we talk on the phone as long lost friends... Together we stage and restage their home. I am more upset than they are if someone does not buy their home.... Only one time have I had a listing taken from me by another agent and that agent lied... LOL!! NO… I HAVE NO LIFE!!!
Also, when I am telling a person how much I believe they can sell their home for, I am right in front of our MLS database showing them how I search, showing them what the neighbors home "actually" sold for or how much more sq ft the neighbor "actually" had. The more I educate the more opportunity I have to getting it listed where it will actually sell.

The key here is you need to educate your clients on what the market is doing NOW.According to recent figures some area of massachusetts are down as much as 8 to 10 percent.Florida some areas are down as much as 12 to 15 percent.
Sellers have made huge gains in appreciation and are wanting to cash out in these overinflated markets creating panic selling.What you get with higher interest rates and slower appreciation,maybe even depreciation in those markets is a very cautious small buyer pool that doesn't want to overpay for a property.

I would let them know the market isn't what it was 6 months ago.If you want to sell this is what the market is paying today,right now for a home like yours.

You need to let them know they are in a highly cyclical market that has big swings in value and is not stable.

good luck

wHEW..Don't know how to pull that off without sounding harsh.

2004Ferne...I'm in Ma too and I don't know of any Brokers here who would pay for advertising of YOUR listing if that's what you mean. That's your responsbility as listing agent and if you told your clients you would advertise then it's up to you to ante up, not the Broker.

One of the problems here in MA, I think, is that the sellers just aren't used to learning they may have to wait 180 days or more for their homes to sell.

Well, my broker does pay for advertising. He just sunk $4,000 in Unique Homes Magazine and is now doing some more local stuff. basically if they dont advertise for you then how can you get more commissission...if you wait for MLS you will have to share the commission. I saw the seller of this property today and all on her own she dropped 10%. They saw something on tv last week about a seller giving away a car on the sale of their house...I guess that helped some of us by showing how bad the market is (or how desparate the seller is).
Thanks for the help.

You need to start advertising and hustling on your own, and stop blaming your lack of results on your broker. EOD.

OK, thanks

2004Ferne, is your broker independent or with a big name company.

In our area, the broker generally pays for the ads. I generally have no control over WHERE the ad goes...I, hoewever often front the cost of extra ads because my broker's budget is very small for anything less than a $1 million house. However our splits are 50% until $50,000 and that does not include the 8% franchise fee that comes out as well.