Home Selling in 60137>Question Details

Eddie O'donn…, Home Buyer in Over-The Rhine, Cinc...

How many months should I leave a listing with a realtor? Yes, I know, in this market (place).

Asked by Eddie O'donnell, Over-The Rhine, Cincinnati, OH Mon Oct 25, 2010

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I list with a minimum of 6 months due to the current market conditions but many times extend since list market days are into the 175-205 days.

My clients know where the market is and understand. If you know the agent is working hard and they review with you on a weekly basis what is going on with your listing - you should extend.

If you know you are not happy - get another agent.
1 vote Thank Flag Link Tue Oct 26, 2010
Hello,

It will depend on many things including how motivated to sell are you.

As a seller, how cooperative will you be in allowing the home to be shown? Will you allow a lock box on the home? Will you get the home in 'selling shape' (do repairs prior to putting the home on the market, getting rid of clutter, white glove cleaning, staging, etc.)? And probably most important when it comes to the amount of time you will need to sell: are you going to price to sell or sit?

The agent you hire will be able to show you the current average marketing time and selling prices for property in your area and let you know approximately what time frame they think they will need to sell at the price you choose.

Because agents do not control the market, and depending on the available pool of buyers for your home and if you feel the agent is working hard for you; if you home doesn't sell in the time frame of the listing, you can extend the contract date.

In the current market in my area, if I take a short sale listing I will not do it for less than 12 months and for a traditional sale, I like to get 6 months (as long as the price my seller picks is supported by the comps) and will do 3-4 months if I know my seller is priced aggressively.

Best of luck in your sale,
Trevolyn
1 vote Thank Flag Link Mon Oct 25, 2010
Eddie -

A lot of this depends on the market of your home and your personal situation. However, most listings need the market time to give the Realtor a fair opportunity to sell the property. In this market, this is anywhere from 6-12 months. The best thing you can do is discuss with the prospective agents you interview and ask them what amount of time they want and why. Then, review the market times they have provided for comparable properties and see if it fits your needs. Most listing agreements have an out clause with 30 days notice, so if you are not getting the service you want, you can move on. However, I would caution at racking up listing agent after listing agent. Too many historical listings on a property may raise a few flags with potential buyers. And always give your listing agent a fair shot, if they are trying and keeping you in the loop.
1 vote Thank Flag Link Mon Oct 25, 2010
If your feeling as if your not being communicated with on a weekly or bimonthly basis than your not being kept up to date on what your market place is doing. To ask this question you are probably feeling neglected as a seller. Your agent should be sending updates weekly on on virtual activity via email or a phone call. Depending on where your home is priced, yes luxury homes are taking longer but in this market, no showings mean the home is not priced attractively yet. Your agent should be willing to sit down with you and go over market trends, absorbtion rates, list & sales ratio, etc, at least every couple of months. If your agent is not doing most of the things I suggested, maybe it's time to move on sooner than later.
0 votes Thank Flag Link Thu Oct 28, 2010
I list for a minimum of 6 months. My sellers know if they are unhappy I will release their listing at any time.
0 votes Thank Flag Link Tue Oct 26, 2010
It depends upon the price range, submarket, and immediate competition. I have found that in Glen Ellyn and most of Dupage County for that matter that if you segment the submarket down to the appropriate level you will find about 15 - 18 homes which are competitors. If you further analyze this competiton, you will usually find that about 1/3 are priced too high and will drift down to the next segment over time, 1/3 are really competition at the moment and 1/3 are probably different enough that there are other buyer profiles. You need to keep an eye on the next level up since there are probably 1/3 of those which will drift down into your segment. When you then look at the elapsed time from the last price status of recently closed homes you will usually find that the time is 25 - 45 days. Therefore, if you price it right to those 12 competitors, get it in the right show condition and market it correctly to the appropriate buyer profile, you should sell in that timeframe with perhaps one standard deviation which might be another 30 days. All done correctly, you should be under contract in 2 or 2.5 months. If this does not happen then something is wrong or there could be something so very particular about the home that it has a much smaller appeal. How long you decide to keep the listing with the realtor is up to you, but that approach and those guidelines are fairly reliable.
0 votes Thank Flag Link Mon Oct 25, 2010
In a market like this where it's more difficult to find qualified buyers I usually do 6 months. Now granted, the sell of your home depends on your location, the layout, the condition and of course the price. If all of these things are in sync along with a hardworking and skilled agent then your home will sell quickly.

If an agent is asking for a year to sell your home then I would think that agent doesn't have much confidence or skill to sell the home. Six months is long enough as long as you're cooperating and helping with the sale and not holding it back.

I hope I helped you make a decision.
0 votes Thank Flag Link Mon Oct 25, 2010
Eddie,
This is a tough market, which makes this a tough question. Is the agent promoting the listing? Are they keeping you informed of the market? Are they advising you to make any changes in the home to improve its chance of selling? If they are giving you advice on changes, are you taking it?
If the agent planted their sign in your yard and disappeared, get a new agent. If they are regularly promoting it in various ways, advising you on improvements and pricing and you are taking their advice, give them the time it takes. One mistake not to make, don't be too slow in adjusting your price. Look at what is actually selling and for how much, yours may be nicer, but the buyers are the ultimate judges.
0 votes Thank Flag Link Mon Oct 25, 2010
Eddie,

This is a great question and one the will probably generate a wide variety of responses. Agents that are comfortable with their ability to prove they are worthy of an extended period find comfort with a shorter period of time....usually 3-4 months.

We tell our customers that we only require 3 months and hopefully within that period of time they can be convinced that the quality of service they receive is worthy of an extension. This requires hard work and a commitment to communicating with the customer. They need to be kept in the loop and part of the process.

Good luck,

Bill
0 votes Thank Flag Link Mon Oct 25, 2010
Eddie,
It is a difficult economy to sell in, hence a Full Time, professional Realtor needs time to market properly. That being said, for best results, make sure you use a listing agent where this is their primary profession AND one that is spending the money necessary to market your property properly. In times like this many choose to reduce marketing to save money... having adverse affects even moreso on your home sale. Your agent and listing brokerage does matter!
0 votes Thank Flag Link Mon Oct 25, 2010
Much will depend on your negotiations with your agent and what you are comfortable with--do keep in mind that when selling a property in today's market, on target competitive pricing and marketing that maximizes your exposure are paramount--without either, it won't matter as to who the agent is or the lenght of your agreement.
0 votes Thank Flag Link Mon Oct 25, 2010
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