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You didn't get your home sold during the first round with the first agent, even though the time on market was more or less what the market average was.
You get pissed. You hire a second agent, or third.
Finally a buyer comes along after another 60 days.
Do you think this was due to magic performed by the 2nd/3rd listing agent?
or do you think it was price, waiting time, or luck?
In hindsight, couldn't your first listing agent have waited another 60 days for that same buyer's agent to bring that buyer?
Is it wishful thinking that causes you to hire another agent after the listing expires?
Too often I see a home not sell at a certain price after a good period of time.
The listing expires, and another agent is hired to list it at ~ same price, and after more waiting,
it finally sells for a bit of a discount.
That 2nd agent did nothing different except waiting longer, and persuading the seller to accept the discounted offer.
Assuming the first listing agent was perfectly competent, why did you not keep him after the listing expired?
"He didn't get it sold" often really means "You, the seller, didn't agree to lower your price enough".
If you have ever hired a listing agent because he said he could get it sold for $$$$$ more than other agents, how exactly did you think he was going to achieve that?
You're right, a lot of time it IS the price. But frequently I'm seeing marketing issues as well. I mean the most terrible pictures EVER. No wonder the house didn't sell; nobody wanted to come see it because it looks like a blurry bat cave... Back to pricing... yes, it cracks me up when a house sits and sits and they get a new Realtor and lower the price and it sells. Either the previous Realtor didn't educate on pricing strategy or the sellers weren't ready to hear it yet.
were you agent 1? I'm assuming you weren't agent #3, or you'd tell us how yours was the magic marketing plan.
Don't get me wrong - I had this happen at the beginning this year ... a valued client heard the part of my message that said "the houses that sell are on the market for 60 days on average", then priced the house above my price, and "fired" me on day 61. They sold at where I told then on day 78.
What am I to do? Sharpen my skills. I'm supposed to be the expert, not them.
This is always an interesting discussion. I have a listing now that is actually priced right though it is very expensive in its class...this is full boat houses with pools exquisite landscaping and a half acre. The house is a gem...and the pictures are actually better than the house.
Started out all by ourselves. Two weeks 7 competitors. Maybe 4 showings over the last 4 months. Last three days...4 showings. And a deal that might work. We went in a little high but came down in two weeks to the price we are going to hold.
The problem I think is the market can sell only 1 to 2 houses in this class each month. And we hit the valley.
If it now goes I will of course be a marketing genius...but actually all I did was pay for really good pictures and get the owner to hold still for a reasonable time frame.
I don't think I get fired if it does not sell as I had the story about right. I will likely just rent it for a year and then sell it.
What did realtor 1 do? What resources did they use in today's difficult market? How experienced were they in the type of real estate they were selling? What is their reputation like within the business? How communicative were they with the seller - did they explain the comps, the state of the current local market, and get feedback from potential buyers and their agents?
The answers to these questions is what I would base my decision to fire the realtor.
FYI, my realtor sold our house the first week it was listed.
What did realtor 1 do? What resources did they use in today's difficult market? How experienced were they in the type of real estate they were selling? What is their reputation like within the business? How communicative were they with the seller - did they explain the comps, the state of the current local market, and get feedback from potential buyers and their agents?
The answers to these questions is what I would base my decision to fire the realtor.
FYI, my realtor sold our house the first week it was listed.
To which the anti Realtor wags will always observe that it was "listed too low".
You're right, a lot of time it IS the price. But frequently I'm seeing marketing issues as well. I mean the most terrible pictures EVER. No wonder the house didn't sell; nobody wanted to come see it because it looks like a blurry bat cave... Back to pricing... yes, it cracks me up when a house sits and sits and they get a new Realtor and lower the price and it sells. Either the previous Realtor didn't educate on pricing strategy or the sellers weren't ready to hear it yet.
I did say....
"Assuming the first listing agent was perfectly competent......."
so pictures do not factor into my assumption.
I see countless listings with perfectly fine presentation, but the seller thinks "I will not go $1 below XXXX."
and then the seller tries his luck with another agent that does the exact same thing. <<< It begins to look like the definition of seller insanity- doing the same thing over expecting a different result.
Yes, most often it is the price, so why not let the first agent lower the price and keep listing it?
That's what I'd like to know from those who fired their first agent.
Quote:
Originally Posted by BoBromhal
were you agent 1? I'm assuming you weren't agent #3, or you'd tell us how yours was the magic marketing plan.
Don't get me wrong - I had this happen at the beginning this year ... a valued client heard the part of my message that said "the houses that sell are on the market for 60 days on average", then priced the house above my price, and "fired" me on day 61. They sold at where I told then on day 78.
What am I to do? Sharpen my skills. I'm supposed to be the expert, not them.
I don't believe in magic marketing plans, so I would never brag about anything like that.
My plans are textbook- price it right, present the home accurately, answer the damn phone, accommodate, educate, etc.
and praying for luck.
I was none of the agents. I'm just commenting as an onlooker and trying to understand more deeply this seller phenomenon.
I'm sure I will find myself in agent #1's position repeatedly soon enough.
Your example is perfect. Agent #2 took your commission, and all you had to do was wait another 18 days.
I'm trying to understand what your seller (and other sellers like him) was thinking.
Quote:
Originally Posted by lvoc
This is always an interesting discussion. I have a listing now ......
Another good example where it can all fall apart, and you have to try your damnedest to set your seller's expectations so he won't just blame you for not making it rain buyers.
Well then the listing agent didn't do the job properly. If the seller says he wants $200k for his house and won't budge but the agent knows the comps, the market, and evaluates the house and knows top dollar would be $180k, then it's the agents job to convey that information to the seller. The agent needs to be honest and say that the current market won't support that price and if the seller insists that it might be months of showings without an offer.
The agent needs to be professional enough to say the hard facts. And the agent needs to understand that sometimes it's not worth their time and expense to list a house that won't sell because the seller is unrealistic.
I don't see what all the crying is about. The seller and the listing agent sign an agreement. If it is 60 days and the seller decides not to renew the agreement, why gripe about it?
The agent had the length of the agreement to influence the seller, affirm trust (the seller trusted agent enough to hire) and validate the skills of the agent. Or as crazy as it sounds...sell the property.
As a consumer who ALWAYS uses RE agents, and has multiple transactions over decades, I find your observations whiny and exaggerated.
Sure, a client can go off the rails after they agree to your strategy, but do you really want to renew with them if they are chasing data points or develop ridiculous expectations? Too much pain...let them go. But don't get busted up when the guy or gal comes in behind you and scores...that is life, not just RE.
I have let a few agents go as a seller, and I am sure they would grumble about me too. I have renewed a listing with my original listing agent as well...I thought they were doing a good job, I felt informed and well-advised on the market activity.
The agents who came through for me were, in fact, better, not just lucky in timing.
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