Calibrate def. to make corrections in, or adjust a procedure or process.
I don’t know if re-calibration is a word, but I’ll use it to describe what realtors have had to do over the last few years.
It wasn’t enough to just make corrections or adjustments to our thinking and practices from the bubble years. The market conditions changed so radically that agents needed to re-program their own thinking. But have they?
Whether you are buying or selling, here’s how you know if your agent has re-calibrated:
Agents Who Haven’t Re-Calibrated from Bubble Mentality
1. Complain about how bad the market is.
2. Promise that “The market will come back, it always does”.
3. Say things like, “The market is picking up” in a vague, non-specifc, non-involved way.
4. Tell their sellers to list high, you can always come down.
5. Think their job is to defend the list price at all costs, even if it means no sale.
6. Have listings sit on the market for months, and expect that ‘somebody will come along’.
7. Tell their sellers to hold out over 1-2% on price.
8. Reject a $2,500 request for repairs on a million-dollar sale.
9. Tout the comps as the reason for every action taken.
10. Tell their buyers to offer full price, or higher, with no justification.
Agents Who Are Re-Calibrating
1. Recognize that price is everything.
2. Know when a house is priced too high.
3. Don’t have listings that are OPTs (over-priced turkeys).
4. Don’t make promises about the market coming back.
5. Know that comps don’t mean much to buyers, unless they are low.
6. Recognize that REOs and short sales are valid comps.
7. Reduce the price on listings early and often.
8. Can be reached by phone.
9. Are urgent with sellers.
10. Are patient with buyers, and know that there will be other houses.
When talking to agents, use this as a guide to figure how much they might be able help you!