In Defense of the 180 Day Listing

Paul - I like this post A LOT.  You have really summed up the mindset of the agent.  I also like the fact that you alluded to your father's resemblance to Alex Trebek, which is well-documented and absolutely true.

You're easy Paul! I take 365 day listings most of the time especially in this market....it takes time to market and sell.

Jason:  It is indisputable fact, so we just go with it.

Mary:  There are some listings out there that absolutely require a full year's term.  A colleague of mine will not take anything other than a 365 day listing, as well.  I've had success in selling my properties within the 180 day term thus far, but if the market gets any softer ... I'll be following the Mary Warren route.

Hi Paul,

You've done a great job in your explanation, I may "borrow" a few of those ideas myself, thanks.

Unlike most, I also use an "easy exit" clause in my listing agreement. Meaning the client has the right to fire me at any time during the listing agreement. So far (after decades) it's never happened, yet it gives them the option/control in a long-term agreement. In return, the hire-fire agreement works both ways, I can also fire the seller without a breach of my fiduciary duty...works for me.

Paul,  I like the post a lot and I will always remember it when people try to convince me to take shorter listings.  By the way, I'm missing Arizona right now.  Haven't seen the sun since I came back to town. 

In our area we don't take anything less than 6 months. Fantastic post Paul, explaining the logic behind listing periods.

Paul- Only a fool of an agent would take a short listing in this market! No way am I going to spend all my money and time marketing a listing only to the next agent reap all the rewards and paycheck of ALL my work! Not on my watch! We take 9 month to 12 month listings depending on price, location and market saturation. Usually the more luxury homes take longer to sell and take more resources to market. Great post. 

You make a great point.  I take a listing to sell it not to build inventory.

With 'Trebek' on your marketing team, you shouldn't even need 6 months.  Come on, Paul. 

Sellers should truly take a second or two and look at the big picture... average days on market, absorption rate, etc. and ask themselves if a listing term that's 1/3 the average DOM is really even worth the time it takes to sign the listing contract.  The problem is a good many agents don't delve into the details of the market, so when you say 180 days they think back to the agent they just met with that said "wow, great house.  we should be able to get this sold real quick... sign right here." 

In this market I will not take a 90 day listings, and in some cases it must be for a year. I need to know they believe in me and will get the house sold. I can't control the market, but the stat's are so important to show future sellers. Also the history of the comparables gives the sellers a clear picture of what it took to actually get the comp houses sold.

Yep, I use to take 90 day listings - NO MORE!  Like a few others just commented before me - take the time is your listing appointment to really go over the stats.  Not just what the house down the street sold for but HOW LONG it took for that house to sell.  Prior to your listing appt see if your prospective sellers was on the market prior and for how long and with how many companies - tell tale sign right there!

Great post!  I always tell my sellers if it takes a car a full tank of gas to cross the dessert, why start the trip with only 10 gallons of gas in the tank!

I think it depends alot on the area and the price range as to how long the listing agreement should be for in our market. A house that in the 120k to 160k range doesn't sent on the market as long as a house say in the 200k to 250k range therefor enabling you to be able to take shorter listing agreements.

Usually I get the 180 day listing, but now I have changed to 90 days. If I can't sell the house in 90, then it isn't priced right. For me, I don't want the DOM attached to my name.

There is a buyer for every house on the market, IF THE PRICE IS RIGHT.

Geez.  I sound like a broken record - again. 

When is the real estate community going to realize that the house will, indeed, sell quickly, 30-60 days, IF THE PROPERTY IS PRICED RIGHT FROM THE BEGINNING. 

Agents take listings with promises that they'll do this and that and more and spend more, all to overcome THE OVERPRICE condition of the property. 

Who wants to live with a property and the grouchy property owner for 180 days???  Price it right and if the owner won't agree, NEXT.

I've followed the pricing trends of 100 homes in the past 6 months and the ones that sold DIDN'T until the price got to market.  Think of the angst that the agent had to take waiting for the seller to lower the price so the dang **^%$^*()   thing would get some showings. 

STOP ME!!!  STOP ME!!!

You say it so....well. You have brought up a good point that I am sure to use with prospective sellers in the future.

Paul, all I can say to your post and in following Lenn's comment is:

AMEN!

If it's not ahead of the market when you list it...we can't expect a sale in 180 days...in our market....I'd rather turn them down now then to let them down in 180 days.

Paul:  There are some fantastic points here that will be added to my script repertoire for listing presentations.  I have always taken 6 month listings and usually sell in 30-60 days, but so many variables control the sales cycle that taking less than a 6 month period is hard for me to accept.  This post gives me more ammo.

To the contrary however, many other pros here make som very interesting points that I need to ponder...  Kinda makes me go...  "Hmmmm....?"

Thanks for a helpful post and a thought-provoking topic!  Steve

Days on the market is a killer for listings...Here's my view:

1) having a sign in the yard with my name on it for a year is not a good reflection of my name out there, no matter the market.  At the coffee shop, the sellers don't say 'Jeff is a great agent, and we know that it's a terrible market'. (although we'd like to have them say that)  The conversation goes something like: Have you sold you house yet? No, and I don't know when it will.  Who's your agent?

Your professional business profile becomes up on the firing line, even if your sellers think you are doing a great job.

2) everybody that drives by your sign thinks about your ability to market properties, and they don't think about the market conditions, and the unwilling seller that doesn't like to drop the price.  Again, not good for your image. (see Lori's comment above)

3) why would you hold back on marketing?  The most important time is the first 30 days, and if it's priced right (that's the big if), you'll get activity and a sale quickly. (see Andrew's comments above)

Pricing and educating the sellers are the key issue... I walk away from unmotivated sellers that are unwilling to price it right in the first place.  Not giving it away, just getting it sold.

Jeff Lund

Five Star Real Estate 

I guess I'm the lone wolf here. I take 45 day listings and always have. I look at it differently. 45 days is all the time I need to build a very strong relationship with my sellers. It also gives the seller piece of mind in knowing that they do have an out if I don't do the things I say I will. Of course my listings can be canceled at anytime anyway with no fees. The 45 day listing is a strong tool when working with expired listings.

I also tell them right up front that I will not sell their property in 45 days. I am taking this listing for 45 days for the sole purpose of winning your business and to give us time to make sure we are compatible.

It's a very strong technique.

This one is turning into an excellent discussion.  I can tell I will not be able to keep up with the individual comments for awhile, so let me add a few notes.  Very good points about not wanting to get stuck with an overpriced listing.  It doesn't do anyone (seller nor agent) any good to sit on the market for 180 days.  I tell my clients upfront that I would rather they be angry with me now, as we we discuss value, than six months later, when it hasn't sold.  I have taken listings with an escape clause after "x" days, which no one has taken me up on yet.  I still sell my listings within 60 days on average.  That said, I will not set my wallet and my time in a race against the clock.  With many GOOD listings sitting on the market in excess of 100-150 days locally, the seller needs to show me that I am his/her guy if I am to be expected to commit all of my resources fully.  We are a team.  I always tell them that if plans change or they are unhappy with my performance, we can talk.  I don't want to be stuck with a seller who doesn't want to be stuck with me.  That said, if I am going to walk away from the time and money invested into the listing, I at least get the courtesy of a conversation instead of a unilateral cancelation.  Sure your effort and dilligence should earn you an extension on a shorter listing term, but that is not a risk I am willing to take in the current market.  If it's a creampuff with perfect showing condition and perfect pricing?  Well, there's always an exception to every rule.

One more thing about pricing. Yes, the home should be priced properly to sell it. But in a slow market, the only real way to guarantee a quick sale is by pricing it to sell NOW. Pricing is a dance. I want my listings sold as quickly as possible, but not to be such a slam dunk that I cost my sellers money. I won't price it as a give away just to sell it in a short time frame. I'll price it in accordance with what I believe will entice maximum offers, but only the market will tell me if we got it exactly right. I put 2 full days into each analysis,but it's only data. I'm not a fan of testing the market, but I'm also not a fan of pricing a home low for the sake of speed.

Many times sellers are so emotionally invested in the property they are selling that they really need the firm and professional hand of the realtor to point out the realty of the market and their property's position in that market. If they cannot agree to competitive market position then the length of the listing will be a moot point anyway; bad, emotionally charged pricing will not generally get better with time. Making exceptions to the rule for the conditions under which one will accept a short listing is important...my father had a contract that was excepted, and went through, on his home last spring in an Atlanta suburb within 48 hours of listing because he had good advice from his realtor regarding market position. All the parties involved in the sale were happy with the results. This is a great post that definitely illuminates the importance of time, money, and effort in relation to market position and saleability.

I am with Lenn on pricing.  I had a perfectly priced property that should have sold within 30-60 days but took 5 months.  People wondered:

•  "what's wrong with it?"
• "it must be a short sale even if it isn't listed like one!"

I can get ANY home under contract within 21 days... in fact, I can get it under contract in 7 days.  Two words, fire sale.  But, if you want the maximum price... that isn't the best way to do it...

I think I just came up with my next blog post.  

Thanks. 

And another thing.  As a Buyer's Agent, I take a 15 day BA Agreement.  I want serious buyers.  If I can't show them in 15 days that we WILL find a home, we don't need to hang around with each other any longer.  Do we always find a home in 15 days, of course not.  But 15 days is time to determine if we want to work together, then the Agreement can be extended another 15-30 days depending on the need and market. 

Bryant has a good point, have a clause that the listing can be cancelled at any time.  I know the arguments against that, 'BUT I'M GOING TO SPEND $xx MARKETING THIS PROPERTY. . . . ".  Sure, but the most important market action that agent can take is PRICE IT RIGHT.  If the seller won't agree to your advice about pricing, that may be the time to take a longer listing with no cancellation provision. 

I still submit that if the price is right, it won't take as much $$$ from the agent to promote the house. 

I'm rambling on because, daily, we're faced with over market priced homes in this area. 

Mmmmm.  I wonder if the long listings winding up in expireds is one of the reasons we don't get the respect we so clearly deserve????????????

Seems to me that every expired listing is a dissatisfied consumer. 

Hi Paul,

Excellent discussion and lots of different perspectives. I agree with you and do believe if priced right the do sell, but there is no one size fits all here. I most often take 180 day listings, simply because you never know. :)

I don't take overpriced listings, Lenn. I only list what I believe I can sell. Failed to sell only one last year, and that one was under contract before falling out due to extensive termite damage. The seller didn't like my advice to reduce the price after values in the neighborhood declined, so we mutually agreed to cancel the agreement and try again when the market will bear a price more to her liking. Don't confuse my need for security in a listing term with bringing an unsaleable property to the market. As Renee mentioned, I have seen too many well priced properties take longer to sell than usual recently as a byproduct of all that inventory. There are plenty of ridiculously low priced short sales (that may or may not sell at the asking price) and REOs that affect the market duration of even properly priced homes. Lots for buyers to sift through. Yes, a super low price will sell it immediately. My job, however, is to find top market value. Lately, that has taken me about 60 to 90 days. That said, I require my clients to extend the same loyalty that I provide to their interests. The security of a 180 day term is the loyalty I require. Others do it differently, and that's fine, but this is what I am comfortable with.

Agreed...six months minimum.  If I'm going to make a large financial investment in someone's home, I want to see a return.  On the other hand, sellers should interview possible agents to find out how much marketing they do...really.

This is a great post, Paul.  Really good!  You've brought out some important points to cover within the listing discussion.  The comments have turned into a good forum as well.  Price, condition, comparables all need to be considered and an honest presentation of the picture drawn for the seller.  Some sellers are tough!  They get a notion of price in their heads or listen to the "advice" of their Aunt Tilly and refuse to see the reality of this market.  Walking away from the listing may be the best thing to do, and I know that you have a good sense of when to do that. 

I like the longer listing period.  It  is realistic.  However, I do agree that I shouldn't keep a very unhappy seller on the line.  It is counterproductive to both parties.  I'm sticking around to follow this discussion.

Hi Elaine :)

I am with Andrew and BB on this one. I have taken 60-90 day listings and still do.  The sellers have to agree to certain terms, and when an extension is needed, I have always gotten it.  If they want their terms only, then the listing period is longer.

Bravo on the post and congrats on the feature, Paul!

Will be back soon to elaborate on why you are all wrong.  Just kidding!  This is an excellent and timely discussion that varies depending on local market conditions and I look forward to jumping in when I have more time. 

Hi Amanda :)

I am so right on this, and you know it!

Great post!  Just being in the business for under 2yrs. I understand in this market you have to do all you can to sell the property.  The best advice I got was that Price Is The Best Piece of Marketing! I do 180 day listings to fully service the listing.  If  a customer wants me to sell it in 90 days or else I simply won't take that listing or list with someone who can accomodate them!  Good Post

Hi Paul, Here is my Warranty. Others are welcome to us it. As Lynda stated I have never had one cancel. My average marketing time is less than 30 days, even in this market. But we might spend ( and do ) several months getting the property in the correct condition for sale and pricing it is correctly is 90% of my marketing plan (which contains 80 points of what I do to get the property properly exposed for sale including over 30 of the best marketing sites).

100% Satisfaction Guarantee

            I work with a 100% Satisfaction Guarantee........ I don't get paid for my work unless you close a transaction using my services. I carry all the risk and spend my own money in hopes that I will surpass your expectations and you will not only buy or sell through me but that you will REFER me to everyone you know. If you become dissatisfied with my marketing efforts, you may cancel the listing with a 10 day notice ( because I have to have time to cancel and withdraw all scheduled marketing ) prior to receiving an acceptable offer. This guarantee will be in the Listing Agreement if I am selected to market your property.

well on Maui i it is priced right then it will sell in 90 days n matter what, last two house I listed were sold in 35 days. I will  take a 90 day listing if the seller is agreable and priced right.

The irony of the debate, Lenz, is that the only sellers who question the duration of my listing term have blue carpet and want to price it too high. I never take that listing anyway. Some folks will just never understand that the "Dean Martin Time Warp" look is not as valuable to today's buyer as the latest and greatest stuff. No matter how well maintained. The vast majority of my clients are repeat and referral, so it generally doesn't even come up. I'm their man. For the listing that takes 4.3 months to sell, I reevaluate everything. Marketing, price, condition, ease of access ... Everything. I had a listing on a busy road recently that took forever and a day to sell. They initially wanted a short listing, but that is a total nonstarter on a property with a stigma. Even after pricing it with the typical ding for the road noise, we discovered that the hit was much greater than anticipated given the market conditions. On such a property, when the market is behaving erratically, you often need the full listing term just to find market value. Sure we do our airtight analysis at the outset, but only the market will determine the price.

Paul,

Good post...I think price should always reflect the length of the listing contract.  If you know it is priced well then 90 days is plenty and you should go after it.  If you know it is not priced well then you need to communicate this clearly to all and not accept less than 5 months (longer depending on your area).

Realtors work a lot harder than the image puts out...as you know.

Great post and a lot of great feedback - very useful information that I will incorporate into my listing presentation tomorrow.  Thanks!

This is fascinating.  So many things come to mind.  When I train new agents who plan to take listings, I remind them of one thing.  "An overpriced listings will eat you alive."

• Some may think that I'm concerned about the affect on the seller.  Nope.
• Some may think that I'm concerned about the buyer's who look at overpriced listings.  Nope.
• Some may think that I'm concerned about the agent who is trying to sell that overpriced listings.  Nope.

My primary interest in well priced listings is the affect the overpriced listings are having on our market as we speak and the continuing harm to our industry. 

I have "on personal knowledge and belief" that Paul is a responsible and productive listing agent.  For agents at his level of experience, the 6 month listing makes sense simply because, for most conciencious agents, to achieve the seller's objective, the highest and best offer, depending on the season, holidays, school starts, inventory, economy, interest rates, etc. a 6 months listing is perfectly reasonable considering the investment in time and resources made by a good listing agent.  Missy once commented that she spends about $2,000 on a new listing in the first two weeks.  That reveals a very comprehensive marketing plan.  For dedicated and responsible listing agents, that figure doesn't surprise me in the least. 

All the above said, I'm in a market where the average home price increased by 100% in 3 years.  In this same market, when I read "drastic price reduction" on a $700,000 listed property that was listed for 6 months for $725,000 in a market where the price 2 years ago would have been $750,000, I'm not impressed by a $25,000 price reduction in a community where three similar properties just sold for $580,000, $575,000 and $590,000.   What I want to know is, "what is that agent telling the seller?"  Or, "what is that seller telling the agent?"  What I do know is that house isn't going to sell.   Does that agent and/or seller live in a cave?  When the listing has been with the same agent for 9 months and the agent calls for feedback and says that they only have 3 months left to sell the house, my first thought is, "Good grief, hopefully the next agent will educate that seller because the present agent isn't."

I spent time with a buyer last weekend looking at 5 properties that were at least 15-25% over market.  Some of the listings were 5, 7, 9, 4, months old.  One was 223 days on market with the same agent.  Must have been the mother. 

What do these sellers think of agent who either don't know pricing or don't care and just want listings??  After many months, they must get tired of each other.  I'm very concerned about the lasting affects on our reputations of the providers of quality information.  If we aren't giving quality pricing information and homes just sit, and that's about all they will do, our reputations continue to deminish.  I worry about us all.  I think too much. 

I believe that brokers need to take a more active role in training their agents to price properly and not encourage taking listings just to get it on the wall for the next meeing.  Perhaps brokers should limit the length of listings to 3 months.  The message would be "get it right the first time and don't depend on the seller lowering the price. 

Marketing efforts take a while to incubate develop.  The ad you run may not reach your intended target immediately.  So with a short listing how much marketing budget will you be able to justify in the last month?  Not much.

excellent insight.

Hi Paul, As a continuing dialog, we must remember we are paid for what we know and not just what we do. I agree with Lenn's perspective. I wish she and I were partners. Darn it, we would clean a few clocks around here. She could be the hunter and I the skinner, ( oops, I may be dating my self a little here) but a properly  priced and staged property ( factoring in the condition)sells. ( note the period) As soon as I say that, someones always says well, we have a lot of properties and there are fewer buyers right now. If you want to sell now, price for now. If you want sell later, call me after it expires and I will get it sold when you are ready. If not ready then call me after it expires the 2nd time. I make no excuses for what I know, it took a lot of hard knocks training but I am a resilient fast study. No excuses ever from me on that issue. We either do it, or fire me. If I counseled the seller and they went along with what I told them, and it does not sell within a reasonable length of exposure, they should fire me and I tell them so. It's not about guessing and hoping, we either know or we don't. Either way, my seller always wins. Am me too!

PS, If and when I ever make a mistake on price and get it priced wrong, my corrective actions is an immediate price reduction or cancellation. Never been cancelled as far I remember.

I recall discussing pricing with a seller about 18 months ago.  They said they already knew what they wanted for the list price.  It was so high, I asked if they wanted to sell in 2 years or three years.  Their home is still on the market.  The poor agent I was training was in shock.  But, he finally agreed that it would have taken so much of his time and money to list that property.  Sure enough he replaced that one with another one very quickly.  

I am of the opinion that if an agent understand pricing well enough, they can usually educate a seller to reality. 

Paul. Forgive me for ursurping your blog.  I'm leaving for good now.  Thanks.

I like your rationale. People sometimes don't get that point. All the time and money and energy we put in on a daily basis. If we don't sell it everything we put in goes down the drain. I personally don't take a listing under 90 days.

One thing that I think we are all in accord on here is the need for additional broker oversight and training for new (er) agents in terms of procuring listings under terms that will result in a sale. Too many agents, old and new, have been indoctrinated in the school of "Get That Listing!". I won't list anything with the thought that I can eventually grind out a price reduction. Far too many agents think of getting the listing as an endgame in and of itself. In my market, these are the agents who list for any price and any duration. Let's stick to listing the homes that will sell within whatever period we respectively employ. That will cut through a lot of the glut that exists today. I'm Paul Slaybaugh, and this has been one to grow on.

I just put a listing on two days ago which I told the HO that it should be priced at X. She had it listed at 100K higher and it never sold. She called me and in 3 days we have an offer. I even told her as well s any listing I take that regardless of the term..they can fire me the next day if they feel they aren't comfortable or they aren't happy with my services. So actually the time frame is irrelevant. But I do want their commitment and the term really depends on the pricing. We have 3 yrs of inventory right now.

In my market right now getting the price right is sooooo difficult. Not because we don't know what it is but because the sellers can't afford to sell it at the right price. BUT some have to try. They are between a rock and a hard place. They can't afford to keep it and they owe more than it's worth and they don't qualify for a short sale or want a foreclosure. So we price it as best as possible and try. It's very very frustrating. It still has to be within reason though.

I turn down listings every day. Having said that I still have to make judgement calls on which ones to take. Values in my area are down 40% over the last 18 months. There are very few sellers that have the ability to sell. As primarily a listing Broker I do have to get signs in the ground to keep the phones ringing. Unfortunately in order to do that in this market I may have to take listings higher than I want. But when I do you can be sure my sellers know exactly what they are getting into. I tell them right up front that selling their property in this market may not happen. And if we get lucky and it does there will be no money left over for them. We try. If it doesn't work they may have to consider renting it out or foreclosure/short sale, if they qualify.

I have many withdrawn listings right now. We tried. We failed. Now they need an Attorney not a REALTOR(R).

It sucks!!!!! 

That's brutal, BB. Lots of that here as well, but not so much in the niches I primarily work. Know the biggest problem I have had with my listings? Not finding interested buyers, but finding interested buyers who are not encumbered with a property to sell. They are trapped in overpriced or otherwise unsaleable listings.

You had me worried for a moment...  AMEN BROTHA!

We are only taking listings for a year now. The risk is just not worth the expense nowadays. 

I have no problem taking listings for 90 days.  If the house doesn't sell and the owner feels that you are doing a good job, they will likley re-list with you.

That seems to be fairly common practice in New Jersey if the responses here are any indication, Lisa.  180 days is pretty standard in my market.  And that's historically speaking.  If anything, there is far greater rationale in the current landscape to lean towards an even longer term given the lack of unencumbered buyers and crushing inventory levels.  I am comfortable with 180 days, however.  That is a reasonable period of time to sell a home here without the seller being left to wonder if he cost himself money by pricing it drastically low to ensure a 30 day sale.  I want speed, but I want that top shelf price too.  No firesales on my watch.

Sandra, the agents that I know who sink a ridiculous amount of money into print advertising are doing the very same thing here.

What an incredible conversation you started here, Paul!  Houses are still selling every day, but in my market (like so many others) it's not too many of them each day.  In a market with over 1,200 active listings and less than 10% selling each month, even the perfectly priced house can sit...and sit...and sit some more.  I will not list for less than 6 months.  Period.  I'll extend a listing for less than 6 months, but the goal, as you stated, is to get it sold at the highest price for the seller.  That doesn't mean neglecting to keep them informed on market conditions as often as it takes to get them to the "can't be beat" price, but it does mean that for some sellers, it's going to take a little longer to find the sweet spot.  I want that cushion for market condition built in from the get go or it can be someone else's failure - not mine.

If a seller is not willing to commit the time to get the home sold then the agent is not going to be interested in committing the money and resources  -- really short listings are not reasonable. An agent does not get paid until the home sells -- an agent wants to get the home sold just ASAP. Good post.

I like your rationale for the 180 day listing. That is almost never a stumbling block with my sellers. Now price is a different matter!

In this market, I wouldn't take a listing for less than 6 months. Why? Because we have 2.5 years of inventory on the market! Those are the facts! Of course I want to sell it faster. With a longer listing, I'm willing to do more, in order to get it sold. If I know the facts (2.5 years of inventory), and that a seller is being unreasonable, I'm more likely to devote the majority of my time to the sellers who are understanding and who know that I'm working for them. My track record already speaks for itself. I'm going to do everything I can for my sellers. 

Paul, you could have condensed this to one word - PRICE - that is what sells a property and makes up for everything else.  If the sellers are not willing or able to negotiate on price, good luck and maybe goodbye.  Marketing matters but price is king.

SUPER POST!  GREAT POINTS MADE HERE!

THANKS SOOO MUCH ! 

Tom Davis Realtor In Delaware

Wonderful post Paul ! I am glad this got featured ! As for me, I do not take anything less than 6 months on a listing contract which is even pushing it. Most people get scared when you say a year...I overcome that by expressing they can fire me during the listing agreement if I have not performed. In many cases if one of my homes doesn't sell within the 6 months they relist because I have shown a paper trail of everything I have done and they are happy !

Paul- Thanks for stopping by my blog!  I have to agree with you on giving us the time really needed to sell your home.  We always explain that if we take a shorter listing, that means all your advertising will start being pulled even quicker.  In our area, the little bit of print media we do takes anywhere from 3-6 weeks from proof to publication, so if your property is listed for 90 days, the first 21-40 days it is not marketed, and then needs to be pulled 21-40 days before expiration.  So you get your property fully serviced for only 10-20 days!

Yay! Clap, clap, clap, clap....you get the idea.

No guns to my head, thank you. It's scary enough out there! It is true though, if you only have 90 days and homes staying on over 100, it seems like a big loss.

PAUL - You've inspired me to write a post about this subject, so I won't clutter up your comments right now.  Suffice it to say that I am on the same page as you.  More details to follow.

I have had sellers I have had to beat over the head to get them to lower their price to the right place.

But back to the 180 day listing. I had a seller ask for a 90 day listing, and I said no, but one of the things I told him was that some agents play games with the 90 day listings.  They wait for it to expire, and then try to get the listing.  I didn't get the listing anyway, but......I probaly would have taken it for the 90 days, as it was on a busy street in my farm- great signage!

Nest!

In today's market you often truly need the 180 days as a cushion.  So much time and money is spent on getting all the advertising in the pipeline and it simply takes more time today.  Go for the 180 - or more - at least until we get through this tough market!

Dude...I missed this post, even with the star. Well said.

It's wierd that people can be adversarial with their Realtor. I find that the good real estate professionals don't attract this type of client relationship...but there's always someone who slips the gun past the metal detector, so to speak.

Everyone has presented great ideas to think about.  I guess I'm in the middle,  I've been taking 120 day listings but I have taken 12 month listings on high end properties with an easy exit on every listing. 

As has been mentioned, nicely appointed homes priced at market value in my area are not selling quickly.  It's difficult, even explaining absorption rate, trying to convince sellers that what I'm showing as a market value is probably still too high.  I know my market but I agree that every property is different and we sometimes have to guage the actual market of current buyers to tell us the true value for a particular property.

Lots more good feedback that I won't be able to keep up with individually, but allow me another reason why I am adamant about my listing term.  It is inaccurate to assume that the buyer for every property is already in the market.  While a super low price will assure a sale to someone who is simply looking for a bargain, the buyer who will be willing to pay top market value may not be in the market yet.  It could be the relo buyer who is coming to look at property over next weekend, it could be someone whose house needs to sell before he makes an offer, it could be the one buyer who loves the particular styling or architecture of the home who just hasn't found it yet, etc.  While I agree that the best value is typically commanded within the first 30-60 days, it is not always the case.  Shoot, I've had multiple offers on day 75 of a listing right when we were considering a price reduction.  This is a fluid business.  Just when you think you have it all figured out, you see something new.  As such, give me the time to do the job right or give it to someone else.  No guarantees nor gimmicks, just a reasonable length of time to do my job.

Paul I wholeheartedly agree.  It makes no sense to take a short term listing, in a long term market. Listings require an investment of marketing dollars if done properly- it is an automatic disadvantage to add an unrealistic timeframe when attempting to sell in this market.  

I like this post because it makes us all think about our value and what our time is worth.  I would rather walk away from a listing than talk to a frustrated seller once a week for six months.

Allison:  You just summed up my post in two lines.  Thank you for putting it so succinctly.

Melody:  Understandable, but walking away is always an option under any duration of a listing term.  At least it is here.  I won't sign up for a short term listing just because the seller thinks it will make me jump up and down in a gorilla suit directing traffic to the house.  It just doesn't work that way.  The agent should be plenty motivated to make a sale and earn a commission, so the idea that a quick trigger will provide additional incentive is patently false.  Now if you take a shorter listing because the seller will price it super aggressively, that's makes sense for the agent, but does it necessarily make sense for the seller?  I take a standard 6 month term because I don't want a slam dunk price.  I want a top of the market price.  That doesn't mean I overprice and allow a listing to languish, just that every once in a while you might slightly overshoot that sweet spot as we endeavor to squeeze every last dollar that a buyer is willing to pay out of the market.  We are human after all, and it takes time to determine whether you nailed it or not.  I don't offer any guarantees because I think that puts my motivation in contrast to the seller's.  Now instead of finding top value, I am simply trying to sell it quickly to meet my timeline.  Anyone can sell a giveaway property in 30 days, but that's not my job.  My job is to get them their best deal.  Sorry to use your comment as a springboard to address my entire listing philosophy!