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Old 10-06-2010, 12:10 PM
 
438 posts, read 1,618,275 times
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We have been on the market for about four months now. I am a little frustrated with our realtor because I am not sure she is doing a good job. BUT this is our first time selling so I have no idea what to expect!? Keep in mind I KNOW the market right now is awful. We live in Chicago and are trying to sell our condo. We have only had 2 showings since we listed and haven't had one in at least 2 months. The reason why I am frustrated with her is because I get NO information or status reports from her. Am I supposed to? A good example is we just dropped our price AGAIN 2 weeks ago $5000.00 (so we are about 7% below our buying price 5 years ago now) and very competitive as far as other inventory in our area. Should she be sending us any type of weekly reports or anything? I haven't heard from her in weeks. Obviously that means no one has contacted her about our place but I would just think she would have some sort of report good or bad to give us? What should I expect from her? Should I not hear from her at all unless someone wants to see our place? She has tried a couple of open houses which no one showed up to, but other then that I don't get anything else from her. Any info to put my mind at ease would be great!
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Old 10-06-2010, 12:20 PM
 
3,398 posts, read 4,784,177 times
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I think even if there is nothing to tell you it would be wise for her to think of a reason to call you. It's just good business.
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Old 10-06-2010, 01:15 PM
 
92 posts, read 215,734 times
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I would expect weekly status reports; however, you can always call her. And, as far as your two showings, what kind of feedback did you get? Anything you can act on? Also, what kind of marketing is she doing for your place? I know the market is in the dumps right now, but it seems odd to have no traffic even after a price reduction. After all, people do still move into Chicago all the time. My advice is to make a list of your questions and call her to find out what's going on.
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Old 10-06-2010, 01:41 PM
 
Location: Just south of Denver since 1989
11,607 posts, read 32,126,621 times
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How did you drop the price without contact with your agent?

If there are no showings you are at least 10% overpriced.

Your purchase price is irrelevant.
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Old 10-06-2010, 01:54 PM
 
Location: Salem, OR
15,067 posts, read 37,265,678 times
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This market is so slow that I do status updates every two weeks. They include a summary of showings, feedback, etc. Market condition update, and comps update. My clients know when they list that they will get reports twice a month.
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Old 10-06-2010, 02:13 PM
 
438 posts, read 1,618,275 times
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Quote:
Originally Posted by dolphin40 View Post
I would expect weekly status reports; however, you can always call her. And, as far as your two showings, what kind of feedback did you get? Anything you can act on? Also, what kind of marketing is she doing for your place? I know the market is in the dumps right now, but it seems odd to have no traffic even after a price reduction. After all, people do still move into Chicago all the time. My advice is to make a list of your questions and call her to find out what's going on.
The feedback was that our place showed nice but price was too high. So from there we dropped our price. Since then we dropped it a couple of times as well and still nothing. We are priced right around our comps and our location is great. We are even on the 3rd floor which in most cases the comps I have seen are 2nd floor. Weekly reports would be nice...It doesn't even feel like we are on the market.
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Old 10-06-2010, 02:16 PM
 
438 posts, read 1,618,275 times
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Quote:
Originally Posted by 2bindenver View Post
How did you drop the price without contact with your agent?

If there are no showings you are at least 10% overpriced.

Your purchase price is irrelevant.
Sorry, I did e-mail her when we wanted to drop our price. She did respond to that and dropped our price. But that was 2 weeks ago and I haven't heard anything from her like any kind of status...if we dropped 10% more we would have zero equity left and no deposit to buy a new house. Ugh.
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Old 10-06-2010, 03:08 PM
 
458 posts, read 1,592,622 times
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Quote:
Originally Posted by Gunner0325 View Post
The feedback was that our place showed nice but price was too high. So from there we dropped our price. Since then we dropped it a couple of times as well and still nothing. We are priced right around our comps and our location is great. We are even on the 3rd floor which in most cases the comps I have seen are 2nd floor. Weekly reports would be nice...It doesn't even feel like we are on the market.

I can tell you that as a buyer this summer, I never wasted time looking at places that were priced "right around the comps". I'd check out only ones that were lower than comps. Buyers have the upper hand right now. With no showings in two months, you are clearly still priced too high. Does it suck? Yes. It doesn't matter what you paid for the place, someone who bought in 2005 and is selling today is bound to take a loss. Where I live, the house I bought was $202,000 as a new build in 2003, was worth $350,000 at the peak in 06, and I paid $155,000 two months ago. Did somebody lose money? You bet. It's how the market goes right now.
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Old 10-06-2010, 03:59 PM
 
336 posts, read 873,491 times
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I think your realtor needs to be in touch with you more. Some realtors I think are still playing the game the way they did when houses practically sold themselves. It's not the same anymore. That being said, we learned the hard way (and the lesson isn't finished yet) that what you owe & how much equity you have has absolutely nothing to do with it. You bought at a high. We've knocked our house price down over 20% from an appraisal 4 years ago and still haven't snagged a buyer. The condo/townhouse market has really been hit hard it seems. My guess is you are still significantly overpriced, unfortunately. It sucks, I know.
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Old 10-06-2010, 04:08 PM
 
29,984 posts, read 40,668,120 times
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To the OP: You state your current price is 7% under your purchase price. Ok. However, ask your realtor to show you the percentage of the drop in value for Chicago condos in your area over the past two years. I think you will find it is significantly more than 7%.

Current market value is all that matters in terms of getting showings and offers from potential Buyers.

Contact your Realtor and ask her for some comps of past sales reflecting the market decline so that you have a better grasp of why you have not had showings. Get together with her face to face to review these comps and set up a strategy. Outline your communication expectations. If another month goes by and you are still unhappy because your Realtor has failed to perform and not because of market conditions, consider firing the Broker and list elsewhere.

Truthfully your Realtor is likely as frustrated as you and at some level may fear contacting yoou since she has nothing new to report. Being pro-active in addressing your concerns does not have to mean being defensive and confrontational. Remember you and your agent are on the same team and both want to get your property SOLD!
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