Listing A Property
I wanted to know what is the average time people leave their houses listed with an agent? I didn't want to use my buying agent on this house, so I called another agent . I told him I wanted it listed for one month. That I never listed a house and I wanted to try it out. Is one month enough time to give a REA?
Lori
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It depends. If it's a really hot market and the Seller is willing to price it properly... a month is OK. Generally, though, a broker would want a minimum three month listing. It takes a bit of time for the photos to be taken, and the appropriate marketing techniques to be implemented (open house, display ads, etc.)
PS. Throw the bone to your Buyer's Broker....
PPS. I need spelchek
[ Edited by TheShortSalePro on Date 05/10/2004 ]
Yes I have done that strategy. It didn't work as expected. What I think I am considering doing is structure the comission fee where it goes from higher than average for a quick sale to very low if it takes them a long time to sell. I've also toyed with the idea about giving an agent an exclusive listing although my particular group of realtors probably won't do any better or worse with that idea.
My particular group of realtors don't really market the property other than a weekly ad in the newspaper and the MLS. There is one sign on the property and if you are lucky an arrow sign at the street.
My realtors are excellent as buyers agents and they have put up with me so I feel too loyal to change but this is all besides your questions.
I would ask the agent what he/she will do differently in terms of marketing. I personally would prefer a quick sale than a high price. If you are the same ask how they will bring buyers to you quicker than another agent in town.
I know you know what you are doing so in a nutshell I would look into the whole idea further and structure something that actually modivates the agent. Most really have no marketing plan so whether they have a month or a year it takes them the same time to find a buyer.
This listing is just a test. The house is almost completely done. I have had some of buyers look at it. I just wanted to see how many buyers he can get that are qualified as compared to how many I can get. I know mine are qualified. I was just curious as to how much time I should give him.
Lori
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So the Owner/Broker (JIm) calls and tells me one of his agents will call me. Brad calls me and says he needs to be the listing agent for a year. I think that is too long.
Anyone?
Lori
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tinman1755,
Is a 1-year listing contract too long?
Absolutely, positively, no if's, and's or but's.
I would also suggest avoiding any agent who proposes a 12-month listing contract term for a residential listing (as opposed to something like land, commercial, office bldg)--unless they can show you legitimate market statistics proving that average time on the market for comparable properties = 11+ months.
The previous realtors I've worked with have wanted six month contracts. I always hate signing them, but you can terminate them if necessary. On the positive side, it hasn't taken more than 30 days to sell a house through the MLS. FSBO has taken up to 4 months :(
-Chris
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I spoke to Brad and I would agree on a 90 ninety day listing. he will call me tomorrow. I really just want the house on the multi list. I don't want someone walking into the house and touching everything unless Andy is there. He hates when people mess up his work. We take great pride in our houses and everyone we ever let in without one of us did not walk on the plastic.
Can I list it but not have the agent show the house?
Lori
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I am having a similar situation happening to me even as we speak and I am hoping that someone can advise me on it. I currently have a house listed with an agency and the agents in the office are telling me that no one is showing the listing because ithe listing price is too high. The house is listed at 339K, the actual resale price I hope to achieve is 310-319K. I personally don't believe that the listing price is so far over priced that it should or would preclude a prospect from atleast viewing the property. I have researched a lot of comps in the area and the ones listed in the 300K range all need major upgrades to many of the primary areas of the house. IE: kitchen/baths etc. In my house, virtually all of the major areas have been rehabbed (nicely) using top quality stuff as well as offering amenities not typically found in 300K homes in this area. IE: huge kitchen with over 40 lin feet of base cabinetry and corian c/tops. And detailed tile work on the floors and walls. A Master bath with whirlpool tub and detailed accent tile work on the walls and polished granite on the floor. Coupled with a new front door system of Honduras Mashogany and leaded glass (wholesale cost of door only was $3200.00) Along with the addition of a 4th bedroom and 3rd bath. Plus general cosmetic upgrades to the entire house and everything repainted and cleaned. All of this in a house that is a very prestigious area (mainly because the school district is considered to be one of the best. Virtually all of the comparable houses at 300K need major upgrading, but the realtors believe the listing price is too high and say that is why it isn't showing. Am I missing something or does it sound like negativity is preceeding everything else here. To not have anyone viewing this property is frustrating. Should I
A. Lower the listing price before I even have any prospective comments to base it on or
B. I Find a creative way to convince the realtors to atleast show it or (any advise here would be greatly appreciated.
C. Find another realtor agency to handle it?
When I asked my listing agent why the other agents aren't even showing this property, she tells me they are basically lazy.
Does this sound familiar to anyone else? Are realtors basically lazy or did I just happen to pick a bad one?
I would real;ly appreciate any light anyone can shed on this subject.
Dave
Brad never called me back today 05/11/2004. I am going to our REI Convention FRi, SAT, and SUN, so I'll try to find someone there. Brad wanted me to list it for $75K. I spoke to the Broker/Owner's cousin he said they are lazy in the office.
Now I know why I never got invovled with REA's to sell my properties. But in the meantime they get made and say "you are taking away my business"
Lori
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Lori,
About old Brad--what would you expect from an agent who wants a listing contract of 12 months? That should have been a clue to you right there.
davezora,
If the sale comps for your property are in the $310-315K range, I would consider dropping your price to $325-329K. It's been my experience that the list price shouldn't exceed the realistic sale price by 5%. Licensees aren't going to show a property that they feel is overpriced. It wastes everybody's time.
Why dont you just use a place like this; http://www.flatraterealtyusa.com/ to list the home in the MLS. I mean it sounds like thats all you really want anyways.
Best of luck,
James
Thanks,
I am calling flatrate realty as I am typing!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Lori
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