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Atlanta Listing Agents Ride The Tiger

Yesterday, I repeated exactly what I heard from Shaun Rawls on Wednesday morning during a presentation dedicated to disseminating Chartmaster Chuck’s Q109 charts.

That 74% number will be more vivid soon, when I have copies of the charts – I also wrote down these notes, and they conflict with the 74% number:

79% of all listings were priced wrong

72.8% of OLP if you reduced just once

96.2% of OLP if you priced correctly

Regardless of percentage point accuracy, the numbers are lame and it’s ultimately our faults, Listing Agents.

Most have overpriced listings that languish for months.

There are few who have been at close to 100% of their game, and many who have consistently failed to win at least some of the time. Many who are no longer with us.

I feel that The Rootdown Group was solid for 2008, but along came January through March 2009, and our listings have faced price reductions, multiple relists, and in a few cases, turning tail.

We only had one withdrawal as a result of  series of disagreements with the Seller. We were right, it turns out, about attractive pricing, but between Greg’s style and my style, these condo sellers near Piedmont Park chose to hire someone else, and fire us.

We have one pending short sale that is looking good – condo with this view for $100,000.

We hit 50% between January and March 2009, but we did sign 5 Binding Agreements in April.

What will turn it around?

1. Short sales, in the hands of those who understand what Loss Mitigation truly means, are becoming a more efficient means of sale than before. Auctions are on the rise. Alternatives to conventional thinking are needed.

2. Carmax style pricing is the new marketing. Cold hard worldviews need simple, clean, and easy purchase information in real estate. That also brings up my other complaint – the new marketing is the old marketing  – please install ERECT signs, or else get out of the professional ranks.

3. For most resales,  playing against the weak market armed with cold hard facts, and refusing to give in to feelings of hope. Halting all “testing the waters” activity for the time being…

3 out of 4 fail, pretty much, in Atlanta single family residential real estate lately. 3 out of 4 that have tested the waters and found them to be boggy and laden with casualties.

I don’t even want to talk about condos, lofts and townhomes. Pain, blues, and agony. Just ask Donald Trump over in upper Midtown.

“He who rides a tiger is afraid to dismount.”

So, turn tail and run if needed, like the little guy in the painting above – but, whoever is left, lets get these numbers up this Spring!

I am now thinking of the Jefferson Starship’s “Ride The Tiger” and although some of you would prefer the fantastic 80′s inspiration of “We Built This City,” I refuse to post that song on this website.

Here’s “Ride The Tiger.” Now, go sell something…

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