Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners)

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Rainmaker
3,971,557
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

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!

Jan 20, 2018 11:42 AM
Rainmaker
5,570,348
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

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!!!

Jan 20, 2018 10:01 AM
Rainmaker
1,508,951
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA

1 year, but if 6 months is the only option, take it with some negotiation around price corrections and extensions. 

Jan 20, 2018 01:10 PM
Ambassador
2,538,863
Fred Griffin Tallahassee Real Estate
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

Unless you price it aggressively, you need 9 to 12 months.

Jan 20, 2018 10:31 AM
Ambassador
2,990,756
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

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. 

Jan 20, 2018 10:43 AM
Rainmaker
488,928
Susie Kay
Ultra Real Estate Dallas Fort Worth - Plano, TX
North Dallas Specialist

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.

Jan 20, 2018 05:03 PM
Rainmaker
516,908
Lynnea Miller
Bend Premier Real Estate - Bend, OR
Premier Real Estate Service in Central Oregon

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.

Jan 20, 2018 01:44 PM
Rainmaker
861,990
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

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.

Jan 20, 2018 11:08 AM
Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

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.

Jan 20, 2018 10:41 AM
Rainmaker
708,861
Richard Bazinet /MBA, CRS, ABR
West USA Realty - Scottsdale, AZ
Phoenix Scottsdale. Sellers, Buyers & Relocations

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.

Jan 20, 2018 02:26 PM
Rainmaker
1,690,478
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg Real Estate

6 months in my area. Corinne says more.

Jan 20, 2018 01:51 PM
Rainmaker
808,347
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

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

Jan 20, 2018 12:11 PM
Rainmaker
1,649,749
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

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. 

Jan 20, 2018 11:45 AM
Rainer
86,464
Mike Kelly,CRS,CIPS
The MJKelly Team - Santa Rosa, CA
"One of Sonoma County's Natural Resources"

Depends on WHO the client is--Engineer? Best have MSI (Month's Supply of Inventory), DOM (Days on Market),  Supply and Demand graphs. 

Jan 20, 2018 10:59 AM
Rainmaker
864,576
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

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.

Jan 20, 2018 10:15 AM
Rainmaker
2,604,216
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

one year on everything...negotiable

Jan 20, 2018 10:13 AM
Rainmaker
1,697,360
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

You have great answers here Praful Thakkar 

Jan 21, 2018 06:08 AM
Rainmaker
931,788
Diana Zaccaro
Tropical Beachside brokered by eXp - Cocoa Beach, FL
"The Accidental Blogger" Cocoa Beach, Florida

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.

Jan 20, 2018 10:57 PM
Ambassador
4,040,963
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

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.

Jan 20, 2018 10:02 PM
Rainmaker
512,333
Diana Dahlberg
1 Month Realty - Pleasant Prairie, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

6 months is common here, however, I would ask for a year (depending upon the DOM from past solds).

Jan 20, 2018 08:53 PM
Rainer
230,924
Mike Rock
Complete Design - Granite Bay, CA
Granite Bay Luxury New Construction...For Less

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

Jan 20, 2018 07:46 PM
Rainmaker
3,985,765
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

What ever works for both parties

Jan 20, 2018 05:39 PM
Rainmaker
577,421
AJ Heidmann ~ CRS
McEnearney Associates, Inc. - Alexandria, VA
YOUR Alexandria & Arlington, VA Real Estate Expert

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.

Jan 20, 2018 04:38 PM
Rainmaker
1,162,717
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

The local market determines that even before you list.

Jan 20, 2018 04:00 PM
Ambassador
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Debbie Reynolds, C21 Platinum Properties
Platinum Properties- (931)771-9070 - Clarksville, TN
The Dedicated Clarksville TN Realtor-(931)320-6730

That all depends on market data but it should be long enough to get the job done, whatever that is.

Jan 20, 2018 03:39 PM
Rainmaker
3,784,677
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I would say 6 months.

 

Jan 20, 2018 03:37 PM
Rainer
27,758
Jim McCord
Keller Williams Pinnacle Group - Cincinnati, OH
#1 Best Selling Author & Real Estate Coach

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

Jan 20, 2018 02:51 PM
Rainmaker
5,309,046
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Praful,

It depends, I would insist on at least a year.  A

Jan 20, 2018 02:42 PM
Rainmaker
530,435
Rose Mary Justice
Synergy Realty Pros - Dandridge, TN
Synergy Realty Pros

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.

Jan 20, 2018 12:46 PM
Rainmaker
6,308,788
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

You need to look at the time on the market for the area.

Jan 20, 2018 12:08 PM
Rainmaker
577,189
Gloria Valvasori, Accredited Senior Agent
BETTER HOMES AND GARDENS REAL ESTATE SIGNATURE SERVICE - Mississauga, ON
REAL Experience | REAL Commitment | REAL Results!

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.

Jan 20, 2018 12:02 PM
Rainmaker
1,440,627
Michael Setunsky
Woodbridge, VA
Your Commercial Real Estate Link to Northern VA

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.

Jan 20, 2018 11:23 AM
Ambassador
3,015,702
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

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.

Jan 20, 2018 11:07 AM
Rainmaker
1,707,197
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

In Oklahoma City it is often two years.

Jan 20, 2018 10:48 AM
Rainmaker
468,099
Dan Pittsenbarger
Keller Williams Western Realty - Bellingham, WA
Improving Conditions

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.

Jan 20, 2018 10:45 AM
Ambassador
3,608,824
Paul S. Henderson, REALTOR®, CRS
Fathom Realty Washington LLC - Tacoma, WA
South Puget Sound Washington Agent/Broker!

As long as possible...

Jan 20, 2018 09:32 PM
Rainmaker
3,291,824
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of the Manchester NH's area Leading Agents

I like 6 months but some times ask for a year on the tough or unique sales. 

Jan 20, 2018 04:33 PM
Rainmaker
1,087,466
Kevin J. May
Florida Supreme Realty - Hobe Sound, FL
Serving the Treasure & Paradise Coasts of Florida

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.

Jan 20, 2018 04:18 PM
Rainmaker
1,132,095
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

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?

Jan 20, 2018 03:33 PM
Rainmaker
3,852,679
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

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.

Jan 20, 2018 02:41 PM
Rainmaker
661,454
Peter Testa
Nationwide Homes - Danbury, CT
PETER TESTA

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. 

Jan 23, 2018 10:18 AM
Rainmaker
1,355,908
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

And I had two of those houses listed!  LOL.  :)  I do a minimum of a one year contract for all listings.

Jan 21, 2018 12:34 PM
Rainmaker
4,799,256
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

1 Year.

Jan 21, 2018 05:45 AM
Rainmaker
3,069,584
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Wayne Martin nailed this one!

Jan 21, 2018 05:07 AM
Rainmaker
826,578
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

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.

Jan 21, 2018 04:23 AM
Rainmaker
4,433,483
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

6 months . They can always extend it

Jan 21, 2018 02:57 AM
Rainmaker
2,007,644
Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

I list properties for 4 months. For higher end I might go 6 months

Jan 20, 2018 11:56 AM
Rainmaker
1,044,289
Dave Martin (703) 585-4687
Fairfax Realty - Fairfax, VA
Making Realty Dreams a Reality #WeWillGetYouHome

That's going to depend on the individual market here right now ideally 4 times the length of others.

Jan 24, 2018 06:52 PM
Rainmaker
4,682,034
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

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.

Jan 23, 2018 09:35 AM
Rainmaker
803,567
Olga Simoncelli
Veritas Prime, LLC dba Veritas Prime Real Estate - New Fairfield, CT
CONSULTANT, Real Estate Services & Risk Management

Depends on market conditions and the market itself, but one year woud not be unusual.

Jan 21, 2018 07:31 AM
Rainmaker
3,830,820
Richard Weeks
Dallas, TX
REALTOR®, Broker

Show them the numbers you just quoted.

Jan 21, 2018 07:08 AM