5,217,392
Show days on market and then ask for a minimum of 12 months. If they insist on a shorter term, they pay all marketing fees upfront and get their money back when it sells! You control the monies spent!
-
Ryan Huggins - Thousan...
Thousand Oaks, CA
-
Tony and Suzanne Marri...
Scottsdale, AZ
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
AJ Heidmann ~ CRS
Alexandria, VA
-
Kevin J. May
Hobe Sound, FL
-
Nina Hollander, Broker
Charlotte, NC
-
Lyn Sims
Schaumburg, IL
5,583,278
we don't take any listings for less than 6 months.... I'd expect 9 or 10 months for a high end home in an area with only 3 of them having sold in a year!!!
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Kasey & John Boles
Boise, ID
-
Brenda Mayette
Glenville, NY
-
Bob Crane
Stevens Point, WI
1,622,432
1 year, but if 6 months is the only option, take it with some negotiation around price corrections and extensions.
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Lyn Sims
Schaumburg, IL
2,684,109
Unless you price it aggressively, you need 9 to 12 months.
-
Peter Testa
Danbury, CT
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Bob Crane
Stevens Point, WI
3,345,221
If they truly want to get the home sold then they need to be in alignment with the market ... in pricing and in days on market. Show them the data and shift their thinking.
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Diana Dahlberg
Pleasant Prairie, WI
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
509,449
Most high end homes here sold in a year or more. $1M in Plano can sell less than a year, $1M in Arlington will sell more than a year. So it depends on your market.
-
Peter Testa
Danbury, CT
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
711,852
Have you had any success in showing him the data on days on market? If the 3 which sold in 2017 took many months, that can support your push for a 1 year listing.
-
Peter Testa
Danbury, CT
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
1,052,321
ALLLLLL my listings are ONE YEAR, with a 7 day mutual kickout clause that they can activate if I do not perform ALL tasks on my marketing plan, which is addenda incorporated into the listing agreement. I provide updates confirming the items are completed.
On the other hand, I can eject them if they fail to hold up their end of the agreement in terms of preparation, access, etc.
In the rare event that 'life intervenes' and they really need the listing pulled, I will do it.
The tail clause remains in force, regardless. They do not get to fire me and FSBO.
Do not make the grave error of pleasing your seller by listing for less time than it would reasonably take to sell . . . those listings are too costly to let someone else get paid on!
It's better to walk away, in that case.
How to convince? Show the DOM and history of similar properties . . . they can fall out, financing may be denied, many reasons you need to pad your listing term with 'DOM+90 days' or somesuch.
-
Peter Testa
Danbury, CT
-
Candice A. Donofrio
Fort Mohave, AZ
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
6,393,609
Explain to them the timeline for selling a unique home. And point out that you can either count on getting your value if you are willing to wait for the right buyer.
-
Peter Testa
Danbury, CT
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Bob Crane
Stevens Point, WI
716,049
The art of the listing meeting. I would show the numbers for the area, year, month, comps.
If seller wants to sell in 3-6 months, awesome - it's a plan. Develop the pricing plan to meet that goal.
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
1,844,301
6 months in my area. Corinne says more.
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
809,258
We're with Barbara. Even in a seller's market, we don't take listings for less than 6 months. Property depending we may do a 12-month listing. -Kasey
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Lyn Sims
Schaumburg, IL
2,178,703
Here is my two-cents worth: Whatever the absorption rate indicates, unless the home is priced at low market value. Include a no-penalty clause for early termination if you don't meet their expectations or they decide NOT to sell. And, a clause that pays your commission if a buyer you exposed to the property buys within 1 year... or until the property sells to someone else, whichever is first.
-
Peter Testa
Danbury, CT
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Nina Hollander, Broker
Charlotte, NC
86,514
Depends on WHO the client is--Engineer? Best have MSI (Month's Supply of Inventory), DOM (Days on Market), Supply and Demand graphs.
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Candice A. Donofrio
Fort Mohave, AZ
921,504
That is what absorption studies are for.
Buyer, seller and balanced markets exist simultaneously. Make sure you and the seller know in which market their home is competing.
Then make a sound business decision.
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Bob Crane
Stevens Point, WI
2,781,303
one year on everything...negotiable
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
-
Bob Crane
Stevens Point, WI
2,220,654
You have great answers here Praful Thakkar
-
Peter Testa
Danbury, CT
-
Debe Maxwell, CRS
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
1,090,922
First, I would ask the seller WHY he insists on only 3-6 months to determine his motivation or lack thereof. He may have interviewed another agent who claims they can sell it in 3-6 so I would want to know the reason for his objection. If seller can't or won't answer that question, propose 12 months and maybe meet in the middle at 9 months with an automatic extension.
-
Peter Testa
Danbury, CT
-
Debe Maxwell, CRS
Charlotte, NC
-
Anthony Acosta - ALLAT...
Atlanta, GA
5,230,159
I show them average DOM and then tell them that my minimum for this average is ___. I would always suggest a year in a high-end listing.
-
Peter Testa
Danbury, CT
-
Anthony Acosta - ALLAT...
Atlanta, GA
-
Praful Thakkar
Andover, MA
679,404
6 months is common here, however, I would ask for a year (depending upon the DOM from past solds).
-
Peter Testa
Danbury, CT
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
231,224
price is a big factor here, i am assuming its not really well priced, or could be worth 50 mil, but in your area , will sell slowly. 6 months is doable, if you dont have to spend too much up front
-
Peter Testa
Danbury, CT
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
3,986,258
What ever works for both parties
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
666,639
Praful - Here in Northern VA, it can take upto 12 months to sells a very high end listing (depending on specific area), so I would not take a listing for less than 6 months.
As Wayne Martin said previously, if the seller wants a listing period less thatn the normal absorbtion rate for the area, then you might want to have them foot the cost of marketing the property just in case.
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
1,543,983
The local market determines that even before you list.
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
3,988,007
That all depends on market data but it should be long enough to get the job done, whatever that is.
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
4,936,727
I would say 6 months.
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
27,808
I began focusing on only Luxury Homes just over 4 years ago... I will gladly take a Luxury listing for just 3 months because my sellers are impressed with what I do to market their Luxury home... They will extend the listing if it didn't sell in the first 90 days because they'll realize no other agents in our market will market their home like we do...Marketing Luxury Homes
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
5,772,575
Praful,
It depends, I would insist on at least a year. A
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
536,943
I like 6 months. Now if it is really unique then you may need more time. If the seller is satisfied with your marketing and getting showings they are usually understanding. They will extend.
But you may have a seller that wants it sold yesterday and nothing will satisfy them.
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
7,836,442
You need to look at the time on the market for the area.
-
Peter Testa
Danbury, CT
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
577,750
If statistics have shown that only 3 high end homes sold in the past year, that should resonate with the Seller. Also, the price of that home will reduce the number of qualified buyer, so the buyer pool will be diminished and it will probably take a little longer to find a buyer who can afford to purchase it.
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
1,466,207
Praful Thakkar I don't know about high end residential listing, but with commercial listings I explain the market, marketing, ramping up the listing, etc. and ask for a one year listing. Most balk at first, but when I explain I will let them out of the listing agreement after six months should we have a disagreement, they will usually list. There is no way you can effectively market this listing in only 3-6 months. You may have to walk.
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
3,164,294
I don't try to list anything for more than 6 months. I believe that a seller should have the opportunity to change after that if they are not satisfied with agent and understanding market conditions have prevented the sale. I usually get renewals without any issue.
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
1,712,676
In Oklahoma City it is often two years.
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
469,510
What was the DOM for the those that sold? How many homes over $1M were/are on the market in that area?
If the seller isn't happy with the Ave DOM for the sold high end homes in the area, ask them how far below market value are they willing to go to get their home sold faster than what the market naturally performs at.
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
4,272,548
As long as possible...
-
Praful Thakkar
Andover, MA
-
Debe Maxwell, CRS
Charlotte, NC
3,416,038
I like 6 months but some times ask for a year on the tough or unique sales.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
1,153,794
When this happens I'll usually request that they pay for the marketing. It has two purposes behind it, one because it's expensive to market homes properly and two it's exponentially harder to sell expensive homes without expensive marketing.
-
Debe Maxwell, CRS
Charlotte, NC
-
Michael Jacobs
Pasadena, CA
1,239,901
YOu sign a lease per their term. Always can extend it. Why bother to take a high end listing if the sellers do not sell at the market price?
-
Praful Thakkar
Andover, MA
-
Michael Jacobs
Pasadena, CA
5,104,931
Whatever you can agree upon with a seller. I give all my sellers an "easy exit listing agreement" and tell them they can withdraw at no penalty if I'm not doing what I said I'd do in my listing presentation. That usually diffuses the situation.
I tell sellers I never take a listing of less than 120 days. And if they cancel before then they will be responsible for reimbursing me for out of pocket expenses such as photos, floor plans, brochures. I also build in an automatic renewal date of 120 days.
Clearly, what you negotiate has to be reflective of your market conditions.
-
Peter Testa
Danbury, CT
-
Praful Thakkar
Andover, MA
758,035
Your're investing youre money & time to get them sold, average market time is longer than the average listing period, so you need their commitment to a year. If they squawk about it I'd say that if they were dissatisfied for any reason you would cancel them.
-
Debe Maxwell, CRS
Charlotte, NC
1,503,028
And I had two of those houses listed! LOL. :) I do a minimum of a one year contract for all listings.
-
Debe Maxwell, CRS
Charlotte, NC
4,800,082
3,071,489
911,448
Depends on location. There are several areas around here where it's normal for high-end properties to be on the market for 2 years or more.
-
Debe Maxwell, CRS
Charlotte, NC
4,434,127
2,182,552
I list properties for 4 months. For higher end I might go 6 months
-
Praful Thakkar
Andover, MA
1,045,440
That's going to depend on the individual market here right now ideally 4 times the length of others.
5,868,689
Around here I do 6-9 months depending on what the average days on market are. Recently spoke to a seller where the home would sell for $700-750K, and she wanted only two months. Told her good luck with another agent.
900,278
Depends on market conditions and the market itself, but one year woud not be unusual.
4,883,260