April Groves recently reminded me of a post I had written last summer which was originally published on another blog. I had forgotten I had written it and admittedly didn’t even recognize the words at first.
Now, one year later and with benefit of a shiny rear view mirror, I will say that much (most) of the point I was making turned out to be just flat-out wrong. I was accusing agents of rushing to judgement in lowering prices on listings. The slash and burn mentality I was criticizing turned out to be quite enlightened and even prophetic.
As I enjoy my breakfast of crow, however, some of my words are still very relevant. Sellers and their agents are experiencing life in the slow lane. It’s new to so many, and it takes both patience when you are confident in your pricing and the ability to admit when you are wrong and that it is time to regroup and reduce. Here are a couple of out takes from that article:
“The greatest mistake you can make in life is to be continually fearing that you will make one”. Elbert Hubbard
Even veteran agents have seemingly forgotten that markets change, and with that, our approaches to the business need to adapt. Speedy-quick contracts, contracts proffered and negotiated without breaking a sweat, contracts which are all but guaranteed to make their way to the County Recorder’s office in 30 days with nary a hiccup, are a thing of the past. Unlike the new agent, they once lived a time when the hard part wasn’t “winning the listing”, but when the real work ensued once the contract was inked. Many seem to have forgotten.
Listings are becoming a dime a dozen, and it’s what you do with the listing and the trust the client has placed in you that now separates the men from the boys, the “salesmen” from the “professionals”. What does it take for an agent to successfully represent a seller today? Hard work, time (a lot), money (a boatload), and patience…
Granted, our market has more than its share of overpriced listings, but panic seems to be the new pink for Spring. It is time to buck the trend and dust off the classic suit, the one that never goes out of style. Stop seeing yourself as a salesperson, know your market, check your self-doubt at the door, and do what you were hired to do – Advise and represent your client and assist them in achieving the best price the market, not you, will allow.
Market times are long, the “fake” average hovering around 70 days for detached homes and closer to 120 days for attached properties in Scripps Ranch (fake, because this does not reflect the effect of listings that are refreshed with an odometer magically rolled back to zero). Actual market times are longer yet. If you are a seller, the idea of marketing a home for sale being a process and not an event has never been so true. If you are an agent, you know all too well that the costs associated with marketing a home for sale have increased dramatically and in large part due to longer market times. And, as with any dynamic environment, it is rare that you will hit that sweet spot of pricing out of the shoot. Predicting human behavior, and market value, is an art form at best. It becomes infinitely more difficult when the canvas keeps moving.
ABOUT THE AUTHOR Kris Berg is Co-Owner and Designated Broker of San Diego Castles Realty. If not-so static web sites are your thing, go here at once where you will find loads of real estate information including homes for sale, market trends, floor plans and more. Kris's hobbies include fencing and spot welding. She likes kittens. 
on 
on 
on 
on 
on 
on 
on 
{ 3 comments… read them below or add one }
Kris, props for reexamining your old post.
I think a selling agent today has the most unenviable job in the world, trying to explain to a nice family why their house is worth $100,000 less than they thought. Then compromising on price and spending money marketing the now overpriced house while it sits and sits and sits.
For a guy with a funny hat, you sure are smart.
No more odometer rollbacks in our MLS!
Our MLS in Suburban Philadelphia(TREND) just implemented a policy that exposes the DOM game. Say hello to PMP.
Days on Market, or DOM, refers to the number of days a listing has been on the market under a specific MLS number.
Property Marketing Period, or PMP, is the sum of Days on Market for multiple listings of one property
PMP is calculated differently than DOM. For example, MLS #1234567 is listed for 10 days, withdrawn for 5 days then put back on the market as MLS #7654321 for 10 days before selling. The PMP is 20 days, while the DOM is 10 days for each MLS number. The difference is that the PMP counts the days from both MLS numbers.