Taking a new listing is one of the exciting parts of a real estate career. It is potentially the beginning of a relationship that if cultivated properly could result in subsequent sales and referrals for years to come. Sadly, not every listing provides those benefits. Some are problems from the start and are flat-out un-saleable. The sooner you realize the trouble signs and take action, the better you will be

What is your time worth? Have you ever sat down and determined what your hourly income is? This can be an eye-opening experience, because once you know what you are paid each hour, you will be less inclined to allow someone to waste your time. Once you know that, you will work to lessen or completely  avoid those situations that take up your time and do not provide revenue.

The current market of lender-owned and short sale properties, coupled with many sellers in bankruptcy often creates a situation where the property is un-saleable. Here are the more common reasons why and the reasons why you should think of cancelling the listing and moving on…

1. Uncooperative or uncommunicative seller. In short sales, the sellers are often frustrated and worried, and will be less willing to cooperate. In either case, such as making certain disclosures or not paying some of the buyer's costs might render the property un-saleable. If the seller has dropped out of sight, does not return any calls, e-mails, faxes or any other means of communication, you might need to walk away.
2. Seller turns down reasonable offers. You know what's reasonable. No matter what the list price is, if your seller refuses to accept a reasonable offer, or at least provide a reasonable counter-offer, that might be time to cancel the listing. Give this stronger consideration after the seller does this more than once.
3. Sellers are divorcing, fighting or not agreeing with each other. Certainly sales can occur with a divorce situation, or sellers who are arguing with each other. But, at some point, when the situation becomes untenable, when you are constantly being put in the middle of their fight, you need to think about your options. When one divorcing party clearly defies a court order and does not cooperate, or one sibling has made it clear that they will not agree to sell mom and dad's place, it might be time to throw in the towel.
4. Sellers refuse to be reasonable on pricing or making repairs. Pricing today could be a moving target. If the seller does not agree to price adjustments to reflect the current market, and activity is slow or non-existent, then you might be wasting your time. If the seller refuses, either now before a contract, or in response to a contract, to make even the slightest repair, then it might be quitting time.

We never like to lose a listing. It often feels like failure. But in many cases it is not your failure. It is the seller. If they put you in the boxing ring blindfolded with your hands tied behind your back, how do they expect you to win the fight? Without their cooperation, participation and assistance, you might be wasting your time.

So, measure each listing with the above factors, and if the decision is to cancel the agreement, first confer with your broker to determine how you accomplish that.

If you determine that you are worth hundreds of dollars per hour, this will be an easy decision for you. If you determine that you are worth $8 an hour, you will seek to find buyers and sellers who will be ready to act, thus raising your hourly pay.