What excactly is my sellers agent supposed to be doing? (feedback, appraisal)

[Grawburg]

We have listed our house with one of the more prominent real estate agents in Raleigh since we were doing FSBO and got no offers.

Well, it's been on the market for 40 days with no showing and not a word from our agent. We did run out of flyers and they got us more right away, but shouldn't we have at least heard *something* from them? Even just "Hey, we're still trying to find people to look, stick with us." But nothing...

Am I expecting too much?

[saltzman143]

It's overpriced.

[London Girl]

Originally Posted by saltzman143

It's overpriced.

Hate to say it but Saltzman's probably right.

[aneftp]

Originally Posted by saltzman143

It's overpriced.

I agree also.

You have to price aggressively to move in this market. If you are serious about moving the property, you should consider dropping your price lower.

There are lots of choices out there for potential buyers. Don't get emotionally attached.

Buyers choose with their pocketbooks these days.

[gbone]

You need to let your agent know what your expectations are. Typically, I discuss expectations, both the owner's and mine, at my initial meeting with them. So that there are no misunderstandings I then put these in writing for both of us to work off of. I also send a weekly written report to my seller clients which covers at least the following: showing activity and feedback for the previous week; any market changes as far as new competitive listings, sold competitive listings, withdrawn or expired competitive listings, pricing changes, etc.; marketing activities that took place; and any other thing that is relevant to their situation. I also talk with my seller clients at least one time per week.
If you have been listed for forty days with no showings then you more than likely have a pricing issue and/or a marketing issue. I would suggest that you tell your agent that you are not satisfied with the process and progress to date and want to sit down with them to discuss what needs to be done. Once this is agreed on then put it in writing so that there are no misunderstandings.

[TexasHorseLady]

If there are no showings, yes, it's price.

If there are showings and no bites, it could be something else, but if no one is even looking at it, the most likely problem is that it is priced enough over the market that the buyers are looking at the ones that are priced appropriately to the market.

That being said, can you find your house on the internet? There's always the possibility that no one can find it, though that's rarely the case.

[Synergy1]

The usual flat fee in a FSBO market doesn't attract a good amount of buyers or the publicity to draw potential buyers.

Our Newtown Square PA home and our neighbor's home were listed on a FSBO network. After 60 days we decided to use a full service agent and dropped our price more than 20% before it sold in 120 days. His home is still for sale 4 years later. His asking price is over $550k now but not higher than the rest of the homes. His theory is kinda silly because as a year passes he raises the price to what he says is his home's market value. On the other hand his price should have been lowered after around 60-90 days of no offers.

If you need to sell then dramatically lower the price at least 5% a month or sign up with a full service agent. If you need to sell quickly then make it worth an agents time to persue buyers such as giving the selling agent an additional 3% or more.

Good luck.

[brook2ga]

Your house is on the market, but is the agent marketing the house? Are you having open houses? Is it advertised in the newspaper? Did you have a broker's open? If price is the issue, how/why is it listed at that price?

For me, the broker's open was great because I received feedback from many other agents. We did end up reducing the price and received many offers, and then it sold.

[Thatguywho]

Originally Posted by Grawburg

We have listed our house with one of the more prominent real estate agents in Raleigh since we were doing FSBO and got no offers.

Well, it's been on the market for 40 days with no showing and not a word from our agent. We did run out of flyers and they got us more right away, but shouldn't we have at least heard *something* from them? Even just "Hey, we're still trying to find people to look, stick with us." But nothing...

Am I expecting too much?

Unless you are paying the realtor for services other than a commission on a possible sale, nearly 99% of all realtors will list your asking price (as over priced as it usually is), add a sign and put it on the mls.

Then they will use your home to send postcards to your neighbors trying to get more listings. Then maybe the office will use your home in a very cheap three line ad in the local paper to try to scrounge up buyers, usually not for your home.

The reason I say 'commision only' in this is someone wil usually not pay for advertising your property and do a lot of work. Most are lazy or trained that way.


If you want to sell your home, really want to sell it..I will list things I would do, as an honest and hard working realtor...and things I would tell you to do.

1- get an official appraisal before listing.
2- get a full home inspection, roof, bugs before listing.
(use 1 and 2 to fix problems and learn what your home is really worth.)

These two things alone will save you from losing a sale or wasting everyone's time. And a lot less stress.

3- get a copy of the records from your city/county on your home as far as permits and work done. Make sure all is permitted.
4- Buy a cheap home warranty for appliances.
5- get a survey to make sure no encroachments, take care of any that are there.


With this done, you will have a good idea of a real price. You will have all surprises taken care of before a buyer sees the home.
You will present a home without permit problems and a warranty.
Your home is surveyed and has no issues.

Now when listing the home, you have a warrantied, inspected, bug free (termite), good roof, no unpermitted work, clear property.

These things alone make your property stand out 100 times more than any other in your entire county.

Add to that a nice notebook with all this info, all manuals of devices, list of appliances and serial numbers for the sale, and any other good information...even info on the neighborhood.

These are just some of the things I consul people to do in selling there home. People will buy it quicker and keep the price as nothing in your area will compare for the 'safe buy'

Not doing these things opens up too much buyers remorse and fear of being screwed over.
Plus you saved them 500 to 1000 in appraisals and stuff for them to buy it.

Not doing this means you will have surpises, people will walk away, your price will be too high, any negotiated price will come down as the 'inspection' surprises force it down...etc...etc

Just some of what I would get you to do in selling your home. Of course I have my realtor methods too, but will not divulge them here. And there are lots of other common sense things you can do.

Or you can just hire someone to put out a sign and pay them 6% if someone ever comes buy.


Which houe would you buy....2 identical across from each other. One has a realtor's sign and a MLS listing like the one you have.

The other has a full inspection that is clean, survey clean, warrantied appliances, good roof (and can prove it), appraised at asking price, and so on and so on...

Not only would you save money buying the one with all the extra stuff, but you will feel good about it, pay the right price for that cozy feeling, and will definitely feel the owner has pride in ownership.

The other one is a big unknown....

Both will sell, but who will get the quicker price and higher sale?

I have said too much.....lol.... I doubt you have ever ever heard a realtor tell you to do these things. That is why, before the boom, I had highest sales in my areas. THen I stopped when the boom came up...getting ready to restart business.

www.politicalgateway.com

[70Ford]

Originally Posted by Thatguywho

Both will sell, but who will get the quicker price and higher sale?

The person that prices it right the first time.