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I think I will be putting my home on the market to sell. I don't have to move, but it is just too cold for me here now.
I did have it listed last year with a realtor- I screened careflly- at least I thought I did. The realtor:
1. Did not advertise in any newspaper.
2. Only listed it in 2 websites- their own and Realtor.com
3. I asked for letters of monetary capability BEFORE they even let the buyer
into my home- I didn't want to waste my time or theirs.
4.I asked that the realtor contact me every week or so- to let me know what
they were doing to promote the house.
5. I did have an appraisal done.
6. The contract was for 1 year.
There is more to list, BUT- I will stick to just these things so you wll get the picture.
1. Do people still read the classified sections of newspapers- or do they
only look online these days?
2. I know of about 20 online websites to advertise in- if I know more than
the realtor- who hasn't put the house in more than the 2 listed above,
should that be raising a red flag??
3. Not a SINGLE person had a letter of monetary availability- the realtors
let people in who couldn't afford anywhere near the cost of the home.
4. After 3 months I finally called the realtor to see what she had done- she
replied, 'why should I call you- nothing has changed'!
I was at my winter home during this- I trusted that a realtor actually WORKED for their money- boy was I wrong!!
It seems that here in Powell, that that is the consensus of all the realtors-
not AT ALL the experience I had selling my condo in a larger city just last year.
Seeing the attitude and the way realtors are here- should I even consider selling my own home? I have the time- I don't even know where I will move to yet- and there is not any financial stress- the house is paid for.
What are you opinions?
Please- no realtors offering to sell for me! I just want others opinions/experiences.
Thank you
ps My experience seems to me that realtors are not willing to work for the 7%- they just want a buyer to fall in their lap- don't realtors WORK anymore? In order to get 7%, you need to advertise- yes, actually spend some money in order to earn more....
I'm right there with you in Lander. #1 selling realty in town and I'm nothing but disappointed. This is a HUGE change from the realtor we used to Buy the same house (who moved on to a different career). He worked for his commission and we were more than willing to give him another cut of this property.
We're in a different boat though... house isn't paid off, we can't move on with life without selling, etc.
That said, we're mid-30's and never pick up a newspaper. I wouldn't expect an advert. placed there. For online, all the national search sites pull directly from Wyoming MLS. If they aren't there, then they likely aren't on the Wyoming MLS. That's a BIG DEAL to me. Photos are a must too, the more the better. At least our realtor has gotten this right (though I had to get after her to fix some issues, thus doing the legwork myself).
I've mentioned many times in the threads on Wyoming real estate that the degree of agent professionalism here is non-existent compared to many other markets. I cited my problems with real estate agents in this state on several deals, numerous attempted deals ... and my results in selling and buying properties without a real estate agent involved at all. I've drawn up my own simple buy or sell agreements, had them reviewed by an attorney when needed, and handled everything to set up the closing at a local title company. As a FSBO seller, I've had excellent results ... but do keep in mind that I'm a seasoned real estate owner/investor, with a past history of having gotten a real estate sales license in another state (which I got for the express purpose of getting the knowledge to do my own deals because I'd been ripped off by several #1 Agent folks on various deals).
Keep in mind, too, that as a FSBO seller, you will be doing all of your own marketing, sales negotiations, problem resolving, hand-holding for the buyer, lining up the closing with a title company, getting any needed surveys/inspections (well, septic, etc), issuing the lead declarations, and any other important relevant disclosures (easments, defects, etc.). You will need to do your own staging and showing of your property ... which means you must be available when your prospects are ready to do so. You will have to do your own "qualifying" of prospects ... and you will rarely see a pre-qual letter as the seller as that's a bit of confidential information to a well-qualified buyer. You will have to be prepared to deal with them bringing in their own agent (who is working for a commission, and will try to structure a deal where they get the 7%), or some other obstacle to completing a "good deal" ... such as trying to discount your price to reflect no agency commission. You've got to do a great deal of prep and marketing, and research to know what you've got and how much to sell it for in the current marketplace.
You are absolutely correct that the small town agents will sit around, doing nothing ... or a very minimal effort ... and wait until "found money" drops into their lap. So, your experience is not unusual and your expectations of performance are the problem ... you're looking for something which isn't here (with the possible exception of Jackson, where the high dollar clients are used to paying for and receiving service in other markets). Your agent didn't keep in touch because they don't understand the value of communication with the people they represent. I also believe that giving an agency a one year listing contract is not a good move for a residential property.
Absent a locally good market reached through the local multi-list by an agency, if there is one, you'll do better to advertise in the internet, local/regional real estate publications, and regional publications such as The Fence Post or stockmans' newspapers. That's the same sources that your agent has to offer, but at a very handsome compensation to use that.
There may have been other reasons why your agent didn't advertise very much ... perhaps your listing doesn't show well, or the price is not a realistic value compared to others in the market at the same time. If either of these was the case, then your agent did you a disservice by not frankly discussing (with supporting evidence, not just their "opinion") these issues with you. If your agent was bringing in unqualified buyers, then they were using your property to sell others ... by showing their buyer how much house they could get at your price point compared to what they could get for what they could afford. Few agents are going to waste time showing houses their clients can't afford ... unless they have a specific motivation to sell another house against yours or think that the buyers can somehow qualify for a more expensive house and would want the features that you have for sale.
Good luck with your sale. Put it on the market when you can be actively showing it and keeping it in presentable condition.
7% commission? Is that normal for Wyoming? Sounds high.
Call several realtors and ask to speak to the biggest producer in the office. There is usually a good reason why someone is the biggest producer, you may not like their personality but they are bigger for a reason. Then interview them. Do not sign a 1 year contract. 90 days is reasonable, that way if it doesn't work out between the 2 of you you can get a new agent quicker.
Good agents will advertise in local papers or other print advertising that has worked for them in the past. If it hasn't worked for them why would they do it? This is something to discuss with them before you sign a contract. Ask them to show you what they have done for similar properties that they have under contract, that should tell you if their efforts are to your liking.
Also, a good agent should contact you weekly if that is what you want. A minute or two on the phone even if it is to tell you nothing has changed will not be an issue to a good agent.Also, there is nothing stopping you from calling the agent for an update.
7% commission? Is that normal for Wyoming? Sounds high.
Call several realtors and ask to speak to the biggest producer in the office.
Apparently, BP ... you're not familiar with Wyoming real estate sales, especially "small town" properties.
Powell is a town of about 5-6,000 people. Just how many real estate agencies and agents do you think that can support? The "biggest producer" may be the owner/broker themself, or maybe an agent ... who is another typical "full-timer" that interrupts their farming/ranching schedule to go show a property now and then. Sooner or later, they may "get lucky" and a willing, capable, and motivated buyer walks into the office and actually wants to buy a place and signs a contract.
7% com is pretty much standard in the area. Considering the typical overhead and expenses, it's a lot of money for very little performance. Most agencies rely upon the "fear of the unknown" for folks doing what may be one of the largest financial transactions of their lives.
Over my lifetime I have recieved less than desirable representation in four different states by realtors. I would love the luxury they seem have of not having to produce to get their money. Once that contract is signed you are at their entire mercy. On my last two sales of houses, my wife and I actually found the buyers, not the realtors or their tactics. They only did the paperwork and screwed us with their buddies that did the inspections(we found out later). When selling these houses, like most people. We were in a hurry to get them sold. To get to the new location.
Selling property in a small town is going to be harder than in a large city or a growth area. I like to pick up local papers when I travel and look at property. Younger people do not seem to be printed material people so online is the best way to reach them. Almost everyone these days are going to search online first. I would do anything I could think of to sell.
Your pictures are going to sell your place - not your agent. I would start at the road in front of my home and start snapping pictures. You want to stage each room for maximum sell. I would give the agent the pics I want them to use. If you spend a little time online looking at how each room is presented you will get an idea of what view looks best. You may want to paint your walls if you have rooms a variety of colors. Ask your friends for their ideas about how your furniture is arranged - that is always an interesting exercise. Flowers in a vase are good. You can move it into other rooms for pics - change the vase or just use a few flowers at a time.
We have a home in Rawlins for sale or rent. We thought we were going to live there but a job transfer has changed our plans. A couple of people that know our situation are interested so I may not have to do anything. If not, I plan to have my pics on a DVD, a list of questions or expectations written out, and visit with a few agents before I make a deal with one. I don't recommend selling it yourself if you are not well versed in WY real estate law.
I want my agent to have a "sell the house" party more than once if necessary. There was a home across the street from us in Rawlins that was listed for several months and I don't remember seeing any big push to sell it. I leave for the winter also so I don't know if it has sold. The market has been so tight you need to get creative if you want to sell. Good luck.
Apparently, BP ... you're not familiar with Wyoming real estate sales, especially "small town" properties.
Powell is a town of about 5-6,000 people. Just how many real estate agencies and agents do you think that can support? The "biggest producer" may be the owner/broker themself, or maybe an agent ... who is another typical "full-timer" that interrupts their farming/ranching schedule to go show a property now and then. Sooner or later, they may "get lucky" and a willing, capable, and motivated buyer walks into the office and actually wants to buy a place and signs a contract.
7% com is pretty much standard in the area. Considering the typical overhead and expenses, it's a lot of money for very little performance. Most agencies rely upon the "fear of the unknown" for folks doing what may be one of the largest financial transactions of their lives.
I agree about the 7% - I have heard up to 10% but not in Wyoming.
Aren't there many different issues - only some legal - that can come back to cause you trouble? Didn't you say you took a real estate course? I have the fear I guess.
I agree about the 7% - I have heard up to 10% but not in Wyoming.
Aren't there many different issues - only some legal - that can come back to cause you trouble? Didn't you say you took a real estate course? I have the fear I guess.
I've seen 10% com listing contracts in Wyoming, but that's been for commercial/ranch/farm listings, not residential properties. There's a "gray area" where a farm is being broken up into parcels, with the "farmstead" bringing a 7% com, but the ag parcels listed with a 10% com.
There are many issues, including legal, that must be carefully observed to successfully complete a real estate transaction. However, they're nowhere near as daunting as most real estate pro's would have you believe. Simply put, you must be careful to properly represent what it is you have for sale, be honest about defects (no water, bad water, polluted ground, lead paint in a house, improperly --- not to code --- done improvements, wiring/plumbing/structural irregularites that you should have known about, septic systems improperly located compared to a water source location, undersized leach field, roof leaks, and any other hazard that could be a physical or health concern, or devalue the property to the new owner or limit their "quiet enjoyment" of the place).
Some typical examples of the "flaws" that you should be aware of in representing a property for sale:
1) A correct sized septic system/leach field is installed for the number of plumbing fixtures in the house. Years later, another bathroom is installed in an addition, along with a laundry room with a double sink. The septic system may now be undersized and not to code.
2) An original well is located a proper distance from the septic system/leach field. Years later, it is re-drilled in a more convenient spot due to access issues; but it may be "too close" to the leach field area. You'd best disclose this defect, along with a "good water" well test showing no colliform contamination.
3) The house property is next to a proposed city annexation. If/when the annexation is approved, the house is on a right-of-way which will require street improvements, curbs/gutters, and sidewalks ... all to be assessed against the property at great expense. If it's public knowledge that the annexation is being considered, then you must disclose this to a prospective buyer ... as it may greatly affect the value of the house. There's upside potential (new municipal services to the area, utilities, etc.) as well as downside potential (new tax districts, required fees).
4) An owner has allowed, by custom, access across their property for an adjacent owner ... but without an easement. In selling the property, the property owner must disclose the practice and the possibility of an adverse easement being filed if the buyer tries to deny access to the adjacent property owner.
5) Your neighbor has mentioned to you that he's thinking about building a solar collector system on his rooftop, or a wind generator. You'd best disclose that to a buyer, as these items could readily destroy their quiet enjoyment of the property ... between noise or visual issues.
And so it goes ... the actual sales contract is not very difficult in most circumstances. There's standard forms (Bradford Publishing) available in office supply stores, as well as online. As long as you are honest and dealing with a motivated and realistic buyer, it's tough to make big mistakes.
It's best to reach a "meeting of the minds" between seller and buyer, and then have each consult with their attorney to review the contract. You're not looking for each and every possible minute flaw that could possibly come back to blow up a deal, you're looking for basic errors that could be a problem. You need to have a lawyer advising with the same mind-set, not a litigator looking for an opportunity, and to be reasonable about your goal of selling/buying a property. A reasonable review is typically an hour or so of billable time; at $150/hr billing rate, that's only $300 ... not 7% of your transaction by a real estate agent who is not a lawyer and can still make very big mistakes.
To put this in perspective, I've sold mid-6 figure properties in Wyoming with a 1 page sales agreement. Simple, straightforward, listed what was to be sold, and mentioned the defects in the property and accepted by the buyer. A tougher deal has taken 2 pages. That's how simple it can be ...
The rest of the transaction is simple. You need to contact a Title Ins Co, get their closing statement requirements, and schedule a closing. Just about everybody I've ever dealt with in Wyoming is very helpful about what they require for the deal to close ... survey, well test reports, escrow amounts for taxes & utilities, insurance, etc. You'll have to do some running around to get everybody lined up and the documents in hand ... but it's not very tough to do. Proof positive that it's easy work is to look at some of the real estate agents that do it all the time ... ask yourself if you think they're really "sharp people". Most of the legwork to complete a real estate deal is done by the office secretary. Of course, if there's a mortgage to be paid off, then you need to contact the lender and get the payoff amount for the date of closing so that is taken care of at the closing table and payoffs ... and be sure that the payoff is sent or delivered immediately to the lender (I've seen too many deals go awry because nobody get the payoff check to the lender ... sometimes, this was deliberate on the part of somebody in the deal, and you can wind up seeing a double payment of mortage interest on an existing loan and an unfunded loan .... ah, but that's just some of the "tricks" of the trade. Common sense will guide you through these things ... take nothing for granted, ask questions and act accordingly to ensure that your deal is complete).
Finally, I hold myself as a shining example of how a common person can do this work. After taking a $350 class over a couple of weekends, I passed a state real estate agent's exam ... and have done many deals since. If I can do it ... you can, too, if you're willing to devote the time, effort and energy to do the deals. The hardest part is simply being able to "sell" yourself and your merchandise to the buyer ... the rest is easy. So, that's the caveat ... if you don't have the time or ability to meet people and connect with them in a major financial context, then you're not going to do this very well. Pay a pro to do it for you ....
Sell it yourself and hire a real estate attorney to do the paperwork.
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