To answer the question quite simply you do. However, if you plan on actually accomplishing the sale in today’s real estate market you will need to keep an open mind. Let me quickly summarize what a buyer will likely do when seeking a home for sale.

Hands down the first step a buyer will seek their choice of homes online. The next step is finding out if the price you’re seeking above market and by how much. Believe me, that information is very easy to find online. Now there may be some strategic advantages your home may have compared to other homes in the neighborhood. However, the price of a square foot of homes sold in your neighborhood will be a significant determining factor of whether your buyer will look just down the street for a home similar to yours at a better price. Any agent that you seek should give you a comparative market analysis of homes in your area. The analysis should break down cost a square foot of homes sold in your area, it should also show you homes that were listed for sale and did not sell. Additionally, the analysis should show how long the average home remains on the market before it actually does sell and finally, prices of homes sold in your area similar to yours, and for how much they sold for.

There needs to be a pricing and marketing strategy, and that should be determined by your agent. The marketing strategy I use is what I call a hit strategy. A hit strategy is when you homes on the market and how many people make inquiries on that listing and what percent of those inquires request a showing. I don’t consider a hit as necessarily actually getting the person to visit the home. I consider it a hit based on e-mails about the listing, other agent inquiries, Internet activity surrounding the listing, phone inquiries and what percentage of those inquiries lead to showings. Now, I believe, if there are too few hits and a showing in the first month the listing is on the market, there is some type of issue that needs to be resolved with the listing. Ultimately, there needs to be an adjustment in your listing. Your agent should be clear about adjustments to your listing during the initial listing process of your home.

I can’t emphasize enough your agent needs to be proactive in the process of selling your home. A listing that remains in the market for too long will just scream there is a problem with your home. Now, in most cases, it will have something to do with the price of your home. There are other things that need to be evaluated as well, like where and how your home is being marketed. I believe the biggest source of disappointment for sellers is that this process is never clearly explained by their agent and then becomes a source of frustration for the seller. However, as a seller, you need to come to the realization that some adjustment needs to be made during the course of your listing agreement if there is a lack of activity. If you’re not prepared to make adjustments then it’s likely that you not prepared to sell your home. Your agent needs to work as your partner in selling your home and if one side or the other is dictating the entire process its likely both of you will be disappointed in the results.