Listings and Pots of Water

Quickening Pace Signals Approaching Deal

My clients know that my favorite metaphor for how a listing is doing is a pot of water.

Usually, there is a palpable progression from room temperature, to warm, to hot . . . to a deal!

Typically, that corresponds to the pace of inquiries and first showings picking up; some of the first showings progressing to second showings; then a prospect who's done a second (or third) showing making an offer.

Exceptions

Are there exceptions to the foregoing?

Sure.

Sometimes, the pot seems warms (or hot) for what seems like an eternity, but prospects just don't seem to want to go that last step.

At the other extreme, there are listings that are the real estate equivalent of liquid nitrogen (if you don't remember high school physics, liquid nitrogen goes directly from a solid to a vapor without first going through liquid form).

Translation: one day, nothing's happening; the next, you've got a deal.

That doesn't happen very often -- but it's sure nice when it does!

Why is the Buyer's Agent Called the "Selling Agent?"

"Real Estate Terminology 101"

One of the confusing things about real estate is that, once a deal closes, the Buyer's Agent is called the "Selling Agent."

Isn't the Listing Agent, representing the Seller, the "Selling Agent?"

Well, no.

Think of it this way: the Buyer's agent is selling something (besides the house) -- namely, the Buyer's offer.

Just like every home, every offer has strengths and weaknesses.

It's the job of the Buyer's -- er, Selling -- agent to play up the strengths, and defuse and/or minimize the weaknesses.