[Calculated Risk] Realtors sometimes work for free
... do you.
Please note that this post has no relationship with the Bill's fabulous Calculated Risk blog (although I did snag his part of his header for my picture). But real estate agents do take a calculated risk every time they work with a client as to whether the transaction will successfully result in a commission. Sadly, more often than not, they do not.
Let's take a look at listing a home for sale. Last year, there were 19,274 homes that were listed for sale in Charleston and 8831 homes sold according to data from the Charleston MLS (information deemed reliable but not guaranteed). Over 55 percent of the time, the listing did not close. That's a pretty high failure rate to consider when taking on a new listing for a real estate agent who is going to spend time and money to market and sell a home.
So it only makes sense for a Charleston Realtor to be very selective and take on jobs that have a good likelihood of closing, that means well priced properties with realistic sellers who keep their home in good condition and makes the home reasonably available for agents to make appointments to view the property.
On the buyer side, a real estate agent can easily spin their wheels if they aren't careful. Yep, they could be driving buyers around burning gas and probably paying for lunch as well. If that buyer is not financially qualified to buy a home, it's a total waste of time. And that is why I ask anyone who wants to see homes for sale whether they have been preapproved for a mortgage before agreeing to work for them.
You wouldn't want to work for free, would you.