I work in an area where there are several amazing listing agents, but the Realtor who I work with just demolishes her competition. The one thing that all listing agents dread is when a listing goes stale. A listing goes stale when it's been on the market for any extended period of time with little to no offers. Sometimes these listings come off and on the market, but the home is still stale. Sellers fear, that just like Superman's one weakness is cryptonite, when a listing goes stale, the only way to revive it is through price drop after price drop until someone places some interest in the listing. I actually have a different suggestion.
I like to actually think "the failure of many listing agents" is the "lack of proper communication with a Seller." Sometimes the consecutive drops in list price is unnecessary. I'd say one major flaw I see with the agent that I have been with for many years is the lack of feedback given to Sellers. Alternatively, we have been suggesting the use of a Home Staging company to come in and help a Seller make their home more presentable. Like a price reduction, this is still money out of the Seller's pocket, but I have to admit it works the majority of the time to bring a stale listing back to life, if it's priced correctly.
When market activity slows, Realtors just take out their contact sheets and starts calling Sellers asking for a price reduction. I really think this upsets most sellers when the first line of communication after their home has been listed is for a price reduction versus some sort of constructive feedback. A strategy, or timeline, needs to be set in place at the time a home is listed to prepare Sellers for the unthinkable "it's time for a price reduction to increase activity" phone call.
I am in the luxury oceanfront real estate business and find that whether we dealing with a $20,000,000 listing or a $200,000 listing, Sellers appreciate courtesy. Keep your clients happy and they will refer you.
Craig Greenberg, realtor
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