BrokerBryant.com: Selling the 45 day listing agreement.

Sounds good.  I don't see anything wrong with a long listing agreement.  If you are good - they will relist.  But what if the SELLER is a pain?  Who wants to be married to them for 6 months?

Broker Bryant.....before I had a team, and I did all of my business, I sometimes took a 60 day agreement with a meeting to review my work at the 30 day period.....I was always the top listing agent in my area....and you are absolutely right about asking for the business.....if you don't ask, you won't get.

You have a great listing strategy BB. I like the "I get paid when you get paid, at closing" quip. I will try that on my next listing, thanks for that.

Thanks for redoing this post.  Always great, every time I see it.    The review is wonderful.

Bryant - I like it, and I'll try it soon. THanks for the advise.THis is much better than my 90 day listing.

BB - I like it. You are letting them know in advance with a 45 day listing agreement that you mean business and you will do what it takes to earn and keep their business too. But, then agaln you have carte blanche as the broker/owner. 

Good information that we need to review periodical. I also let my sellers know they can fire me at any time if they are not happy with my communication.

I'm going to try this on my next expired listing appointment.  Always thinking outside the box.

You need to stand behind your servcies whatever period you feel comfortable taking the listing.  I agree that shorter listing periods give both the agent and the seller more power and control.   If you have confidence in your ability - you can stand by your services. 

Greetings from the ill prepared Mid-Atlantic Region....so much snow....and expecting more..hope you are warm and dry...

I'm not saying anything, BB! And I know you know what I mean.

Bryant,

Such chutzpah!

I love it.

Wise listing periods depend on not only your local market, but your local Board. I've had brokers use board rules to circumvent contract law.

Nuff said.

Bill

Hey BB:

I like the approach. Our average DOM is 258, so I guess if I took a 100 day listing and primed them for another 100 day extension it would be comparable.

Kelly in the KEYS

BB - I'd certainly relist with you, if I was a client.  You know your stuff. 

I'm not sure how I feel about this one. Bt I will say, I WISH our average time on the market was only 78 days!

I like the ideaa for sure but what would you do if you average days on market was 260 days? Still go with 45 because you know they'll love you, or do what Kelly above suggests and go for 100 or so?

Asking for the business is probably the one thing that I am worst at, but I work on it regularly and will get better.

BB - I like your way of thinking.  I think I'll try your method in some listing situations and see how well it works for me.

We  offer you can pick up the phone and fire me anytime if you are not happy with my commitment and work for you.  So far after decades, no one has done that.  I like the 45 day...

I always let my sellers know that I will never hold them hostage, and fortunately, no one has ever asked to be released from a listing agreement.  Our DOM is much longer than 78 days right now, but it is still a strategy I will try..I like it. 

If you can just get your foot in the door, you can win them over (if you do your job and do it good).  Thanks.

I do enjoy all of the imbedded commands that you use throughout the marketing materials.  Working under a big broker, they would not accept a 45 day listing period, but if you showed them that the price was that good maybe they would offer an exception.

Bryant, I think it's totally brilliant.  I already have an out clause that I include in my listing agreements (nobody has ever exercised it) and I think that the 45 day thing is a great touch.   And it gives you the credibility it takes to sell a realistic price.

I like your strategy, you tell them upfront what the average days on the market are.

I'm sure you don't do this on short sales, right? or do you?

Excellent post and I love it!!! Absolutely a great angle to entertain.

You are truly an expert in your market!

Can you share your expired letter or postcard?

BB,

I use almost the exact same approach,almost. I always write a 6 month listing agreement with the caveat that the Seller can cancel at any time at not cost to them.

I as well do not have any problems in securing the listing and the benefit is that at the end of the first 45 days in a listing agreement that might take 120 days or longer I am not burdened with tracking down the Seller to remind him that his property is still not sold. They get that enough with the weekly updates.

We always offer the ability to the seller to fire us if he/she/they feel that we are not working hard enough.  Homes here are taking so long to sell that sometimes the sellers are having to pull them off the market and rent them out.  I've never lost a listing because the seller was unhappy with my services, but I have lost a couple of listings due to sellers needing to get an income back from their homes that are sitting vacant.  

Our market is very small and we do not have the buyers right now that we need in order to sell.  We are very up front about what is going on in our area and the sellers know that because we have a shortage of buyers, homes are having to sit on the market for sometimes longer than a year.  With credit requirements the way they are here, we do not have very many people who can qualify for loans.  

Because of this, we are getting ready to start hosting a weekly open house at our office for our homebuyers and sellers to find out things that they want from us as a company and as their real estate agents.  Our focus is about the client and we want them to know that.  It is one of the things that separates us from the other offices in our small town.  Our first few meetings are going to be on the importance of credit and what it means.  So many people here do not understand and have never been educated about credit and believe that they can buy a home and are so surprised when they find out that their credit is not what they thought it was...we will be having a couple of loan officers come in and talk about how to improve credit scores and the like in order for people who are serious about buying a home to get on the right track.

We are having to focus on the future right now as our present is one of difficulty.  But, we are confident that we will be able to help people and that is our goal...

Not a bad strategy at all.  This year I am working on getting systems in place to be better for my buyers and sellers.  Since moving to a new brokerage and having sold all my old listings before switching I don't currently have listings, but a lot of buyers!

Outstanding. A Cognitive, Competent Realtor who believes in himself, has a Proven Track Record and doesn't tow a company line. The formula for success.

I like it.   I think it would be a good strategy for FSBO also.

Excellent strategy, BB! would you be willing to share the LA you use in these cases? Or some of the verbiage?

This is a revolutionary approach.  I think that at lower price points, if you price right you can sell in 45 days.  However, unique properties, higher priced, or rural properties take longer to find the right buyer regardless of price.  You've really gotten me thinking on this one though.  Thanks for the post.

I'm thinking it's more of your straight forward honesty that works and the 45 day "no obligation" is just some nice icing on the cake.  Me Likey!  Bravo

Great post - you use some powerful marketing techniques, and I hope everyone is paying attention to the psychology behind them. And you are absolutely right about agents dropping the ball at the last minute.

It's amazing how many people never ask for the business they're after.

I write for many different kinds of businesses as well as for some small non-profits. When they send their previous fundraising letters for me to evaulate, I find that most of them don't ask for the donation. And in fact, some refuse!

I wrote a letter for a dog rescue in California last year and it went to the board for approval before mailing. One of the members had a strong reaction to words like "Please get out your checkbook right now and..." She was so against it that they removed it from the letter before mailing. How dumb was that?

Great info - thanks. My first daily drop and already this site has improved my business.

This is a great strategy. I will use this. I always tell my sellers that we have to work together. If at some point it's not working, go a head and fire me. Thanks for the pointers

Great responses! I hope this little technique will help some of you in your business or at a minimum get you thinking out of the box.

By the way I do use this technique on short sales becuase I know I can get them under contract fairly quick. But we have to do an extension for at least 9 months at time of contract since that's how long some of the approvals will take. It's important that I have an active listing agreement through the entire short sale process.

Ok....football time!!!

Great information and I agree that the term of the listing should be based on what your area DOM is.  Even halving that should bring in business coupled with your other suggestions.

BB,

You've just given me more reason to start broker shopping. I want a place that enables me to wheel and deal in just this fashion!

Bryant,

This sounds like an idea. Like Irene, in order to implement it, we may need to find a broker who enables such creativity.

Great advice! thanks, I'll be trying this.

Not so sure - since escrow is over 60 days sometimes around here...  Perhaps its because it implies that it can be sold in that amount of time.  Unless its all cash - that's not happening in NY.

I've used the 90 day listing strategy, but I'll try cutting it in half.

BB-

I've always had a one day cancellation - I list for 6 months or a year - it doesn't matter!  It's actually a one-day listing - "Cancel at any time if you're unhappy ... it's not going to happen because I'll be the best Realtor with who you've ever worked."  I am and they don't...

Okay Broker Bryant, I like the idea.  But what you didn't share with us was how you get the seller to set the price appropriately.  Come on now...give it up!

I must say, that from a Seller's perspective, if you called me and said this - I think this is a FANTASTIC way to get in the door.  I would totally give you a try for 45 days.  And of course, on the off chance the home didn't sell, I am sure you would have won me over to have the contract extended.  Love it!

I have know for a while you were a good listing agent. I also know about all of your short comings too as TLW has been asking for my counseling on a weekly basis - LOL

That is very similar to a strategy that I am embarking on now.  Sell on the opportunities not take by last agent and give ths sellers an out.  Good philosophy, especially with less than 3 months to the tax credit expirations.............................chris

wow terrific presentation!

Very good points here! I'd list and get it sold with you!

Brenda Swigert, e-PRO Relocation Specialist Realtor  ReMax Unlimited West Chester Ohio

I like the way you think, the words you use and I believe you are having great success with this strategy.

I would like to know how you get people to agree with what you are telling them about the true value of their homes.  Good research and analysis is critical; but, I believe you have a way of sharing with the prospective client the benefits of pricing it right.

Thank you and keep up the good work.

I love working with expired and withdrawn listings.  Actually about half my business right now is expired listings.  I offer a 90-day listing period if they want it.  I always offer a "zero days" cancellation policy at any time without any obligation.  But I agree with Bob Haywood (above) getting the seller to price realistically can sometime be a sticking point.  Short listing periods and overpriced homes still don't result in a sale.  And, I'm in the "selling business" not "listing business"!!!

I don't know about everyone else, but, I'm up front with overpriced sellers.  I tell them it's real simple.  If they have traffic they'll have offers.  If they have no traffic there won't be any offers.  If they overprice they'll know it right away because nobody will come to see the house.  I tell them right up front that I'll be asking for a price reduction in three to four weeks if they have no traffic.  And every three or four weeks after that until the have traffic and a buyer.

I also tell them two stories, one about an overpriced seller that "stair-stepped" their way down the market in $10K increments and sold at a price much lower than they would have if the action priced their home from the beginning.  And I tell them about an action priced property that got six contracts in less than 90 days and that the owners had the "pick of the litter" all because they action priced the home ... lots of showings, lots of offers, all opportunities to negotiate the very best deal!!!

Isn't that what the seller wanted in the first place?  Anyway, I couldn't agree more with all the great points you made!!!

Great ideas and the positive attitude probably sells more than anything!

I like this!  Thanks for the idea.

It is all about relationships and building trust with people.  Good job....

Excellent strategy.  I'm all about being direct and upfront and I think this fits nicely.  I do have a lil concern that some sellers still aren't realistic even when well informed and may still "blame" the agent when the houese doesn't sell.  But, it's a numbers game, right, so NEXT!!!

BB - another outstanding post for all agents to put immediately in play.  Keep 'em coming!

Great ideas. I like the use of phrases in your presentation to get the sellers thinking. I would like to try this approach.

I am loving this concept! I was considering a 90 day to my next agent once my agreement expires with my current agent who is NOT doing enough!  I think she locked me in for 7 months and then 180 days after expiry for her regsitered prospects. I already lost one buyer under contract! UGH!

This is wonderful and I plan on offering this 45 day listing opp to the next agent and advise them, if you can't do this, I am sure to find an agent that can!

Thank you!

BB ~ Knock your socks off good!!! Thanks for another great suggestion.

I have a similar approach. I take the 6 month listing but I have a 90 day easy exit clause. 

Excellent blog Bryant! 

But what do you do, after sitting down with your clients, presenting all the stats, comparables, market time etc., and still your seller does not want to budge on the price? I market my property listings very aggressively to ensure maximum exposure.  I invest a lot of my time and energy, as well as money to make sure my clients receive top notch service.  However, no matter what I do or how much money is spent on advertising, if the seller does not want to come down on the price in order to stay competitive with the neighborhood/recent sales, I will have an expired listing. 

It takes both the agent and the seller working together to make the sale happen.

Thanks

PS, I am not in a short sale either but believe the right agent can procure the right buyer too!

What kinda crazy agent WOULDN'T listen to Broker Bryant, and copy what he does?

BB, can you share how many you walk away from that won't accept your listing price suggestion? 

Love the script! Around here, DOM is much longer, but if a good agent can get the listing to start with and show the client their skill and knowledge, the seller will be more than happy to re-list with them. I think I'll try this myself if I can get my Broker to agree to me writing a 60 day listing.

Love the idea and your confidence  BB.  Also thanks for mentioning that you have them sign an extension once you go to contract to get you through closing.  Use that dialogue on me and I would list with you :)  Bookmarked.

45 days should be plenty of time to earn their business and trust.  If not sold by then I am sure they will extend with you.

Hi BB,  I once took a listing where the seller was so negative and against agents that I gave him a signed cancellation at the time of the listing.  It's a hokey strategy but in this case it assured the seller that I was not like so many other agents he had dealt with and that I was confident he would see my efforts in a more positive light.

I never ask for more than a 90 day listing agreement.  If things don't work out, either party can back out after 90.  I once had a 60 day agreement.  Lucky for me, I got a contract in 10 days.  60 is as short a time period as I will take.  It's nearly impossible to write and close in 60 around here.  Days on market are well beyond 78. 

Can someone tell my agent then please that a 7 month listing plus another 180 after expiration DOES NOT AN AGENT MAKE????

Interesting approach for sure and a 45 day contract would sure keep you on top of your game.  You are also right about overpriced listings being the primary reason most listings expire.  

Thanks!  Very Insightful -- you bring up some good points.

Hi Broker Bryant~  Makes total sense to me!  Thanks for the fantastic ideas!

This is great. I don't think it's week at all. It should work on a regular listing as well. I will try it on my next Boston homes presintation.

Thank You.

You always have great info....to motivate others. I take 3-6 month listings and never thought about it this way.

Like Sue and a few of you, I take a longer listing agreement, but write right in the "additional terms" that if they don't like my service , they can get out of the contract with 24 hours notice, so it becomes a one day listing.    BUT, I also include language that allows me to fire them with the same notice as well.    This is pretty critical because it gives you an out if you have an uncooperative seller.   I have never been fired or have never had to let someone go.   But the language sets the stage for a great conversation about communication and commitment to getting the job done.

Interesting post.

A large portion of my business has been expired listings. What I find, though, is that there is a process involved in getting the price down. The seller ultimately sets the price - maybe their prior agent didn't guide them properly as to price - but maybe they did - some sellers are just not realistic and a big part of this is assessing their level of motivation. I always explain that their listing can be withdrawn at any point, but at the same time lay out how I'm going to go about marketing their home, what I think will be effective, and show them that I am an agent who will work to get their home sold.

One of the most re-current complaints I hear from expired sellers is lack of communication. I tell them they will hear the good, bad and ugly from me - it doesn't help anybody if the line of communication is not open - and that I will communicate along the way so that they can make adjustments as needed.

Excellent post.  I use this technique for people that have also had a bad experience with the old realtor & don't want to be locked in for 6 months like they were before.  Once burned, twice shy as they say.  Good dialogue that covers all the bases very smoothly.  Everyone should print this & stick on their dartboard right in front of their face & phone.

Great strategy for expireds.  I have actually never gone after them, but have been thinking about it lately.

I like this approach. In 45 days they will know how hard you are working if it is not selling and hopefully do an extension. If they are priced aggressively, then 45 days is no problem.

I also provide a built-in cancellation at any time/no cost in my listing agreements.  Like others, my problem is price.  No matter what data I show sellers and explain that their property will most likely go through an appraisal, some just don't get it.  I don't want those listings and keep walking away. 

Listing time has never been a problem for me with my cancellation clause.  Wanting to take the listing is another matter.

I love this idea, what a strong approach.  I agree, 45 days is more than enough time to prove myself, and it focuses on the urgency of setting the right price!

Bookmarked.  Thanks.

I like this. I usally only get about 6% response on my expired letter..Might have to try this

good way to work but yes usually it is all about pricing

Bryant I have tried this approach but with 39 days.  However, in our market 39 days is a long time.  I suppose when the market changes this approach may work better.

Great post, and great approach.  The cool part as I see it is the fact that you also give yourself an out if the Seller if you want it as well.  Obviously, you have a great appraoch to get the seller to price the property realistically as well.

That's a very interesting approach.  I applaud you for being so successful with it.

Bryant, I love the language you're using. I will try this on my next expired appointment. Thanks!

BB - I trust you don't mind is we steal your verbiage?  :-)

When clients ask if I will list them for 90 or 120 days, I always say, "Sure. If you're not happy with me at the end of 90 days, I'm probably not going to be happy with you either." 

OBVIOUSLY, your language is MUCH better!

Thank you. It's rare that a someone will actually tell you specifically what they do that is bringing them success. I am going to try it. Thanks again!

Great post and points that can be used in any length listing agreement!  thanks for the post!  Kathy

BB-I like it!  That's a great idea.  If we can practice what we preach there is no reason why a seller wouldn't extend.  I may just have to give this a shot on some expireds around here :)  If it's priced right in my area, it will sell in under 30 days.  Thanks for the idea!

Thanks for the excellent blog.  This is a great approach for expireds.

Thanks for the great idea, we need all we can get in this market...Our properties are selling in 2 days right now!

Bryant

Good for you and very smart. Show them in 45 days on how you work, your follow up and done properly, client for life.

Ty

I've never lost a listing at an appointment because I also tell them they can cancel at anytime. I only ask that treat me fair and agree to a list of clients I might have shown the house to. Never had one call to cancel either :)

Sellers always want their terms and their price, it is important to establish professional and authority relationship from the beginning.

Since our average DOM is about 120 days, I still think I could use a 60-90 day strategy, especially since so many homes are still on the market for over a year. It's certainly worth a try. Thanks for the suggestion.

Hey Brian, Thats an interesting strategy.  Its different and the clients of course like it because they get to 'try you out' for a short period and have an easy out if they feel you're not up to snuff.  It removes risk for them.  Of course...in offering this deal, getting them to agree to the right price is key.

Great idea

I think I will try this method. Very creative. Good service always wins.

Thanks and always looking for ideas but how do you tell your client to lower the price......  thanks again

tom

Bryant,

Like Lisa Hill, I wish the average DOM on Kauai, HI was 78 days. Here, many of the properties are sitting on the market longer than that. However, no matter what the DOM average is, I still think your approach is a wise one. Mahalo ("thanks" in Hawaiian) for sharing it.

Aloha,

Debra

Bryant,

The way with words works!  How much do you have invested in the first 45 days other than constantly calling them?  Any $$$ in any type of advertising? 

Thanks.

Great tips, Bryant.  When I get my foot in the door of an expired, I'll try this technique.

I love it BB! I also have a "fire me anytime" line and I tell sellers they can cancel any time they want. It really sets some of them off that I say that--they cannot believe it!

I can count on 1 hand the number of times it has happened, and every time it's been a bad match and I've actually been relieved to be rid of the seller.

Hi Bryant -- I give sellers a choice, if I am doing the traditional realtor thing that most do and aren't really adding any real intellectual property to the process, I will list a home a week at a time and let them choose the time period.  If I am adding signficant home staging, redesign and renovation services that others don't offer, the time period is longer to ensure I recoup my investment in time and expertise.

I think the 45 day approach is/can be VERY effective. That shows confidence in your ability and it does not cost the seller a ton of time/money if it doesnt work out. Great approach.

Not to sound too much like a male pattern baldness commercial or anything, but...I tried it...and it worked! I got a call from one of my expired letters and the seller had been on the market for months and their realtor just dropped off the planet. Wouldn't call her back for over a month and then one day she gets my letter. She didn't even realize the other realtor had withdrawn the listing. His loss I guess.

I have used this technique and yes, it does work and is very effective!

Interesting approach.  I'm not sure I'll use it all the time, but it's a great opening.  I may do this all the time and say that it's just the way I do business.

I like the approach. Will try it on my listing appointments going forward!

Courtney Peace Hagins   ABR CDPE  RE/MAX    Hilton Head Island, SC

Thanks for reposting all this great information Bryant, I have been working the plan since the last post.

I will see what happens over time.

Hey.....I'm back!!! The missing blog host has returned.

I hope you guys have found this post useful. Remember it's not so much the length of the listing agreement that's important as it is the idea behind this technique. I listened to my market and I designed my pitch to meet the needs of my potential sellers.

What works for me may not work for you. Your job is to pay attention to your own market and then give potential sellers what they are asking for.  If you figure that out then whether or not you take the listing will be your decision not the sellers.

Then....you have to sell them on proper pricing. If they won't price it right then you have to walk away. Only take listings you know you can sell.

As always I appreciate all of the great comments. Thanks

I noticed your average turn around time is 78 days.  What if your normal turn around time is over a year, do you go for 6 months and then resign for another 6 months.  I would say you are in one of the few places that has a quick turn around time, most areas do not have that!!

Thanks for the post.

This is a logical approach of requesting an expired listing , but what is the sellers reaction when you tell them that you will lower the list price a lot,and document your case  with examples and statistics.Their former agent usually has tried the lower price strategy as well.

My experience has been that the answer often is: "Yes, I know we could have sold it for that price a long time ago , but we can't or won't sell for that price. We are not giving it away.We know enough Realtors that can sell it cheap.We actually can do it our self for that low list price. What can you do for us without a lower price?"

Many home owners still believe in  innocent buyers , that absolutely want their house and will pay top dollar not because it is worth it, but because they, the sellers need the money.

Absolutely fantastic approach - seller's want to know their Realtor is confident in their approach to sell their home.  I think the same is true when discussing the price to list the home.  If you are confident and really know your market - this is easy to do as well.

Some good points there as sellers are leary after having a "lame" experience with their previous agent. Price is a big reason for not selling but condition also plays big.

If you don't currently work with a professional stager you should consider adding one to your arsenal...especially with expireds. Suggesting Staging is a great way to show sellers you can provide them with all the current marketing tools available so that they can get results this time around!!

BB,

I love the way you say things.  How can one possibly argue with you?  Great idea!

Bryant,

I am adding my voice to the choir.

I think it is very smart to do it this way. The important part is that you are not telling them that you would sell in 45 days. You will earn their trust in 45 days. That's a big difference.

thanks

I like and don't like this strategy. I see your point completely. But what if you do all the work, they fire you, and sell with someone else or connect with a buyer right after and you get nothing...but all your strategy was used. hum...

You are going out on a limb. But I have read enough of your blogs to know you don't do something repeatedly if it hasn't worked. So way to go!

B.B. - You definitely know how to address the fears of sellers who have already failed at least once.

Great strategy Bryant.  I do most of my listings for 6 months (because I don't work expired's) but I tell them all that they can fire me at any time, and I don't charge a termination fee.  I think I might try your strategy, though.  Sounds like a great one!