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Wow, That's great that you work in a market that you can walk away from a seller because they can be stubborn...
What market does it make sense to spend your own money on a house that isn't going to sell?
Quote:
Originally Posted by kellerWilliamsFishers
I dont price the home...The market does...
This is an issue of semantics. You make a recommendation based on comps, which are based on the market. Some agents pull appropriate comps and some agents don't. Somehow I don't think the market knocks on the seller's door and says "price me at $249,900." You do a good analysis based on market indicators, and then yes, of course the buyers dictate the final price.
No offense, but when you say it that way, it seems to take any responsibility of helping a client properly price a home for market conditions. It seems like a cop-out for not running ongoing price analysis (yes it is often difficult to get the initial price right in this current market, which is why ongoing analysis are important). I'm sure that is not your intention, but if an agent said that to me as a seller, I would be thinking what the heck am I paying you for then??
I don't know how you got offended by what I wrote.
Where I am the market is the pits & it's obvious that where you are it is not.
Where I am, when I walked into an agents office many times, people were sitting around doing nothing, and I am the type of person to not sit still, so if I was an agent and in an office I would give feedback to pass time.
When I said that maybe it's time to hire an assistant I wasn't being a wise a$$. You seem to have a lot going on and being a mother myself plus I used to hang out with an agent that also had young kids, I could picture exactly what you were describing because I've seen it with my own two eyes. People used to call her 9, 10, 11pm with no regard to her personal life. This is why I said maybe it was time to think about hiring one. Let someone else cut some slack from your load.
Obviously you can't tell the tone of my voice from a written word. If you read this ticked off / stressed out it could probably read a few ways. There was no emotion in me other then understanding but you didn't read it like that.
What I usually do is walk away from posts that upset me. I walk away for at least 24 hours, then I will go back & reread when I'm not so pissed. If it still reads bad I ask my hubby to read it, usually it's me reading wrong.
Have a great day and enjoy your kids.
Ah, the irony I wasn't mad either - you are 100% right about it being difficult to know someone's tone in the written word.
I totally thought you were being a smart a$$ and you thought I was mad
What market does it make sense to spend your own money on a house that isn't going to sell?
This is an issue of semantics. You make a recommendation based on comps, which are based on the market. Some agents pull appropriate comps and some agents don't. Somehow I don't think the market knocks on the seller's door and says "price me at $249,900." You do a good analysis based on market indicators, and then yes, of course the buyers dictate the final price.
No offense, but when you say it that way, it seems to take any responsibility of helping a client properly price a home for market conditions. It seems like a cop-out for not running ongoing price analysis (yes it is often difficult to get the initial price right in this current market, which is why ongoing analysis are important). I'm sure that is not your intention, but if an agent said that to me as a seller, I would be thinking what the heck am I paying you for then??
I wouldnt take offense to anything that is written here, its your opinion and because I'm an adult I'm very okay with another not agreeing with me....
Now if after 10 showings I havent gotten an offer I know its one of two things price or condition... so I redo the market analysis along with running reports of the activite that i've gotten from the websites I market on..I also have a company that sets up my showings so I dont have to fool with it- like I mentioned a few posts before....I go over the feed back and use it as ONE of my tools to find out why exactly the home hasnt had an offer..I take what i've come up with <again either price or condition> and I let the sellers know one of two things...The price has to come down OR whatever the problem is that is fixable has to be fixed- ALL of this helps me in showing those stubborn sellers its NOT ME thats setting the price but in fact MARKET GENERATED..I totally agree with you that you have to do on going analysis...I have to say that feedback is only a small tool to help me show my sellers but it definatly helps...Our local market is down 19 % from last year and my office is up 63 % from last year so its working for us in our area....I dont have a problem with helping other agents even if they are my "competition" like you has said earlier because if i'm doing my job the way i'm supposed for my clients it wont matter what other agent or agency is out there...Again this is just my opinion...
Usually Realtors reply promptly. I've had that happen to me a couple times though, and it was because they already had an accepted offer and a few good back up offers on the house. The other time the seller stopped accepting offers (had 12 lined up already).
Quote:
Originally Posted by njsocks
Really blows my mind a realtor cannot take 1 minute from their "busy" schedule to call or email the other realtor regarding a showing. I understand if it didn't appeal to their client BUT at least have the courtesy to call or follow-up with the other realtor would be NICE!(Coldwell Banker rep.)
We recently had a showing and my realtor said the other one wouldn't return her call or emails. SO unprofessional, in my opinion. Any constructive criticism would be helpful!
Usually Realtors reply promptly. I've had that happen to me a couple times though, and it was because they already had an accepted offer and a few good back up offers on the house. The other time the seller stopped accepting offers (had 12 lined up already).
Wow this thread is still going lol.. Actually we are done with our realtor. Thankfully the contract is up in a few days. She emailed me recently for a showing! Can't they pick up the phone and call me!! What if I am not near a computer??? She is too lazy to pick up a phone in the last 3 months to call me once!! Good riddens to her!
OH, BTW, I wish I had 12 offers! OMG! that would be like winning the lottery!
After 30 plus years in the commercial real estate business, any broker who doesn't follow-up on a showing is a fool, and he is not serving his client. The most obvious reason to find out why someone wasn't interested is that the potential buyer may have been mis-informed about something or they walked away having a mistaken idea relating to the property.
After watching the behavior of many residential real estate brokers over the years and having bought and sold many properties (many I sold myself), I would say that the people in that business are untrained. And, I would add that there are many air-heads that call themselves professionals. Most commercial brokers, on the other hand, have masters degrees in some business specialty, and they are trained by someone competent for many months to a year; call it an internship.
With regard to the person that said the other broker has no obligation to tell you why his buyer isn't interested is the perfect example of a non-professional. In the commercial business, we are often competing for deals that could be $10 million and more, and the "game" can get very rough and the competition extreme. Never once in all these years have I walked away from a fellow broker without knowing the exact reason why his prospect walked from my listing. Sometimes, it took some persistence, and when the other broker realized I was not going away, I would get the answer. Every seller, in order to make an intelligent decision, has to know why every potential prospect, who walked through his doors for one reason or another, and walked away for a reason, is lacking the information to make the right decision if he doesn't not know why. To carry this farther, as a broker, there is something to be learned why that same walk-away bought another building. It teaches you how to read people.
In October, I hired a neighbor who I have known for over 30 years to sell my house. This man knows contracts and he is the most likeable person in the world, but I quickly found out that he is an untrained air-head. I first tried selling the property myself, and found out I did not have the time to put into it. I gave this guy a list of over thirty potential prospects; people that had looked at my home. Many were actively looking. Do you know what, my broker hasn't called on one of these people. Idiot. I had two showings two weeks ago, and heard nothing from this guy. I called, and the answer was, duh? We had an open house a month ago, and he had someone at my home (he was at another listing of his). This gave me the opportunity to go look at the listing he had at the same price as my home. After a couple people walked out of this other listing, I asked why he didn't refer them to go see my home. You guessed it, duh?
Any posting that here that suggests this information is unnecessary is on the side of DUH?
i as a seller like feedback and expect my agent to get it. i don't think those automated lock box feedback forms are worth anything, and no one uses them. the quickest way from point a to point be is a straight line, pick up the phone and ask. that will make your home stand out. when interviewing agents for my listing one guy said if he doesn't get a call from the listing broker regarding a property he moves on. most of the time if your house is in good condition priced right and just not the right house for someone it is useless feedback and the only positive feedback is an offer but for me it means that my agent is doing their job and trying to sell my house and gives my agent a chance to answer any questions or concerns. If a buyer looks with their agent at 10 houses over 1 weekend, the sellers agent who follows up brings your house to the front of the buyers agent's mind and i would think helps build a professional relationship between the 2 agents. maybe this buyer wasn't right but if they have another buyer they will bring them back.
i do have a question. if 2 agents split commission 50/50 why does it matter to agents to be the listing agent? why do they compete to get as many listings as possible? i would think a buyer agent spends less on marketing etc and would want to get their client to buy. of all the agents i interviewed who said they had buyers for my house, of course when they weren't chosen to get my listing, they never came with any buyers. isn't 2.5% better than 0 especially if you had a buyer that would actually buy my house?
With regard to your question luluwas, it is a matter of control. When an agent has a listing, they know that if the property sells during the term, or sometimes shortly after the term expires, they will get paid. They also get attorney's fees if there is a dispute. On the buy side of the equation, most brokers that are showing buyers property are totally unprotected. Without a written agreement with a buyer, their buyer could walk into an open house or call on a sign by another broker, and the first broker "earns" nothing. There is an "exclusive right to represent" a buyer, but they are virtually non-existent in residential real estate. Accordingly, there are a lot of brokers that do nothing but get exclusives to sell, and they don't spend any time "selling" for the people they represent. Beware of brokers who have listings in higher numbers than the norm. It makes them money, but their clients take it on the chin because no one is working on the sale.
Exclusive right to represent a buyer is readily understood by major corporations because they understand the business. When I worked with a buyer looking for a, say 100,000 square foot warehouse, it was a different matter. They knew little about the real estate business, but being entrepreneurial, they understood getting paid. So, while showing them property, I would initially tie them up time-wise by spending whole days looking at properties. And, sooner or later, preferably sooner (once we had connected on a personal level), I would fully explain how I got paid, or didn't get paid, and get a verbal commitment not to talk to other brokers. To these guys, rushing in and getting an "exclusive" would be offensive. In 30 years, I had done almost 1,000 transactions, and I probably could count the number of exclusives with a buyer on my digits. I found that being totally honorable, and showing my prospect that I was willing to bust my a_ _ for them worked quite well over the years.
While buyer's agents don't spend money, they spend time. I will tell you that my broker put a sign up on my property (and it could be 10 years old for all I know; used for 40 listings?) and they paid a photographer $150 (I asked) for the photos on the internet. In the commercial business, this was at the expense of the company, and not that of the salesman. The company gets cheap advertising, and it is no skin off the salesman's nose.
I listed a 500,000 square foot building on the tollway in the Chicago area, and my boss spent $12,000 for the sign. It was so big, that the wind one day pushed the sign across the roof to the back of the building. That was when the boss put U-bolts through the roof of the building. The sign was great for advertising and for the ego of my boss.
Now, to let you know how naïve some residential brokers are, I was in the process of buying a home directly from the homeowner, a 65 year old real estate salesman. I was dumbfounded when he asked me, "How did you get them to let you put that big sign on their building?" Duh, because I have a one year listing to sell the property, and it says, FOR SALE? And this man was a "veteran" in the business. It was the sign discussed in the paragraph above.
Don't get me wrong here about residential real estate brokers. There good ones out there, but it is not the norm in my opinion. Where else can you start a business (be a real estate salesman) by taking a one or two week course, and having enough money to pay your bills for a while?
People need to balance their knowledge with what they can get out of the broker. Me, I am knowledgeable, and having worked with this "friend," who has sorely disappointed me, I will look for someone relatively new in the business and get them to commit to actively working to sell the home. When selling a home or any property is relatively new to someone, they need a broker that is more knowledgeable, but is also willing to work hard to sell the property. Here is another standard of measure. I have had almost 30 couples through my home in two months, but not one was brought in by my broker. Brokers that team up, and list homes together is another matter of concern. If two brokers have the listing, and a broker from another firm sells the home, here is how the commission breaks down. Let's say the home sells for $500,000; at 5% that is a $25,000 commission split between two firms. That is to the listing agent's firm, $12,500. If that is split equally between the house and the two brokers ($6,250), they would each get $3,125. That is a long way from the $25,000! No do the numbers for the average American home, what half the selling price?
If any broker tells you that he wants to get as much possible for you on the sale because he will get more, he is scamming you. Brokers prefer turnover. I will leave it to you to figure out how much that $3,125 would be if the home sold for $480,000. Now figure a $250,000 sale.
Last edited by cloggedarteries; 12-08-2013 at 08:08 AM..
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house is in contract
