Realtor Questions

krishan · #1 01-02-2007, 01:42 PM

March 2006, Wife and I decide to buy a bigger house in a neighborhood we really like. Our closing date is set for November 16. We put our house on the market at 228,000 which was probably a little optimistic but we had time on our side. Our realtor is a family friend who owns a century 21 office with 15 realtors. She has 20+ years experience in the industry but most of her recent years was spent managing the business rather than selling houses. She does seem competent though.

In June we decide to reduce the price since we hadn't seen many people interested. We reduce to 224 which puts us at a nice price point relative to other houses (still I think too high). In august with 3 months to go we further reduce to 214. Our realtor was against us lowering the price each time. We fail to sell the house and take it off the market. I'm planning on putting it back on the market but am not sure if I should still with the same realtor.

How much does a realtor effect how many people see your house? Do different realtors have different advertising strategies?

If the only thing that really matters is price then I'd feel comfortable using her again and just pricing it below market value to get rid of it.

Thanks for the help,

Krishan

morphd · #2 01-02-2007, 03:22 PM

I would advise just trying to get the house sold as quickly as possible. I'm not sure how familiar you are with the markets or where you even live but many areas in the country (CA, FL, Boston, NY, all of DC/Nova/MD) are bubbly and starting to pop as ARM's reset and people can't pay their whacky subprime Interest only/negative amortization loans.

At this point I'd say price is the main concern, price it very competitively and sell before everyone like you lists again in the Spring. Your realtor friend should be able to get this done for you just fine. Realtors are basically telling people to wait for the 'Spring bounce' right now so I'd really try to beat these people to market.

krishan · #3 01-02-2007, 06:15 PM

I agree getting out ASAP is the best plan. Location is charlottesville and housing prices are definitely on the decline.

Anyone else have any opinions as to whether a different realtor would help me sell faster?

Krishan

jaydub · #4 01-02-2007, 06:27 PM

krish,

Possible but the more likely issue is price.

If you have the ability, FSBO would let you shave an extra 3-6% but it's not for everyone.

Whatever you decide, don't wait for spring; it's going to be ugly. Relist it at a price lower than you would have ever conceived as the market value and be prepared to pay buyer's closing costs. Do you have contingencies on the new place in case you fail to sell the old?

This is from a DC perspective.

J

Ray Zee · #5 01-02-2007, 07:09 PM

thats a big office so you are okay there. but after each and every showing of any of my properties, my realtor must call me after getting feed back from the showing realtor. that is a must. sometimes they cant get the feedback but then i want an explaination why. if your realtor isnt doing this i would find out why. how can you tell what the people are saying about it if your realtor isnt following up on every single showing. i am very tough with my realtors while maintaining friendship. business is business.
most realtors just take the listing and put it up on the mls- and let it sell whenevere for whatever and get the 3% and dont do the work.

Thremp · #6 01-02-2007, 08:19 PM

Commission %s make a big difference. Did you do some cut rate crap with buying agents getting 2% or something? If you really need it to sell fast think about going 3/3.5(BA) and then putting it up at the same price.

Also is there anything wrong with your house that would make it show poorly? Is it empty? Dirty?

Raising buyer commission and lowering price (if you are still a good bit over market by the time it goes out) should fix it.

SossMan · #7 01-02-2007, 09:43 PM

[ QUOTE ]
Commission %s make a big difference. Did you do some cut rate crap with buying agents getting 2% or something? If you really need it to sell fast think about going 3/3.5(BA) and then putting it up at the same price.

Also is there anything wrong with your house that would make it show poorly? Is it empty? Dirty?

Raising buyer commission and lowering price (if you are still a good bit over market by the time it goes out) should fix it.

[/ QUOTE ]

I 2nd this idea. Reduce the price a litte, but offer 3.5% or 4% to the selling agent and it won't matter who you list it with.

krishan · #8 01-02-2007, 09:49 PM

[ QUOTE ]
[ QUOTE ]
Commission %s make a big difference. Did you do some cut rate crap with buying agents getting 2% or something? If you really need it to sell fast think about going 3/3.5(BA) and then putting it up at the same price.

Also is there anything wrong with your house that would make it show poorly? Is it empty? Dirty?

Raising buyer commission and lowering price (if you are still a good bit over market by the time it goes out) should fix it.

[/ QUOTE ]

I 2nd this idea. Reduce the price a litte, but offer 3.5% or 4% to the selling agent and it won't matter who you list it with.

[/ QUOTE ]

Sounds good though it seems like it would be illegal/forbidden because it creates a conflict of interest. I'll try it though.

Krishan

SossMan · #9 01-02-2007, 09:58 PM

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Commission %s make a big difference. Did you do some cut rate crap with buying agents getting 2% or something? If you really need it to sell fast think about going 3/3.5(BA) and then putting it up at the same price.

Also is there anything wrong with your house that would make it show poorly? Is it empty? Dirty?

Raising buyer commission and lowering price (if you are still a good bit over market by the time it goes out) should fix it.

[/ QUOTE ]

I 2nd this idea. Reduce the price a litte, but offer 3.5% or 4% to the selling agent and it won't matter who you list it with.

[/ QUOTE ]

Sounds good though it seems like it would be illegal/forbidden because it creates a conflict of interest. I'll try it though.

Krishan

[/ QUOTE ]

huh? it's not a conflict of interest....you can offer whatever you want to the selling agent (the agent who brings the buyer).

Thremp · #10 01-03-2007, 02:20 AM

krishan,

You can do this . You can set commission % to whatever you like. Flat bonus is fine as well. Many builders do this (~.5-1% bonus on price of home). If the agent is a family friend tell her to keep the price the same and move it to 3(for her)/4(for buyer broker). Ship it.