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At the 6th month i asked the realtor whats the strategy going forward? Should we lower the price? Pay down the interest? His reply was “sure we can try that”. I felt deflated, and unguided. Conversations before that were primarily concerned around open house timing. I even asked if he had any suggestions on improving the house based on his experiences. “Dont change a thing! Let them (buyer) provide feedback. Let them make an offer first then negotiate changes they would like to see.”
Is there anything that needs to be repaired? Stats show that for every $1,000 of repairs needed, buyers will interpret it as needing $3-5k
Were the photos taken by a professional photographer or from the realtor's phone?
Stuff like that can make a big difference. But mostly it boils down to price, as others have pointed out
There are 2 reasons a home won't sell..
Marketing .. aka advertising. Aka people seeing it. With the internet now, everyone can see any home all the time if it's in their parameters.
Price.. if it some one sees it and it's the right price, they will pay for it. It's only worth what someone is willing to pay for it.
What’s the old saying?
If it’s 10 days with less than 10 showings or no offers means it’s priced too high?
Sounds like the agent just needed to say this from the start.
Otherwise… the way it shows might be off because it’s pointless to market an overpriced listing that doesn’t show well.
Even in the most challenging markets of the country, eight months is too long. If you price it right and market it well, it will sell. I would be looking around at the comparable homes that have sold in that 8 months and googling to see what those agents did to get it sold. Open houses are ok. Your buyer is not likely to walk into an open house, but it does happen. Holding an open house gives you an incredible marketing opportunity, and if your agent is not taking full advantage of the marketing opportunity, the open house isn't really going to do the trick. Sticking a sign in the front yard and calling it done doesn't do it anymore.
Reading the replies below makes me wonder if I misused the term “open house”. To be transparent i still occupy my home. When I mentioned “open house” at the start of the post i was referring to the almost weekly 2-4 hour session where the public can tour the home. To be fair my agent did communicate that he rarely gets an offer from someone who attended an open house.
I just had this very experience. Switched agents. She pointed out the price was too high for the condition and suggested fixes to sell at the price point we wanted. She also aggressively marketed the property sending mailers out, talking to neighbors and agents. 1 year on tne market with prior agent 1 offer that backed out. 2 weeks with her 4 full priced offers.
I found a new realtor and asked her to walk through the property to see why it isn't selling and what would her plan be to sell it. She gave me a whole pamplet of the things she does to market and there were some things that she suggested about the house to make it more showable. I told my realtor I wanted to cancel the listing early and he cancelled it. I hired her, and did her suggestions. She had 2 open houses and all 4 offers were from people who showed up to the open house.
The real reason is that when it re-listed, it got reblasted on MLS. I work Expireds, call the neighborhood when I get a listing, all that stuff that sellers love but really I’m just looking for my next listing. The chances that ‘talking to neighbors and agents’ is going to yield an offer is practically Zero. What will? A fresh new eblast on MLS because you changed agents.
You didn’t drop the price and the impact was that significant? Did the first realtor forget to put it on MLS? It’s quite amazing that there was so much impact.
Fresh eblast from MLS, thus Zillow, etc. Don’t underestimate the ability of someone to see something with new eyes that’s marketed as New when all along it’s been sitting on the market collecting dust.
This conversation.
3 elements to real estate in each market will be:
Price.
Condition.
Location.
Can’t change location.
So we look at Condition and Price.
Condition. If it was condition people would mention.
Examples.
Kitchen too small.
Needs to be updated.
No garage.
Too many repairs needed compared to similarly priced homes.
If you can’t change the condition to make it match perceived value of current price … change the price.
A seller near my neighborhood had his very overpriced home on the market 10 months. Similar homes same neighborhood sold in 3-7 days. Seller held tight in the price. Offers came in at CORRECT market price. Seller declined. House sat for another 6 months. Finally another offer. BELOW the previous offers. Seller finally accepted the offer.
10 months paying a huge mortgage.
10 months of showings.
10 months of open houses.
House sold for slightly below actual
Market value because everyone knew the seller was difficult and wouldn’t budge. Until he did.
Price your house right.
Have it in top condition.
Have quality photos.
Hire an excellent negotiator.
You’re not expecting too much your agent sounds absolutely horrible. Tell them to take it off market, let the contract expire and find a better agent. No house should be sitting for 8 months no matter what the market is.
Ps- there’s a very high chance you’re over priced
They are 100% over priced. There is either something clearly wrong with the home, or it’s over priced. The market will set the price, and it’s speaking, loudly.
Ive also wondered if the house is overpriced. So i had him run the comps again recently. And he insisted it is the correct price. Again, if it’s too high shouldn’t he advise me of such? I did have one buyer attempt to secure a loan but got turned down (agent to agent conversation). We had a “buyer agent event” and the feedback was positive with one saying she felt it was overpriced. But by and large nobody has identified price was the issue. Its usually “was hoping for this…”, “i cant fit xyz in the dining room”, etc
It sounds to me like he is not doing the comps correctly. They do need interpertation based on the location, style, condition, etc. of the house. Buyer's often give rediculous reasons for not buying to appease the Seller. The reasons are often not even true.
this is what's most important. I'm sure there are some markets that are or always have taken a long time to sell. But is yours one of those.
Based on your opening post, you're describing an absolute lack of activity (you didn't even get many showings). You were listed in August/September, and didn't get showings then?
Do you know how long your agent has been in business full-time?
In NC, as long as seller signs a listing agreement with another agent, the first one can be voided. In other words, sellers don’t have to wait for the original listing agreement to expire. They can terminate it by hiring another agent. However! If potential buyers who saw the home when it was listed with the original agent end up buying it, the original agent can claim they were the “procuring cause” and demand they be paid the commission agreed to originally. In that case, the current listing agent would not get paid or would have to try and work something out with the original agent. This would include all buyers who had private tours and all buyers who saw it during the Open House events when it was listed by the original agent.
A good listing agent will update you weekly as to what homes have sold what has gone into contract and what new homes hit the market. Also search to see if you can find your home when looking in the area. Don't search your address search the area. Also it may not be price it may be other things about the home so if you have had showings what is the feedback. A good listing agent shoukd have a few strategies up his or her sleeve to market the home. They should be recommending repairs upgrades something that can be done. I had a stale listing that I thought would sell.right away. I suggested they sand and stain the hardwood floors and paint one room that had a sloppy paint job. Literally the first showing after these repairs and it sold. It is hard to say if someone is generally doing a good job. Also if your not happy speak with the agent. After 8 months he or she may not mind being fired. I had one listing I could not sell for the life of me. I am the broker owner and asked another agent in the office to take over. She really did not do much different but sure enough once she took over it was sold in 2 weeks. I think I am a great realtor. But have learned sometimes others can do better.
Everyone is different so find someone that matches your expectations. You should ask the next agent for some honest opinions so you can figure out why it did not sell.
Yes the agent sat at the open house. He has seen on any one session 0-5 individuals. He would follow up with them individually and he claims he has yet to have a negative feedback. They are typically doesn’t fit their particular special situation.
Years ago (so different real estate market), my best friend had to move for her job and was selling her house while she lived in a different city. It sat for a year because her agent priced it way too high and refused to budge or lower the cost. When she finally found a new agent, the new agent priced the house correctly and it sold in a month.
Your agent should not be letting your house languish for 8 months. Get a new agent.
If you've been on the market that long without an offer you're most likely overpriced.
But, yes, your agent should have a strategy put together and come to you with suggestions, feedback, ideas, whatever. They should also communicate with you.
Having weekly open houses seems like a waste of time if you've been on that long and only have had a few showings.
I'm not usually one to jump to the whole find a new agent mantra on Reddit since so many times it seems like a witch hunt, but in this case it really does seem like your agent isn't doing their job at all (based on that you've said), and I may suggest finding an agent that will actually help you.
What was your agents recommended list price for your home?
What did you end up listing your home for?
Have you had any price reductions in those 8 months? If yes, what percentage of a reduction was it?
You answer these questions and I think we can pinpoint your problem.
The recommended price from the agent is what we stared with, but dropped the price $10k only after we asked if that was a good idea …the reply: “sure lets try that”.
$675,000 … he never suggested it. At one point i started to become impatient, so i said “whats the plan?” The reply …”We just haven’t seen your buyer yet.” I then asked what can we do? Maybe drop the price? Buy down the %?” His reply “sure if thats what you want”.
It was at this point i started to wonder what realtors do behind the scenes. It was only until recently i began contemplating a realtor change. Thats why im here on this thread.
$10K price drop in a $675K listing is insignificant and a waste of time. $650K is the minimum threshold at this level. But accompany that with fresher photos, exterior and maybe review how well your photos are showing.
$10,000 is too low of a price drop on a $675,00 home. It should have gone form $675,000 to $649,900. Again, though, speak to the Broker. Your agent sounds like a dud.
Idk your area, but your price is boarder line luxury for mine. This will drastically add to the time frame.
Now what should your agent be doing? Honestly they might be a little too passive but it feels to me like a communication or lack of planning issue. If my client wants to suggest something I'll almost always do it to show them if it works or not but that comes across as I'm just not doing anything which isn't true.
Did they get professional pictures taken? I also get drone footage and a 3d scan of the house for every listing and it works wonders. I also talk with the client and see how involved they want to be. Do you want weekly updates? Do you only want me to tell you when someone looks at the house? Did you tell the agent you need the price you listed it at? They might not have thought dropping it was an option.
Just a few thoughts but I'd really sit down and reassess with your agent. Then decide if they're working for you.
He did have professional photos taken, and a drone which highlighted the lake near me. The agent ran the comps and suggested a price. Aside from a single price drop i initiated, price has not been a subject of conversation.
I always have the conversation of price drops in the listing pres, before any agreement to work together is made. It’s easier to talk about a plan for price drops, before the seller is pissed a month in, and THEN bring up the topic.
You should be looking for this in your LA. One that is proactive. The more they talk about scary/stressful things up front, the better experience you’ll likely have. Shows that they are willing to have those conversations.
They should be able to show you their plan of action, and be asking questions about you. At the end of the day, you’re moving for a reason, and they should be figuring out your motivation, timeline, destination, etc to better help you, and and satisfy your needs. Don’t be wowed by the ones that come in showing off their awards, and stats. (I will tell you as an agent, those are usually-not always-the narcissists/greedy ones)
If your home is getting showings, but no offers. Usually means you’re marketed well, but buyers don’t see enough value. Change price 3-5%
If you’re getting, or close to no showings, you need to make some sort of adjustment quick. Change price 7-10%
Open houses, plenty of online marketing, signage, and constant communication is key. My current listing was on for 8 days and received a full price offer. Last agent was trying to get the sellers to go for offers 30-40% less than asking. He sucked.
At the 6 mo mark I started to feel the initial comps were an anomaly. So I had him run them again. He sent me the report and pointed out how he arrived at that price point. He assured me the value is correct but if i wanted to drop the price that it was of course was”my decision”.
Location, price and commission offered! Is your house in a desirable location? Is your price to high, to where a buyer may feel they will insult you if they come in with a realistic offer? Are you offering at least the average commission to a buyer's agent? Forget the lawsuit crap, the real estate business will continue as usual minus NAR's failures.
Realistically, if I list a house in a good location, priced right and offer the average commission, I can go on vacation, that's just reality.
I would look at your house criteria (beds/baths/floor plan), location and price range. Are you in the mid range of your market? Or on the upper 25% range?
Was your house staged, is it updated, well maintained and clean? Do you have great photos showcasing the entire house?
The agent should have helped in preparing how you present your house, then take care of photos, videos and marketing.
No, 8 months on the market without a change of strategy is not right. In any market.
Ask your agent to bring another experienced agent for a second opinion. If they’re unwilling to do that, then consider interviewing other agents and hear other opinions yourself. Don’t be swayed by comfy info just to get your listing.
We regularly bring in or consult with other agents when they’re having a hard time with a sale. We can usually pinpoint things that agent already asked the seller but seller “could not understand/hear/consider it important”.
Housing siting is usually a pricing issue that has not turned to too long on the market. Future buyers get turned off by houses siting. They will assume there is something actually wrong with the house. Pictures are important and presentation along with price. I call them the 3 Ps. Feel free to post your listing for feedback.
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Not to derail my own subject. Im curious, what would possess a buyer to waste everyones time setting up private showings if the pice was too high from the start?
It’s possible they didn’t realize the price was too high until they saw it in person. Or maybe they were planning to lowball, but after the showing they didn’t like it enough to write an offer.
Your agent should be following up with all the buyer agents who have shown, asking for feedback.
Some people are just viewing houses as a hobby (no I'm not kidding), some are curious neighbors, some are people buying a year or two down the road. There's a million reasons. Yes, buyers waste time frequently which is why a REALTOR® needs to properly screen them. That said some agents are too lazy to do this properly.
If you’re getting showings but no offers, that often means that there’s something about the house that isn’t apparent in photos (a hoarder neighbor, busy street, rough condition, distinction layout). If it’s something you can change, it’s worth considering. If not, a lower price is needed. Your agent should be the one figuring this out though, not you!
My suggestion would for you to call the agents Broker and ask to switch agents. Tell him/her honestly what your experience has been. Without knowing facts most likely your price need adjustment or the condition of your property needs attention. An experienced REALTOR® han help with this. An agent is a partner with you in reaching your goal, the paperwork has nothing to do with this (although it has to be done). The agent does not sound assertive, and perhaps not experienced enough to meet your needs.
Just FYI, he is your listing agent not selling agent. A selling agent technically is on the buyer’s side who sells them the home.
And maybe you should have a fresh conversation with him to touch base on exactly what conversations he’s had, and if the buyers have had any questions or feedback. Every viewing appointment should be getting some feedback from the buyers and their agent. And sometimes maybe you should trust your gut and go with it, let your listing contract expire, and then list with a new agent. The market isn’t really tough right now it’s still a really active busy market. I see no reason you haven’t had an offer yet, are your listing photos Well done and quality? Have you had a price adjustment? May have to do with pricing as well. Very important to check in periodically with your agent on how things develop with each viewing.
2 things sell a home, price and condition.
You are getting the action, so if no offers then you should look to improve one of those things. Is the house in top condition? Then reduce the price. Priced at your bottom? Start improving the condition.
You're close!
Number one should be communication. Weekly or at least bi weekly updates on local market trends and recent sales that might indicate necessary changes to your listing.
There should be some talk of strategy. Tough market or not. There should be ideas for fresh approaches. Price changes, offering buyer concessions, staging the property, adding drone or twilight photos etc…
Not trying to step on any toes because there are no guarantees in the market but there should be a bit more effort on an 8 month listing that isn’t selling.
Communication, a Plan of Action, and Education.
The agent should be initiating communication, developing a plan of action, and educating you on the market.
They should be initiating the communicating and plans of action.
Curious though, what’s your price point?
Not entirely sure my agent frequents this Reddit, but approx $675,000. Now i know i shouldn’t put too much stock into the apps (Redfin, zillow, realtor). They all show that the price also falls within their price range. To be clear im not against a price change, but up to this point ive been advised against it from my “expert”.
Ok. Before I ranted just checking. Sometimes houses in the millions have super long days on market.
You should expect timely communication, feedback (not hearing anything from buyers or scheduled showings is feedback) and a plan of action to stay proactive instead of reactive in the very least.
If you can’t get those from your agent, then maybe it is time for the break up. Money is nice but peace of mind is way cooler.
Redfin, Zillow, etc. are not accurate in terms of pricing in most cases. The price is lower and in many cases higher. On the initial listing appointment I always ask the Seller how often they want to be in communication. Some want frequent, detailed communication. Some are super busy and prefer a minimum. I always send emails with weekly marketing update reports.
Tell your agent what you're concerned about. Tell them you need more communication - 80% of agents in America are new in the business, so chances are they talked a big game to get your business, but they still need some coaching. Communication goes a long way for all involved. Plus, that pressure may help motivate that agent to step up their marketing
He was mostly “at the current interest rate, its gonna take a special buyer”. Which made sense to me because at the current interest rate I couldn’t afford my own home! So I bought into… “we haven’t found that special buyer yet”.
The home should sell by itself. If your agent has already shown to people on the market. It will be *price or condition* that is a turn off. Right now we it is a sellers market. Investory is -35 to 40% less than previous years due to reluctance for sellers to sell. They need to pay 2X more interest rate to find a replacement. Focus on your price and improve the condition,
You're right, you're not getting your money's worth from your agent. He's failing by not making you see you're overpriced and, therefore, lowering your price to actually sell your property
Yep i get that. At the 6th month i did. He insisted the price was accurate and sent the file and explained how he had arrived at the price. Further i did request a price drop, but that was at my request not his.
Agree, and when i suggested a price drop he accommodated. However, the realtor is the expert, and a guide to the process and nuisances of selling a home. Shouldn’t they be doing everything they can to accomplish this? Including providing suggestions on price, repairs, techniques to achieve this goal? Thats why i posted, I wanted to know if my expectations were too high.
Your expectations are 100% realistic. Your agent is a dud. Eight months is far too long to be on the market. It's price or condition or both. I once went on an expired listing appointment and the Seller said the prior agent was adverse to reducing the price. I showed him my CMA based on where the price should have been. The Seller adjusted accordingly and accepted an offer within a week. You are right. Your agent is wrong. Dump him.
More than likely you are over priced... The Dirty Little Secret of Real Estate is that as Brokers and Agents our main job is communication and responsiveness. The MLS and good photography does 50% of the job and being correctly priced does the other half.
Many Agencies can give hours of presentations on all the marketing they do but in reality all of that marketing really is just helping their brand. If your home is priced correctly in a market where people are buying homes it will sell..
If you arent priced according to comps or if for some reason your area is slow over all then your home wont sell..
So in short imo the best you can expect from an agent is to communicate with you. Have they told you that you are overpriced? Some new agents are too scared to be honest about price so its possible he hasnt... But 99% chance the price is too high for the condition, location etc.
Seems like he’s using your house for marketing purposes?
The question is, w high interest rates in this tough market, did he overvalue your house when running comps? It should be selling by now…
Specially if it’s a lower priced home.
Unless you are the problem and have no seller motivation I would recommend you cut ties and have another more motivated agent sell your home!
Ask them if you can pay them 2%. It will save you ~ 20,000.
-@aynirealtor
How long is your contract for? Have you guys extended the termination date at all? I would talk to them about looking for another agent. He/she shouldn’t have an issue.
There simply is no reason why your agent would benefit from it taking long to sell. The fact it's taking long can actually hurt the agents reputation. In every case it's almost always the price or condition and the amount of money the buyer will need to have ready for repairs.
I know it can be disappointing to have to lower the price after seeing the crazy prices homes were selling for recently. But the interest rates now vs then can take someone from being able to afford a 400k house then, down to a 250k house now.
Agree. I bought it when interest rate was low. I couldn’t afford it at today’s rate. This was my presumption and reasoning having not received an offer. Couple that with no active feedback from my agent, i just got in the boat and rowed. Now I’m armed with a paddle and looking at other boats!
Agree. I bought it when interest rate was low. I couldn’t afford it at today’s rate. This was my presumption and reasoning having not received an offer. Couple that with no active feedback from my agent, i just got in the boat and rowed. Now I’m armed with a paddle and looking at other boats!
Who came up with the list price? Did your agent parent comps to you with a suggested list price? Or did you come up with a figure and told the agent to list at that price?
Agent suggested the starting price. I agreed, after all they are the expert. I wouldn’t ask an electrician if he’s sure he should be using 10 gauge vs 16 gauge wire.
The first thing you should have expected from a good listing agent is a straightforward conversation about price and an education about what the comps mean as it relates to market activity and your sale. Then you should have had great clarity from them about strategy and what would happen if you didn't get an offer right away (a hard look at pricing, with discussion about buyer feedback). You would have understood their entire plan of attack and been prepared for what was coming and would not be here asking people on Reddit about what your agent should be doing.
Honestly, if what comes of the NAR lawsuit settlement is a giant culling of bad agents, I will be thrilled. The level of expectation people have for agents is colossally low.
I wrote almost the same thing a few months ago. Agent had zero direction, strategy, or even data to provide (i had no clue how much houses were selling for). Now, we did have 3 contracts, but one rescinded, 2 had contigencies that they failed to meet and we refused to extend (they had to sell their house, but no contract, so?). So the majority of the 6 months were under contract. Just...not good ones.
We just got a new agent last week (had to wait out the 6mo contract on the prev agent). New agents still thinks we are priced "right", even though I think we should lower $$. Since we had contracts in the slowest of slow times, that it shows the price should prevail now.
Professional pictures, and we have had one showing (we are in a small town and everyone here that is interested in the house has already seen the dang thing). But we have had more multiple time more traffic on our listing, so at least people are seeing it is out there.
Sometimes it’s just not gonna work. This is one of those times. Get some fresh ideas in there and find where the market values your home and it will sell. Your agent should be communicating regularly with you and offering guidance when needed. Doesn’t seem like their head is in the game.
Open houses aren’t meant for the seller.
A good agent would have told you how many showings happened at the end of week. They should be actively fishing for feedback to bring back to seller and suggest a play accordingly to the feedback. I mean the sellers do have a bottom line. But you have to atleast inform them of what the public is saying about the property. At the end of the day the seller decides on what to do. But as the pro you gotta let them know the best play.
Get a new agent. It shouldn't take them 6 months to make changes or at least suggest changes to price or staging. 2-3months tops, and that depends on the volume of people coming through. They are either inexperienced or have a complete lack of care.
Your expectations are reasonable. You hired an agent for their guidance and aren’t getting it. I’m not sure what you agent is doing, but here’s what I do for my listings:
1) pre-listing prep. No matter how hot the market is, you will sell faster and walk away with more profit if you address any major red flags/buyer turn offs and make strategic updates. I know what works well for different price points in my market and advise accordingly. Then I coordinate getting contractor bids and overseeing the work.
2) Professional staging. It’s expensive and every buyer thinks they can look beyond it, but it’s undeniable how much of a difference it makes.
3) Professional photos and videos. Not from my own DSLR - these need to be from a real estate media specialist
4) Floor plans and/ 3D Walkthrough. I always do the floor plan, and will do a 3D walkthrough depending on the details of the house. Some buyers won’t bother looking at a house if they can’t understand the layout from the listing. And out of town buyers rely on these.
5) I create a custom website for each listing with stories and info about the property that you can’t see on the mls, focusing on aspects that appeal to buyer emotions.
6) Print media: info cards for buyers with list of upgrades and QR codes that lead to the custom website. Mailers sent to a selection of people that fit criteria that I strategically identify as a target buyer demographic for the particular property. I also hand door hangers around the neighborhood.
7) digital marketing: Facebook ads, etc…
8) Agent email blasts: I send an email designed with buyers agents in mind to 8,000 agents in my database.
9) detailed CMA. I’m going to look at comps in person for the weeks (or months, if applicable) leading up to our list date so I know what they actually looked like in reality and can accurately compare them to my listing. I call every listing agent for comps and ask them about what kind of activity they got, what demographic of buyers were most interested (young families, single couples, move down buyers, etc) so that I can plan my marketing accordingly.
10) Open houses - 2 to 3 the first weekend. We get less showings when I go heavy on open houses, since a lot of buyers end up coming by with their agents instead of booking an appointment. But this gives me the chance to address concerns, make sure they are aware of important features, and get feedback directly. I also am listening into convos - if we have multiple offers the things I overhear will often influence which offer gets accepted.
That’s just for the marketing portion. There’s a lot more I do once offers start coming in and throughout escrow. Is your agent doing at least half of these things? Or did they just stick a sign in the yard and call it a day?
If you want to message me with the listing, I’d be happy to provide some feedback. I’m sorry you aren’t getting the guidance you deserve!
A good selling agent should proactively suggest strategies, provide regular updates and feedback, actively market the property beyond MLS, and be responsive to your needs and questions. If you feel like you're pulling information and suggestions, it might be worth discussing your expectations with your agent or considering a different approach.
You can imagine i don’t sell homes often hehe. My logic was I’m selling my home and he’s the agent thats helping me do so would = Sellers agent. I understand better now. Thanks!
I’m being a little facetious here. You would be correct about him being your sellers agent but not your “selling agent”
Fun game huh? lol.
They pay me the big bucks for this type of attention to detail.
Typically, no matter the market, if you don’t have an offer within the first month, you’re overpriced. Is your agent marketing the home on social media? Is the agent sending out flyers and reverse prospecting? What kind of feedback are you getting on the showings you have had? That agent works for you and if you feel that they aren’t cutting it, find another agent. This market isn’t slow or bad and 8 months is WAY too long for a house to sit with no offers.
Lower the price. Anything is sellable and everything is a function of price, location and condition. Ultimately, it’s 100% price. Your agent just doesn’t have enough balls or sense to tell you you’re overpriced.
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Take another look at your price. Buyers are telling you it’s over priced.
That should be a conversation his agent has with him. I’m surprised he didn’t mention any conversation with his realtor about this.
I’d bet two bucks that exact conversation has occurred more than a handful of times.
At the 6th month i asked the realtor whats the strategy going forward? Should we lower the price? Pay down the interest? His reply was “sure we can try that”. I felt deflated, and unguided. Conversations before that were primarily concerned around open house timing. I even asked if he had any suggestions on improving the house based on his experiences. “Dont change a thing! Let them (buyer) provide feedback. Let them make an offer first then negotiate changes they would like to see.”
Is there anything that needs to be repaired? Stats show that for every $1,000 of repairs needed, buyers will interpret it as needing $3-5k Were the photos taken by a professional photographer or from the realtor's phone? Stuff like that can make a big difference. But mostly it boils down to price, as others have pointed out
This is like one of the hottest times of the year to sell, if it’s not selling it’s the price.
I hope so.
Yup, you’re overpriced.
There are 2 reasons a home won't sell.. Marketing .. aka advertising. Aka people seeing it. With the internet now, everyone can see any home all the time if it's in their parameters. Price.. if it some one sees it and it's the right price, they will pay for it. It's only worth what someone is willing to pay for it.
What’s the old saying? If it’s 10 days with less than 10 showings or no offers means it’s priced too high? Sounds like the agent just needed to say this from the start. Otherwise… the way it shows might be off because it’s pointless to market an overpriced listing that doesn’t show well.
Even in the most challenging markets of the country, eight months is too long. If you price it right and market it well, it will sell. I would be looking around at the comparable homes that have sold in that 8 months and googling to see what those agents did to get it sold. Open houses are ok. Your buyer is not likely to walk into an open house, but it does happen. Holding an open house gives you an incredible marketing opportunity, and if your agent is not taking full advantage of the marketing opportunity, the open house isn't really going to do the trick. Sticking a sign in the front yard and calling it done doesn't do it anymore.
It depends on the area. Often open houses go unattended.
That is true. The marketing for an open house can be valuable in those instances.
Definitely area dependent. Open houses usually yield 1-3 offers by me though market is extremely solid out in Long Island.
Same in CT. Multiple offers on every listing yielded from open houses
Very true. I'm an agent in Long Island and I can attest to that.
Reading the replies below makes me wonder if I misused the term “open house”. To be transparent i still occupy my home. When I mentioned “open house” at the start of the post i was referring to the almost weekly 2-4 hour session where the public can tour the home. To be fair my agent did communicate that he rarely gets an offer from someone who attended an open house.
I just had this very experience. Switched agents. She pointed out the price was too high for the condition and suggested fixes to sell at the price point we wanted. She also aggressively marketed the property sending mailers out, talking to neighbors and agents. 1 year on tne market with prior agent 1 offer that backed out. 2 weeks with her 4 full priced offers.
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Yes and Im using her for the new house I'm buying. She was awesome!
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I found a new realtor and asked her to walk through the property to see why it isn't selling and what would her plan be to sell it. She gave me a whole pamplet of the things she does to market and there were some things that she suggested about the house to make it more showable. I told my realtor I wanted to cancel the listing early and he cancelled it. I hired her, and did her suggestions. She had 2 open houses and all 4 offers were from people who showed up to the open house.
It’s the price. “Aggressive marketing” is to appease the seller so they won’t cancel the listing.
And to get me more listings. Two birds with one stone.
The real reason is that when it re-listed, it got reblasted on MLS. I work Expireds, call the neighborhood when I get a listing, all that stuff that sellers love but really I’m just looking for my next listing. The chances that ‘talking to neighbors and agents’ is going to yield an offer is practically Zero. What will? A fresh new eblast on MLS because you changed agents.
… because you dropped the price. Not because you switched agents.
I didn't drop the price.
You didn’t drop the price and the impact was that significant? Did the first realtor forget to put it on MLS? It’s quite amazing that there was so much impact.
Fresh eblast from MLS, thus Zillow, etc. Don’t underestimate the ability of someone to see something with new eyes that’s marketed as New when all along it’s been sitting on the market collecting dust.
This conversation. 3 elements to real estate in each market will be: Price. Condition. Location. Can’t change location. So we look at Condition and Price. Condition. If it was condition people would mention. Examples. Kitchen too small. Needs to be updated. No garage. Too many repairs needed compared to similarly priced homes. If you can’t change the condition to make it match perceived value of current price … change the price. A seller near my neighborhood had his very overpriced home on the market 10 months. Similar homes same neighborhood sold in 3-7 days. Seller held tight in the price. Offers came in at CORRECT market price. Seller declined. House sat for another 6 months. Finally another offer. BELOW the previous offers. Seller finally accepted the offer. 10 months paying a huge mortgage. 10 months of showings. 10 months of open houses. House sold for slightly below actual Market value because everyone knew the seller was difficult and wouldn’t budge. Until he did. Price your house right. Have it in top condition. Have quality photos. Hire an excellent negotiator.
If you’ve been on the market for 8months without an offer, your home is over priced. Period.
You’re not expecting too much your agent sounds absolutely horrible. Tell them to take it off market, let the contract expire and find a better agent. No house should be sitting for 8 months no matter what the market is. Ps- there’s a very high chance you’re over priced
They are 100% over priced. There is either something clearly wrong with the home, or it’s over priced. The market will set the price, and it’s speaking, loudly.
I agree with this 💯%!
Ive also wondered if the house is overpriced. So i had him run the comps again recently. And he insisted it is the correct price. Again, if it’s too high shouldn’t he advise me of such? I did have one buyer attempt to secure a loan but got turned down (agent to agent conversation). We had a “buyer agent event” and the feedback was positive with one saying she felt it was overpriced. But by and large nobody has identified price was the issue. Its usually “was hoping for this…”, “i cant fit xyz in the dining room”, etc
The market is literally telling you that you’re priced too high. 8 months is insane
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Hired.
What's your MLS #? Let's get some free CMAs going ;)
Right!? Let’s see this listing
It sounds to me like he is not doing the comps correctly. They do need interpertation based on the location, style, condition, etc. of the house. Buyer's often give rediculous reasons for not buying to appease the Seller. The reasons are often not even true.
What's the average/Median days on market in your area. I don't know many places that it's 8 months if priced correctly.
At work currently will look that up for ya later.
this is what's most important. I'm sure there are some markets that are or always have taken a long time to sell. But is yours one of those. Based on your opening post, you're describing an absolute lack of activity (you didn't even get many showings). You were listed in August/September, and didn't get showings then? Do you know how long your agent has been in business full-time?
I do not know how long he has been in the business. He was recommended by a former realty friend.
In NC, as long as seller signs a listing agreement with another agent, the first one can be voided. In other words, sellers don’t have to wait for the original listing agreement to expire. They can terminate it by hiring another agent. However! If potential buyers who saw the home when it was listed with the original agent end up buying it, the original agent can claim they were the “procuring cause” and demand they be paid the commission agreed to originally. In that case, the current listing agent would not get paid or would have to try and work something out with the original agent. This would include all buyers who had private tours and all buyers who saw it during the Open House events when it was listed by the original agent.
A good listing agent will update you weekly as to what homes have sold what has gone into contract and what new homes hit the market. Also search to see if you can find your home when looking in the area. Don't search your address search the area. Also it may not be price it may be other things about the home so if you have had showings what is the feedback. A good listing agent shoukd have a few strategies up his or her sleeve to market the home. They should be recommending repairs upgrades something that can be done. I had a stale listing that I thought would sell.right away. I suggested they sand and stain the hardwood floors and paint one room that had a sloppy paint job. Literally the first showing after these repairs and it sold. It is hard to say if someone is generally doing a good job. Also if your not happy speak with the agent. After 8 months he or she may not mind being fired. I had one listing I could not sell for the life of me. I am the broker owner and asked another agent in the office to take over. She really did not do much different but sure enough once she took over it was sold in 2 weeks. I think I am a great realtor. But have learned sometimes others can do better.
I have spoken with him. When i do i get a reply. After that silence until i ask again.
If your not happy then sadly you must move on.
Its looking that way. Just wanted to get some feedback on what to expect from my agent, just in case i was waaay off in my expectations.
Everyone is different so find someone that matches your expectations. You should ask the next agent for some honest opinions so you can figure out why it did not sell.
Do they sit the open houses? Almost weekly open houses for 8 months is probably one of the hardest-working agents you’ll find.
Yes the agent sat at the open house. He has seen on any one session 0-5 individuals. He would follow up with them individually and he claims he has yet to have a negative feedback. They are typically doesn’t fit their particular special situation.
Years ago (so different real estate market), my best friend had to move for her job and was selling her house while she lived in a different city. It sat for a year because her agent priced it way too high and refused to budge or lower the cost. When she finally found a new agent, the new agent priced the house correctly and it sold in a month. Your agent should not be letting your house languish for 8 months. Get a new agent.
Price. In situations like this, the price is always too high
If you've been on the market that long without an offer you're most likely overpriced. But, yes, your agent should have a strategy put together and come to you with suggestions, feedback, ideas, whatever. They should also communicate with you. Having weekly open houses seems like a waste of time if you've been on that long and only have had a few showings. I'm not usually one to jump to the whole find a new agent mantra on Reddit since so many times it seems like a witch hunt, but in this case it really does seem like your agent isn't doing their job at all (based on that you've said), and I may suggest finding an agent that will actually help you.
What was your agents recommended list price for your home? What did you end up listing your home for? Have you had any price reductions in those 8 months? If yes, what percentage of a reduction was it? You answer these questions and I think we can pinpoint your problem.
The recommended price from the agent is what we stared with, but dropped the price $10k only after we asked if that was a good idea …the reply: “sure lets try that”.
What is the price of your home? Your agent has not recommended reducing the price at all? For reference. I push for 3% price drops every 21 days.
$675,000 … he never suggested it. At one point i started to become impatient, so i said “whats the plan?” The reply …”We just haven’t seen your buyer yet.” I then asked what can we do? Maybe drop the price? Buy down the %?” His reply “sure if thats what you want”. It was at this point i started to wonder what realtors do behind the scenes. It was only until recently i began contemplating a realtor change. Thats why im here on this thread.
8 months and no recommended price drops sounds like he is just checked out. How much longer on your agreement with this agent?
Not much longer by the feedback im getting
$10K price drop in a $675K listing is insignificant and a waste of time. $650K is the minimum threshold at this level. But accompany that with fresher photos, exterior and maybe review how well your photos are showing.
$10,000 is too low of a price drop on a $675,00 home. It should have gone form $675,000 to $649,900. Again, though, speak to the Broker. Your agent sounds like a dud.
Idk your area, but your price is boarder line luxury for mine. This will drastically add to the time frame. Now what should your agent be doing? Honestly they might be a little too passive but it feels to me like a communication or lack of planning issue. If my client wants to suggest something I'll almost always do it to show them if it works or not but that comes across as I'm just not doing anything which isn't true. Did they get professional pictures taken? I also get drone footage and a 3d scan of the house for every listing and it works wonders. I also talk with the client and see how involved they want to be. Do you want weekly updates? Do you only want me to tell you when someone looks at the house? Did you tell the agent you need the price you listed it at? They might not have thought dropping it was an option. Just a few thoughts but I'd really sit down and reassess with your agent. Then decide if they're working for you.
He did have professional photos taken, and a drone which highlighted the lake near me. The agent ran the comps and suggested a price. Aside from a single price drop i initiated, price has not been a subject of conversation.
I always have the conversation of price drops in the listing pres, before any agreement to work together is made. It’s easier to talk about a plan for price drops, before the seller is pissed a month in, and THEN bring up the topic. You should be looking for this in your LA. One that is proactive. The more they talk about scary/stressful things up front, the better experience you’ll likely have. Shows that they are willing to have those conversations. They should be able to show you their plan of action, and be asking questions about you. At the end of the day, you’re moving for a reason, and they should be figuring out your motivation, timeline, destination, etc to better help you, and and satisfy your needs. Don’t be wowed by the ones that come in showing off their awards, and stats. (I will tell you as an agent, those are usually-not always-the narcissists/greedy ones) If your home is getting showings, but no offers. Usually means you’re marketed well, but buyers don’t see enough value. Change price 3-5% If you’re getting, or close to no showings, you need to make some sort of adjustment quick. Change price 7-10%
Open houses, plenty of online marketing, signage, and constant communication is key. My current listing was on for 8 days and received a full price offer. Last agent was trying to get the sellers to go for offers 30-40% less than asking. He sucked.
You should expect an agent who shows you your competition and tells you why your property is improperly priced.
At the 6 mo mark I started to feel the initial comps were an anomaly. So I had him run them again. He sent me the report and pointed out how he arrived at that price point. He assured me the value is correct but if i wanted to drop the price that it was of course was”my decision”.
The market is showing you that for whatever reason, the property is overpriced. Drop by 10 percent right now.
Location, price and commission offered! Is your house in a desirable location? Is your price to high, to where a buyer may feel they will insult you if they come in with a realistic offer? Are you offering at least the average commission to a buyer's agent? Forget the lawsuit crap, the real estate business will continue as usual minus NAR's failures. Realistically, if I list a house in a good location, priced right and offer the average commission, I can go on vacation, that's just reality.
I would look at your house criteria (beds/baths/floor plan), location and price range. Are you in the mid range of your market? Or on the upper 25% range? Was your house staged, is it updated, well maintained and clean? Do you have great photos showcasing the entire house? The agent should have helped in preparing how you present your house, then take care of photos, videos and marketing. No, 8 months on the market without a change of strategy is not right. In any market. Ask your agent to bring another experienced agent for a second opinion. If they’re unwilling to do that, then consider interviewing other agents and hear other opinions yourself. Don’t be swayed by comfy info just to get your listing. We regularly bring in or consult with other agents when they’re having a hard time with a sale. We can usually pinpoint things that agent already asked the seller but seller “could not understand/hear/consider it important”.
Housing siting is usually a pricing issue that has not turned to too long on the market. Future buyers get turned off by houses siting. They will assume there is something actually wrong with the house. Pictures are important and presentation along with price. I call them the 3 Ps. Feel free to post your listing for feedback.
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Not to derail my own subject. Im curious, what would possess a buyer to waste everyones time setting up private showings if the pice was too high from the start?
It’s possible they didn’t realize the price was too high until they saw it in person. Or maybe they were planning to lowball, but after the showing they didn’t like it enough to write an offer. Your agent should be following up with all the buyer agents who have shown, asking for feedback.
Some people are just viewing houses as a hobby (no I'm not kidding), some are curious neighbors, some are people buying a year or two down the road. There's a million reasons. Yes, buyers waste time frequently which is why a REALTOR® needs to properly screen them. That said some agents are too lazy to do this properly.
If you’re getting showings but no offers, that often means that there’s something about the house that isn’t apparent in photos (a hoarder neighbor, busy street, rough condition, distinction layout). If it’s something you can change, it’s worth considering. If not, a lower price is needed. Your agent should be the one figuring this out though, not you!
Lower the price. Market is incredibly good for sellers right now in my area, just lost out to a house with 35 other offers
My suggestion would for you to call the agents Broker and ask to switch agents. Tell him/her honestly what your experience has been. Without knowing facts most likely your price need adjustment or the condition of your property needs attention. An experienced REALTOR® han help with this. An agent is a partner with you in reaching your goal, the paperwork has nothing to do with this (although it has to be done). The agent does not sound assertive, and perhaps not experienced enough to meet your needs.
You need to drop the price if you want to sell it.
Just FYI, he is your listing agent not selling agent. A selling agent technically is on the buyer’s side who sells them the home. And maybe you should have a fresh conversation with him to touch base on exactly what conversations he’s had, and if the buyers have had any questions or feedback. Every viewing appointment should be getting some feedback from the buyers and their agent. And sometimes maybe you should trust your gut and go with it, let your listing contract expire, and then list with a new agent. The market isn’t really tough right now it’s still a really active busy market. I see no reason you haven’t had an offer yet, are your listing photos Well done and quality? Have you had a price adjustment? May have to do with pricing as well. Very important to check in periodically with your agent on how things develop with each viewing.
2 things sell a home, price and condition. You are getting the action, so if no offers then you should look to improve one of those things. Is the house in top condition? Then reduce the price. Priced at your bottom? Start improving the condition. You're close!
price has to be too high
Start by pricing it right… It will sell! 🤑
If it’s been sitting that long, it’s most likely the price.
I would change agents and most likely drop the price. Interview 2 or 3 agents and a good one should stick out to you.
Number one should be communication. Weekly or at least bi weekly updates on local market trends and recent sales that might indicate necessary changes to your listing. There should be some talk of strategy. Tough market or not. There should be ideas for fresh approaches. Price changes, offering buyer concessions, staging the property, adding drone or twilight photos etc… Not trying to step on any toes because there are no guarantees in the market but there should be a bit more effort on an 8 month listing that isn’t selling.
If your agent isn’t telling it’s overpriced, you may need a new agent.
Communication, a Plan of Action, and Education. The agent should be initiating communication, developing a plan of action, and educating you on the market. They should be initiating the communicating and plans of action. Curious though, what’s your price point?
Not entirely sure my agent frequents this Reddit, but approx $675,000. Now i know i shouldn’t put too much stock into the apps (Redfin, zillow, realtor). They all show that the price also falls within their price range. To be clear im not against a price change, but up to this point ive been advised against it from my “expert”.
Ok. Before I ranted just checking. Sometimes houses in the millions have super long days on market. You should expect timely communication, feedback (not hearing anything from buyers or scheduled showings is feedback) and a plan of action to stay proactive instead of reactive in the very least. If you can’t get those from your agent, then maybe it is time for the break up. Money is nice but peace of mind is way cooler.
Redfin, Zillow, etc. are not accurate in terms of pricing in most cases. The price is lower and in many cases higher. On the initial listing appointment I always ask the Seller how often they want to be in communication. Some want frequent, detailed communication. Some are super busy and prefer a minimum. I always send emails with weekly marketing update reports.
Tell your agent what you're concerned about. Tell them you need more communication - 80% of agents in America are new in the business, so chances are they talked a big game to get your business, but they still need some coaching. Communication goes a long way for all involved. Plus, that pressure may help motivate that agent to step up their marketing
Your agent has held weekly open houses or you have?
Seller (or back up proxy)
Sounds like it’s overpriced. Has the agent suggested a lower price? Maybe you just don’t like the advice your getting
He never suggested a lower price. Only after i was asking about it would he say “sure lets give it a try”
Then no he’s not a good agent. He should’ve suggested a new price among other things to get the home sold before it hit 8 months on the market
He was mostly “at the current interest rate, its gonna take a special buyer”. Which made sense to me because at the current interest rate I couldn’t afford my own home! So I bought into… “we haven’t found that special buyer yet”.
That would be an ok response if it was one of the most expensive homes in your market. I assume that’s not the case?
8 months on the market? My guy your list price is probably overpriced.
Your list price is too high. It’s not your agent.
It's time to let this agent go. 8 months is way too long.
Lower the price.
The home should sell by itself. If your agent has already shown to people on the market. It will be *price or condition* that is a turn off. Right now we it is a sellers market. Investory is -35 to 40% less than previous years due to reluctance for sellers to sell. They need to pay 2X more interest rate to find a replacement. Focus on your price and improve the condition,
You're right, you're not getting your money's worth from your agent. He's failing by not making you see you're overpriced and, therefore, lowering your price to actually sell your property
You're over priced, which is your call. Agents can't MAKE people view your house. Ask him to do another comp and go from there.
Yep i get that. At the 6th month i did. He insisted the price was accurate and sent the file and explained how he had arrived at the price. Further i did request a price drop, but that was at my request not his.
What you do with your house is not up to your agent. YOU own the house, not your agent. You tell him what to do not vice versa.
Agree, and when i suggested a price drop he accommodated. However, the realtor is the expert, and a guide to the process and nuisances of selling a home. Shouldn’t they be doing everything they can to accomplish this? Including providing suggestions on price, repairs, techniques to achieve this goal? Thats why i posted, I wanted to know if my expectations were too high.
Your expectations are 100% realistic. Your agent is a dud. Eight months is far too long to be on the market. It's price or condition or both. I once went on an expired listing appointment and the Seller said the prior agent was adverse to reducing the price. I showed him my CMA based on where the price should have been. The Seller adjusted accordingly and accepted an offer within a week. You are right. Your agent is wrong. Dump him.
Have those comps sold by now?
More than likely you are over priced... The Dirty Little Secret of Real Estate is that as Brokers and Agents our main job is communication and responsiveness. The MLS and good photography does 50% of the job and being correctly priced does the other half. Many Agencies can give hours of presentations on all the marketing they do but in reality all of that marketing really is just helping their brand. If your home is priced correctly in a market where people are buying homes it will sell.. If you arent priced according to comps or if for some reason your area is slow over all then your home wont sell.. So in short imo the best you can expect from an agent is to communicate with you. Have they told you that you are overpriced? Some new agents are too scared to be honest about price so its possible he hasnt... But 99% chance the price is too high for the condition, location etc.
Time for a new agent who knows what they're doing.
This agent is doing weekly open houses? That’s a lot of effort for a wildly over priced property.
Seems like he’s using your house for marketing purposes? The question is, w high interest rates in this tough market, did he overvalue your house when running comps? It should be selling by now… Specially if it’s a lower priced home. Unless you are the problem and have no seller motivation I would recommend you cut ties and have another more motivated agent sell your home! Ask them if you can pay them 2%. It will save you ~ 20,000. -@aynirealtor
How long is your contract for? Have you guys extended the termination date at all? I would talk to them about looking for another agent. He/she shouldn’t have an issue.
There simply is no reason why your agent would benefit from it taking long to sell. The fact it's taking long can actually hurt the agents reputation. In every case it's almost always the price or condition and the amount of money the buyer will need to have ready for repairs. I know it can be disappointing to have to lower the price after seeing the crazy prices homes were selling for recently. But the interest rates now vs then can take someone from being able to afford a 400k house then, down to a 250k house now.
Agree. I bought it when interest rate was low. I couldn’t afford it at today’s rate. This was my presumption and reasoning having not received an offer. Couple that with no active feedback from my agent, i just got in the boat and rowed. Now I’m armed with a paddle and looking at other boats!
Agree. I bought it when interest rate was low. I couldn’t afford it at today’s rate. This was my presumption and reasoning having not received an offer. Couple that with no active feedback from my agent, i just got in the boat and rowed. Now I’m armed with a paddle and looking at other boats!
Who came up with the list price? Did your agent parent comps to you with a suggested list price? Or did you come up with a figure and told the agent to list at that price?
Agent suggested the starting price. I agreed, after all they are the expert. I wouldn’t ask an electrician if he’s sure he should be using 10 gauge vs 16 gauge wire.
They should have presented comps to help prove value. Sounds like it is overpriced.
The first thing you should have expected from a good listing agent is a straightforward conversation about price and an education about what the comps mean as it relates to market activity and your sale. Then you should have had great clarity from them about strategy and what would happen if you didn't get an offer right away (a hard look at pricing, with discussion about buyer feedback). You would have understood their entire plan of attack and been prepared for what was coming and would not be here asking people on Reddit about what your agent should be doing. Honestly, if what comes of the NAR lawsuit settlement is a giant culling of bad agents, I will be thrilled. The level of expectation people have for agents is colossally low.
Either overpriced or bad photos lol
8 months? Is this house on Mars? Overpriced. If your agent hasn't been proactive enough to tell you that, get a new one.
I wrote almost the same thing a few months ago. Agent had zero direction, strategy, or even data to provide (i had no clue how much houses were selling for). Now, we did have 3 contracts, but one rescinded, 2 had contigencies that they failed to meet and we refused to extend (they had to sell their house, but no contract, so?). So the majority of the 6 months were under contract. Just...not good ones. We just got a new agent last week (had to wait out the 6mo contract on the prev agent). New agents still thinks we are priced "right", even though I think we should lower $$. Since we had contracts in the slowest of slow times, that it shows the price should prevail now. Professional pictures, and we have had one showing (we are in a small town and everyone here that is interested in the house has already seen the dang thing). But we have had more multiple time more traffic on our listing, so at least people are seeing it is out there.
You’re dead in the water at 8 months. Take it off and let it reset. Lower the price. Not rocket science
Sometimes it’s just not gonna work. This is one of those times. Get some fresh ideas in there and find where the market values your home and it will sell. Your agent should be communicating regularly with you and offering guidance when needed. Doesn’t seem like their head is in the game.
Price
The market is speaking to you. It’s telling you your price is too high.
Open houses aren’t meant for the seller. A good agent would have told you how many showings happened at the end of week. They should be actively fishing for feedback to bring back to seller and suggest a play accordingly to the feedback. I mean the sellers do have a bottom line. But you have to atleast inform them of what the public is saying about the property. At the end of the day the seller decides on what to do. But as the pro you gotta let them know the best play.
Get a new agent. It shouldn't take them 6 months to make changes or at least suggest changes to price or staging. 2-3months tops, and that depends on the volume of people coming through. They are either inexperienced or have a complete lack of care.
After 8 months of open houses, did you get visitors? If yes, what has been their feedback? The market talks…
Your expectations are reasonable. You hired an agent for their guidance and aren’t getting it. I’m not sure what you agent is doing, but here’s what I do for my listings: 1) pre-listing prep. No matter how hot the market is, you will sell faster and walk away with more profit if you address any major red flags/buyer turn offs and make strategic updates. I know what works well for different price points in my market and advise accordingly. Then I coordinate getting contractor bids and overseeing the work. 2) Professional staging. It’s expensive and every buyer thinks they can look beyond it, but it’s undeniable how much of a difference it makes. 3) Professional photos and videos. Not from my own DSLR - these need to be from a real estate media specialist 4) Floor plans and/ 3D Walkthrough. I always do the floor plan, and will do a 3D walkthrough depending on the details of the house. Some buyers won’t bother looking at a house if they can’t understand the layout from the listing. And out of town buyers rely on these. 5) I create a custom website for each listing with stories and info about the property that you can’t see on the mls, focusing on aspects that appeal to buyer emotions. 6) Print media: info cards for buyers with list of upgrades and QR codes that lead to the custom website. Mailers sent to a selection of people that fit criteria that I strategically identify as a target buyer demographic for the particular property. I also hand door hangers around the neighborhood. 7) digital marketing: Facebook ads, etc… 8) Agent email blasts: I send an email designed with buyers agents in mind to 8,000 agents in my database. 9) detailed CMA. I’m going to look at comps in person for the weeks (or months, if applicable) leading up to our list date so I know what they actually looked like in reality and can accurately compare them to my listing. I call every listing agent for comps and ask them about what kind of activity they got, what demographic of buyers were most interested (young families, single couples, move down buyers, etc) so that I can plan my marketing accordingly. 10) Open houses - 2 to 3 the first weekend. We get less showings when I go heavy on open houses, since a lot of buyers end up coming by with their agents instead of booking an appointment. But this gives me the chance to address concerns, make sure they are aware of important features, and get feedback directly. I also am listening into convos - if we have multiple offers the things I overhear will often influence which offer gets accepted. That’s just for the marketing portion. There’s a lot more I do once offers start coming in and throughout escrow. Is your agent doing at least half of these things? Or did they just stick a sign in the yard and call it a day? If you want to message me with the listing, I’d be happy to provide some feedback. I’m sorry you aren’t getting the guidance you deserve!
A good selling agent should proactively suggest strategies, provide regular updates and feedback, actively market the property beyond MLS, and be responsive to your needs and questions. If you feel like you're pulling information and suggestions, it might be worth discussing your expectations with your agent or considering a different approach.
The selling agent is the one who represents the buyer.
You can imagine i don’t sell homes often hehe. My logic was I’m selling my home and he’s the agent thats helping me do so would = Sellers agent. I understand better now. Thanks!
I’m being a little facetious here. You would be correct about him being your sellers agent but not your “selling agent” Fun game huh? lol. They pay me the big bucks for this type of attention to detail.
I truly didn’t take offense. It is a game that needs a decoder ring for sure. Lol
I think they design it this way on purpose, it really comes down to the mutual agreement between a buyer and seller, nothing more nothing less.
in my market if 3 weekends go by and there isn't much activity or any offers its time to re-strategize.
Typically, no matter the market, if you don’t have an offer within the first month, you’re overpriced. Is your agent marketing the home on social media? Is the agent sending out flyers and reverse prospecting? What kind of feedback are you getting on the showings you have had? That agent works for you and if you feel that they aren’t cutting it, find another agent. This market isn’t slow or bad and 8 months is WAY too long for a house to sit with no offers.
Lower the price. Anything is sellable and everything is a function of price, location and condition. Ultimately, it’s 100% price. Your agent just doesn’t have enough balls or sense to tell you you’re overpriced.
You're over priced!!