A question by jqay : We spent a fortune doing everything he said to get the house “ready” for the market–renovated the kitchen, all new wood floors and carpeting, new paint everywhere, fixed everything like new. I thought the price he set was low, but I went with his expertise in the hopes of selling it quickly. It was professionally staged and landscaped and is an excellent location with good schools in a medium-sized city with a healthy real estate market (prices are climbing). It’s within the city limits but large-lot suburban-like homes, 3 miles from downtown. After 3 months it hadn’t sold and we lowered the price 10k. It’s been 2 more months now and no offer. How can I tell if he’s doing everything he should be doing, advertising where he should, etc. Did I make a mistake going with an independent agent vs. a large company??
Answers
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Maintaining a fruitful working relationship with your real estate agent requires effective communication. Generally speaking, on work days, your agent should answer to your inquiries within 24 hours.
Vaor
“It sounds like the things he recommends you do were proper and a good investment, so no problems there.
Listing agents typically get the thing up on MLS with pictures and then just sit back and wait for the buyer’s agents to come to them. Well, not typically, but the lazy ones do.
Your agent should be advertising and holding open houses periodically, and also arranging preview agent-only showings to other realtors so they know what is on the market should they have an appropriate buyer come in. If they are not doing that you are properly within your rights to ask “Why not?”
That listing agent, too, should have done a comparative market analysis (CMA) for you so you could determine where you should price your home. If they haven’t done that, then you don’t really know if you are priced right for your market.
You say 5 months and no offer, but I’m guessing you have had showings? If so, get your agent to call the other agents for feedback. Find out what it is about your house that is preventing someone from making an offer. It might be a smell you are nose-blind to, or they saw something you haven’t noticed. But you have to be just as proactive as your agent should be, to get this thing sold in a timely manner for a good price.”
Anonymous
“Back when I started as an agent in 1978, advertisements were very important but the sign was even more important. Now advertisements in publications are old timey and don’t work. Most MLS’s allow hundreds of websites to download information from them. So ads of any kind are hardly necessary at all. But the sign is still extremely important- I would also suggest directional signs when and where they are allowed. I use an information box attached to my signs so that a drive by may entice someone to call me or call their agent. Photos are extremely important and often should be professional done. The description should be well written. It could be that in your local market that these described results are fairly normal- but I would ask that agent to update their market valuation to see if anything should be corrected- see what houses have sold since you listed and see why they sold and yours did not. A large company is no better than a one-person office- but the agent needs to know the local market and what drives it and needs to communicate well with you.”
Anonymous
“Im going into real estate and i just saw a home of some soldier who was selling his home put over like 50k in renovations the house is pretty well located and is in a doable but no best neighborhood(otherhomesarenotasprestine)
(older homes)This home is sitting on its *** after virtually everything is redone 2 months is not that long but it is long.I have 1 thing to say about if he’s doing a good job and thats HOME SHOWINGS.WHAT IS HE GENERATING as far as LEADS what the hell is going on and how is the machine working back on his end.How fast are homes selling around the area what is the ratio of new home owners moving in and out of your “small “town or neighborhood. I think you did everything right maybe a little extra but i can’t be sure.
25k is nothing on renovations i see people spend that in a kitchen so don’t panic about that i think it’s a good thing to spend that and have the home be pristine for market value. I live in Texas and I’m training with the best here and can hook you up with good people with a real track record i know the best give me a message and i will show you the way to success.”
Alright alright alright
“Sit down with the agent see what similar properties are on the market in your area and what has sold, actually closed, in the past three to six months. Have a broker open house with agents jotting down their impressions. Seems like you have spent a lot of money to get the house ready. This is not a good idea unless there were damages that would come up in the buyer’s inspection. We only recommended cosmetic changes and real repairs when we worked as RE agents..”
Source(s): Former real estate agent in FL (about 10 years)
“It would be difficult to tell if your real estate agent is doing a good job or not.
Even with doing as your real estate agent wish, is no guarantee that your house would sell. Your real estate agent is making an attempt based in his/he knowledge of what is or is not selling in your neighborhood.
Your real estate agent should have provided you with some of the latest comps of what has recently sold in and around your neighborhood. You might would have wanted to drive by to take a look at these properties your house was being compared to. You would be looking at the current condition of the houses, any visible
improvements and other things that is different from your house.
You should have interviewed several real estate agents to find out one that is suitable to you and match your
personality and expectation that they are able to get the job done. Your personal belief in the ability of a person to be able to do their job is one of the primary reasons you select a person such as a real estate agent to
perform as you expect.
The things you might want to go over with your real estate agent is his/her marketing plan, scheduled open houses, drive by with other real estate agents so they would know the house and not just see it on the Multiple Listing Service (MLS).
Did your real estate agent list your house on their personal web site and email or sent your listing to their list of people they have that are seeking to purchase a house.
Do this real estate agent work your area or is a real estate agent across town and have no idea as to the going prices of houses for sale.”
Anonymous
“That was your only huge mistake, listing with a private agent. Anyone wishing the best service, internet pics
done by a professional photographer. A video tour of the house on MLS is always a feature a buyer is interested in. If they like it, they are actually beginning to live in it as the video takes them from room to room.
Here are some tips you need to require from your NEW agent who sells for the largest company in your area:
If you sell our house within the first 2 weeks, we need a half point reduction in the selling commission.
A feature sheet for prospective buyers with at least 10 colored pics.
You will set the price and there will be no reductions.
He/she will place the For Sale sign and maintain it’s condition.
Buyers will remove shoes, have no bare feet and no smoking during showings. No exceptions. No children brought to showings.
If you have done everything you have mentioned and it is in a desirable area and you have painted in neutral
colors and upgraded kitchen and baths,,,there is no feasible reason why you have not sold.
I wish you could post a pic and ask again. There could be something you could easily add for curb appeal.”
Knowledge of Design & Construction.
Personally, I would never do all that work on a house I was selling. As a purchaser that new stuff would put me off buying. I would be paying extra for that work, which is not to my taste, and don’t want to spend more money ripping it all out and putting in my own choice. I prefer to buy at a lower price and thus have the spare cash to put in my own choice of kitchen, carpets and flooring. The smell of new paint puts me off too. I wonder what they are covering up
Anonymous
Last week on CNBC they were discussing how with all these websites offering details on listings, a potential buyer is more likely than not to have done some research on homes for sale in the area before looking at the home
So, if you do not get a bite within the first month the listing will go stale very quickly
Knowledge of Design & Construction.