Double Question: Firing Realtor and Flat Fee Listing (rent, house)
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Stephen, I knew we'd see you back here with problems selling your home - and I am not trying to say I told you so (though I think I did warn you?). Your basic problem is you have only been in the house a very short time and you are trying to get out of it with a profit in this market. You haven't had enough time to build up equity and you are competing with new construction. My gut feeling is you need to take the home off the market and wait another 18 months. Sorry.
You have no idea what you're talking about. Its funny how I am trying to get a profit out of the house when it's listed for $500 less than what we paid.
But thanks for your input on this topic.
You have no idea what you're talking about. Its funny how I am trying to get a profit out of the house when it's listed for $500 less than what we paid.
But thanks for your input on this topic.
Forgive me if I am remembering your situation incorrectly. When we last spoke on your prior thread I believe you were going to list around $190,000 but had paid in the $170's? At that time you were leaning toward the realtor who had given you that figure. Perhaps you didn't go with that realtor, or perhaps you just saw the wisdom in just trying to "break even" and listed it lower? In any case, what is the point of trying to sell IF YOU DON'T HAVE TO (which I remember being your situation - you only wanted a bigger home) in this market and having it listed for $500. less than you paid for it??? You are losing money this way when you calculate closing costs and realtor fees. I still say if you can stop this train wreck now you will be in much better financial shape later. I really do wish you good luck with all this.
I remember your posts several months ago.I am very serious about my next question: Didn't we advise the $500 to be paid IF they SOLD the house?
I don't remember any conversation regarding participating ($$) in the marketing effort.
Ironically, I just negotiated a listing agreement an hour ago where I am paying a part of a sign. The difference is I am selling a COMMERCIAL property in Concord and I wanted to display a "Future" plan on a large sign. I also wanted my building to to be advertised in Business journals as part of the listing agreement. So I volunteered to pay for part of the sign only.
Last edited by pink caddy; 09-17-2008 at 11:26 AM..
Reason: typo
I just amicably cancelled my listing contract with my agent (about 3 weeks earlier than it ran out) b/c I was just plain tired of showings but no offers. It is a tight market all over and Charlotte is no different. If you approach your agent honestly it is likely you will both agree to cancel the contract. You are still obligated to pay whatever you agreed to in the contract.
I paid nothing for marketing and she did a great job. The photographs are outstanding and I had a fair amount of traffic - better than my neighbors had. I just didn't get any offers. So, I'll try again in the Spring.
You were wrong to take it on yourself to re-do the photos and brochure. You had the right to say their work was unacceptable and to re-do them. Since you chose not to do so, you have in essence paid twice for the work if they choose not to let you out of the contract or that provision of it. Since "But I'm a very detail oriented person. If it doesn't suit me, I'd rather just do it myself than avoid the back and forth," you really did yourself in and it is not the agent's fault. I think you're stuck with whatever you signed. In 46 yrs of owning several houses, I have never heard of a seller being asked to pay for the photos and brochure. Makes me wonder why the agent wanted that from you.
Last edited by SouthernBelleInUtah; 09-17-2008 at 02:16 PM..
Reason: typo and forgot something
I'm sorry to hear that you are that dissatisfied with your agent. IMO, this market is far too finicky to have an agent you don't like. I would like to offer so friendly advice on flat fee listings though. We recently purchased a house from a seller who used a flat fee agency to list the house. The agency listed the house on the MLS and put a sign in the yard. That was it. It turned out to be a huge PITA for our realtor to complete the deal because the sellers received no advice from the listing agency along the way. Our realtor had to advise the seller on how to proceed every step of the way. Contract dates, inspections, repairs, everything became a larger issue than it had to be. In the end it all worked out and we love the house, but be advised.
If you are experienced with real estate, then it may not be an issue for you. Personally, I'm not sure that I would buy again from a seller that didn't have a "live body" agent to deal with.
This is precisely why I won't show "limited service" listings (ie. flat fee/budget listing services) to my Buyers. I want to work with other professionals. It's just not worth the extra work and risks (both for me or my Buyers). And I guess I must not be the only agent that thinks this way, because top agents always outsell the discount agencies.
My advice. Fire the agent and get one that knows how to deal with a declining market.
This is precisely why I won't show "limited service" listings (ie. flat fee/budget listing services) to my Buyers. I want to work with other professionals. It's just not worth the extra work and risks (both for me or my Buyers). And I guess I must not be the only agent that thinks this way, because top agents always outsell the discount agencies.
My advice. Fire the agent and get one that knows how to deal with a declining market.
Then to take your statement further. Are you truly representing your clients? What if the home of your clients dreams happen to be listed this way? Are you putting your clients needs/desires above yours?
Just saying!
I'll show anything and everything that meet my clients criteria. This deal might be tough to work but that what we signed up for! There will be an easy one around the corner.
Then to take your statement further. Are you truly representing your clients? What if the home of your clients dreams happen to be listed this way? Are you putting your clients needs/desires above yours?
Just saying!
I'll show anything and everything that meet my clients criteria. This deal might be tough to work but that what we signed up for! There will be an easy one around the corner.
Now that is what I want to hear. Just b/c something may take more work, I would hope my agent would not overlook it. In fact, I would be furious if I found out I had not been shown a property that matched my criteria - simply b/c my agent decided there was a likelihood that it might be a tough deal to consummate.
This is precisely why I won't show "limited service" listings (ie. flat fee/budget listing services) to my Buyers. I want to work with other professionals. It's just not worth the extra work and risks (both for me or my Buyers). And I guess I must not be the only agent that thinks this way, because top agents always outsell the discount agencies.
My advice. Fire the agent and get one that knows how to deal with a declining market.
Our job is to act as a fiduciary and put clients interest FIRST before ours. This includes showing ALL property that meets their criteria.
Every single transaction that I have worked with a limited listing broker has been double work on my end. However, its just part of the business and to be honest I've used it to my clients advantage every single time. The sellers aren't familiar enough with the processes involved or negotiating. I've been able to work great deals and get all types of concessions or favorable terms for my buyers when in a normal transaction any cooperating agent wouldn't dare agree too.
As a buyer, I knew that my agent would end up doing doule work if I purchased from a FSBO or listing only seller. Mentally though I was not really interested in viewing those properties even if they were on the MLS. A part of me felt like I would need to extra vigilent with that type of seller and that I might be better of dealing with someone that was selling with an agent. Sorry... my 10 cents
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