How Fast Can You Run?

In 1999, the world’s fastest human ran the mile in 3 minutes and 43 seconds.  Most fit individuals would take 5-7 minutes.  Suppose someone said, “I’d like to give you $1 million, but first you’ll have to run the mile in 2 minutes and 50 seconds.”  Sounds a bit unreasonable, doesn’t it?

Now, imagine that type of scenario in real estate.  Say you want to sell your home, and the average sale time at present is 131 days.  Your agent explains how your home will be marketed, suggests a price, and explains the probable sale time.  You say, “Great, I’d like to list my home with you, but only for 90 days.  Sell it in 90 days and I’ll pay your fee.  Any longer and you’re out!”

If you were the agent, what would be your thoughts?  “Hmmm. The owner is asking me to expend the usual energy, skill, and promotional costs to sell the home, but is only offering a limited time to effect the sale.  I know this is highly unlikely to occur.  I think I’ll pass.”

The best agents don’t need an excessively long period to sell a home, only a listing period that mirrors the current average marketing time in the local market.  When selling, don’t short-change your own sale by placing unreasonable limits on your agent.  Be informed, and then let the agent work for you.

1:42 PM - Aug. 11, 2008 - comments {0} - post comment
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