You can absolutely get dialog similar to what you expressedâ€¦..once you become a client and have an established relationship. Good buyer agents jump through hoops with detailed information and research for their clients. Does it happen day one? No. Itâ€™s a relationship.
Flip the coin to a situation when I am the client and interacting with our service providers. The relationships that I have with established vendorsâ€¦.be it my banker, accountant, attorney, media rep, web developer, graphic artist, etc., are remarkably different than the initial inquiry made via phone or email. And, I know of not one of these professionals that hold a candle to the exemplary actions I have seen out of rockin agents. (Not all agents rock.)
I canâ€™t call my banker on his/her cell phone on Saturday night, and ask questionsâ€¦.but my banker does make tremendous efforts to be accommodating during banking hours and I appreciate that. I canâ€™t call the mayor of my town on his cell and give my opinions and solicit his on Tuesday at 9pm, but I know plenty of Realtors who do this for clients regularly. I could make a list 5 pages long of various examples. As a Realtor who does jump through hoops for clients, I have become repeatedly frustrated with the poor excuse of customer service I so often receive in so many realms of life. If you, also, are available for your superiors, subordinates, and clients from early in the morning until late in the evening 7 days a week, I guess I can understand that you have high expectations, also.
My accountant does not take all prospective clients, nor does my attorney. Likewise, I only take clients that are a good match for us. Otherwise, we only set up ourselves to disappointâ€¦.which does no one any good. Once someone is our client, we roll out the red carpet. We treat all customers with respect. We respond promptly to all inquires. We roll out the red carpet when we establish client relationships.
Youâ€™re rightâ€¦..data is freeâ€¦.and itâ€™s on the internetâ€¦everywhere. Wisdom gained through experience can be priceless.
Kris said: When the house goes off the MLS/contract, I will be flooded with phone calls, not from potential buyers but from Realtors wanting the listing. This is what upsets me about the industry. Where were you guys when the house was for sale?
Deb responds: Buyer agents work for buyers. As such, they seek out properties that match the needs of their buyers. Agents will also preview a property if they want it as a comp for another property under purchase consideration, or that may go on the market as a listing. Sometimes, agents who visit your property are actually promoting another property, and only looking at yours to â€œsize it up.â€ Do not mistakenly assume that an agent who visits your property is your ally who is encouraging their client to buy your property.
Kris said: And why do you want the listing so bad if you never even bothered to visit or show the house?
Deb responds: Sellerâ€™s agents have the responsibility of marketing the property. The agents who come to look at your property are not working for you; they are working for their buyer clientsâ€¦.or they are working on a different listing and want to compare your property to it. In the latter instance, that agent is working to compete against you. Sometimes agents preview properties at Broker Open Houses, just to see it. It is very rare for an agent to preview a property if they do not have a potential buyer, or a competitive seller.
Kris said: The first question I always ask is have you seen the property? If they say no, I ask them why?
Deb responds: I am not working on your behalf as a sellerâ€™s agent. Although, I have put forth considerable amount of thought and time with input about your property. All of my input has been about how to sell your property nowâ€¦.with your current agent. I respect that relationship, and have never suggested that you hire a different agent. I am not coming to visit your property, so that you will hire me as your next sellerâ€™s agent. I respect the Realtor Code of Ethics, and any statements I have made here online, are in support of a successful transaction nowâ€¦not in the future. If I have a buyer for whom your property is a match, I will surely show it. If I was working on another listing nearby, I would come preview your property. Yes, I do, on occasion, preview properties for no specific reason outside of Broker Opens. But, not that often. The fact that I have not had a buyer for your property does not, in any way, reflect upon my competency or efficacy as a sellerâ€™s agent. Ditto for every other agent who has not shown it. There are many hundreds of agents who have not seen your property. Some are out of touch, or barely working. Others float along in mediocrity. And, some top notch agents really rock.
Kris said: â€¦â€¦.my website canâ€™t be linked to the MLS
Deb responds: Your website can be linked in the agent notes portion of the MLS. If I have a buyer for your property, I can forward links from the agent notes section to my buyer. (I said this on March 4th post.)
Kris said: â€¦â€¦.the sad part is that everyone seems to want nothing to do with the property unless they or their agency owns the listing.
Deb responds: It does not matter to me which agency lists a property. When I wear my buyer agent hat, my goal is to find my buyer the right property based upon their wants and needs. Most properties are sold as a result of cooperation between brokerages. Which brokerage is representing you now, or in the past, has absolutely nothing to do with my showing activity (or lack of) at your property. It is much harder to pull together a deal than it looks. I am not going to reduce my buyersâ€™ ability to find the right home by screening according to which company listed the property. Ditto for most agents out there.
Kris said: There will be an open house this Sunday March 29, 2009
Deborah responds: Most likely, I will be out with buyers this Sunday. There is still a possibility that I could do an open house for a seller. I do wish you a successful turnout at your open houseâ€¦.and a contract would be even better. I currently have 2 active buyers in the Brick area. #1) 4 bedroom w/ large yard. #2) under 300K. Next week, I could have a new buyer in Brick. If I do, and your property fits, I will show it.
If buyer agents perceive a good value, they will pass that info along. Example: I looked at a property yesterday that I considered 40% under market value, if it had no problems, but there is 1â€™ water in the basement. Cause unknown. Burst pipe? Cost to fix unknown. Water is off. Itâ€™s only been on the market a few days, and it has had lots of showings and 2 offers, despite the cost to fix and no utilities. I showed the property, but it isnâ€™t right for that buyer. For a skilled investor, this example property may be a phenomenal investment. I phoned 3 or 4 people and told them about it. Chances are slim that I will sell it, because I just donâ€™t have a buyer looking for that type of property right now.
I do need 4bdrm/2 bath, large yd, under 350K in Brick for a buyer now. Sorry, I donâ€™t have any buyers right now for waterfront in your price range.
You made a statement/question, â€œsour grapesâ€â€¦â€¦.and sincerely, that is just not so. If a buyer agent has a buyer for your property, they will bring the buyer. The agents are not boycotting your property because you did not list it with those agents. If I had a buyer for which your property fit the criteria, I would show it.
Only your agent, and the broker firm with which you are listed have the responsibility of marketing your property. The other agents out there, myself included, are not charged with promoting your property. If we become aware of something that seems to be priced low or a rare offering, we may talk about it, but we arenâ€™t promoting that property; we are just sharing info. Compare that activity to friends talking about the 60â€ HDTV at StoreX that just went on sale for Â½ price. We arenâ€™t working for the store, or promoting that store. We simply share info. Since ony your agent and their firm have the responsibility to promote your property, itâ€™s important to choose a listing agent/broker who is an effective at marketing. The best campaigns will fail if price is too high. Just a fact. I know you donâ€™t want to hear thatâ€¦..again. L
I donâ€™t know anything about an agent representing your property as not buildable, so I will refrain from comment. I will simply state, I am sorry to hear there was a problem.
Itâ€™s often hard for listing agents to tell their sellers when they are traveling down a path of flawed assumptions. Listing agents do not want to tell their clients they are wrong, because they do not want to alienate them or stress their working relationship. I donâ€™t want to alienate you, nor insult you, either. I am sincerely trying to help you, without interfering with your existing relationship w/ your agent. I am trying to encourage you to work with your agent to get your property sold.
Perhaps because the market is tougher, and perhaps because I like JRâ€™s style so much, I have become more direct and blunt. Thatâ€™s a compliment JR, if you catch this.
I donâ€™t find marketing campaigns from one agent to the next the same. I see a lot of disparity. I keep saying I am going to write an in depth guide to hiring a good sellers agent. Not on my list to do, just an idea. Yes, it is about the internet. You asked, â€œWhat ever happened to good old "one on one" sales with finesse?â€
You have one sellers agent. The rest of us are all buyer agents working for our buyers. I donâ€™t sell a property to a buyerâ€¦..well, rarely. Once in a while I have a buyer who just cannot make a decision and I tell them that. My job with a buyer is not to sell the buyer, but to help them find what they want to buy. Itâ€™s not my job to finesse a sale of your property with my buyer.
Every listed property owner has a seller agent. That seller agent is charged with marketing your property. They do need to be able to be responsive and knowledgeable when a buyer agent or buyer wants info, but they absolutely cannot hard sell a buyer agent or buyer. It will backfire. I can tell you, absolutely, that when a seller agent, or seller is present trying to hard sell a property to a buyer and buyer agent, it causes the showing to be cut short and crushes the buyers interest. Our society is less and less tolerant of hard sell. The seller agent needs to market well, know the property well, be quick to respond to inquiries and answer all questions candidly and with enthusiasm.
It is about marketing your property. Thatâ€™s the job of the seller agent. And yes, that is much about the internet. There are one-to-one efforts that can increase awarenessâ€¦.but no hard sell! You mentioned earlier on this thread about a successful broker open house. Yes, thatâ€™s an example. And, being enthusiastic and knowing info off the top of your head when an inquiry is received is important, too.
All one has to do is take a boat ride up and down both sides of the Metedeconk River and you will see no real difference from one side to the other. Yet similar sized lots on the â€œPrestigious Princeton Avenueâ€ side will sell for a lot more. What would make that buyer happier there versus Breton Woods? The access streets and out laying neighborhoods are no better or worse on either side of the river. I think it is more difficult to get around on the north side of the river, as you always have to do loop-de-loops to go to the beach or shopping. We are all in Brick, sharing the same infrastructure and school system. You will see all new homes including million dollar homes on both sides of the Metedeconk River including Breton Woods. Someone must know the value of living and investing in Breton Woods or you would never see all these new houses, including million dollar homes. â€“ One realtor stated that no one has ever sold a home over a million dollars in your area. That is because these are newer homes with younger families and couples who are staying put. A majority of the waterfront homes sold recently in Breton Woods and throughout the past 15 years I lived here have changed hands because of old age, death or it was turned over to a family member. I could turn the tables and ask, â€œWhy all of a sudden are people selling newer million dollar homes off Princeton Ave. and Island Drive? Why are they leaving?â€
It is likely that 49 Edwards Road will be torn down and a new larger home will take itâ€™s place. Just the property alone is worth the price at the current listing. There are vacant lots on the Metedeconk River which are selling for more with less view and on lower ground.
It seems on this post is that everyone is pointing the finger at the homeowner, but we have only done what we have been told by professional realtors including top producers. I think there is more here than just a price issue. I think it is misinformation and lack of area knowledge along with overuse of the statistics. Why was 15 Edwards Road slate wiped clean? It was on the market for over 4 years with the same agency. Why didnâ€™t â€œthatâ€ stigma hurt and keep agents from showing that house? If you also check the facts 3 Breton Road was also on the market by the same owner not long ago and was pulled off the market for a short period. Why did they get a clean slate? You can understand my frustration.
I ask all you realtors to put the old thinking and odd statistics aside. Visit the property. Show the house, educate the potential buyer and let them decide the pros and the cons. â€“ Get selling and good luck!
I noticed your price change a few days ago. I know that hindsight is 2020, but if you had lowered the price to this level a long time ago (or even a higher price, but a long time ago), the results would have been different. A common reaction to your recent price change will be, "They'll probably lower again" vs. the reaction if you made sweeping price change that says, "Wow, look at this, I better act now, because if I don't, someone else is going to snag this."
Earlier in this thread, you stated you are not chasing the market, but your history clearly states you have, and still are. I know that you say you are not, but the history makes a clear and bold statement. You have made multiple incremental price adjustments, each time putting yourself still over the market threshold. This strategy usually results in a sales price that is lower than one would have achieved had they not initially overpriced. Unfortunately, the market works likes that....not just in Brick, but all across the US and way beyond our shores. It's harder to rebound from a position of chasing to the market by simply being at a comp price. You now have an obstacle to overcome and that means blowing the socks off of your competition, not just meeting it. Rebounding from chasing the market is akin to marketing from an underdog position. This isn't about your property being inferior, it's about the position you are now in. Imagine a great candidate for a job, who missed his first interview because of circumstances beyond his control and wasn't easily reachable by phone or computer because his cable was out of service and his home is located where cell reception is poor. This job candidate may be better suited for the job, but is now compromised. Your house may be all that you say, but you have obstacles to overcome in the market that a fresh listing will not have to scale, just like Breton.
I understand that you are now on par w/ 3 Breton, but you have to overcome the obstacle of time on the market that you have. Your history of re-raising the price sends a message that will scare off buyers from making an offer.
So, what can you do...........
It's all about price and exposure. Great Price without exposure.......you won't get highest and best price if you don't reach a large pool of potential buyers. Exposure without price.......buyers learn about your property but won't buy if the price is too high, and won't make an offer if the signals are there that the seller is not receptive to a lower price (that message is sent by your volley of re-raising prices, and taking multiple incremental drops.)
What do you need?
Price - Knock the socks off the competition, don't meet it.
Exposure - I am cautious here, because I am not your agent, and do not wish to interfere. Telling you about pricing may help your current agent help you sell your property. There are a few, easy suggestions I might make that will only take your current agent a few minutes and cost no $$. Your agent may have reason to disagree, and you should listen carefully to your agents advice since I have limited info here, and, that, coupled with respect for your agent. Here's my "maybe" suggestions......put the link for your website n the 'agent notes' section of the MLS. The rules prohibit the link in the public section of MLS. Add your link to any non MLS portals where editing is possible. Add the lot size to the listing. Sq footage is tricky. Most agents will only quote a 3rd party source for sq footage. If you are saying your home is double what the tax records indicate, you might want to have a discussion w/ your agent about how to address that. Beyond these few comments, it's really a comprehensive assessment of what marketing has been done, and how, which is beyond the scope of what I can do here.
With all due respect to Gregory, I do not think that throwing up a virtual tour form RES or another vendor will be the magic bullet. I support virtual tours as part of a comprehensive marketing plan, along with floor plans, and single property websites when a seller wants an aggressive marketing campaign. The listing agent's job is to market your property. The buyer agent job is to bring buyers to properties that meet the buyer's wants and needs.
I don't have any buyers for your property right now. I do need a 4 bedroom, 2 bath, w garage in great condition for under 400K in brick. Of course, we aren't getting waterfront for this. This buyer needs space for a growing family. But, I will keep your property in mind for a buyer who I have not yet met.
Deborah Madey - Broker
Peninsula Realty Group
If I were to visit the three properties, my perspectives may be altered. Most buyers and buyer agents make a decision to pursue or pass on a property from the information presented by the listing agent through the MLS and marketing materials. The feedback on this thread is a sampling of what the larger group may say.
Breton is listed as having an improved assessment of 95,500 and square footage of 1370. The land assessment on the two parcels is nearly the same (Breton and yours.) If your improved assessment is lower, and square footage is lower, one might look for your price to be lower, also.
Heather did not mean to insult you. Heather writes a lot of good content on Trulia. I had not read her post, nor Jeanneâ€™s when I wrote my prior post. Diane mentioned that your listing history waved a flag. Independently, without reading Jeanneâ€™s or Heatherâ€™s posts, I stated it was dangerous to chase the market. In review of the entire thread, I see that phrase may have upset you. Please know that none of us are trying to upset you. Jeanne and Diane both post regularly on Trulia and are well respected in the online and offline community. If several of us, from the perspective of a buyer agent, suspect that pricing may be an issue, there may be some validity. If our suspicions are not validâ€¦.the representation in the listing must define why the value is higher than our initial perception leads us to believe. We are simply a minor sampling of what is going on in the marketplace and how others (agents and buyers) may perceive the property offering.
Itâ€™s hard for agents to tell sellers what they donâ€™t want to hear. We do this every day. Itâ€™s never our intent to be disrespectful. You wanted to know why your property wasnâ€™t being shown, and a common theme seems to ring through on this thread.
I just listed a property for sale with a Realtor in another state. The listing agent prepared a CMA and provided a suggested listing price range. We took the low number in that range, knocked another 4K off of that, and went to market with that price. When I had to put on the hat of a seller, I did practice what I preach. We priced low, and we are committed to reevaluating pricing in 2 weeks. It will only hit the market next week, so I donâ€™t have any results yet. As sellers, we had to swallow the fact that the CMA came in nearly 30% less than anticipatedâ€¦and we still went in with a lower ask. Itâ€™s not easy.
In marketing a property, the most important driver is price. Itâ€™s not the only factor, but it does supersede all others. The marketing mix, as it is taught in marketing classes in schools all over the country for all products and services include price, promotion, promotion and many include placement. Placement for real estate is a given. We have some, but limited ability to change the product (your property.) Yes, we can de-clutter, clean, paint and stage to show the property in itâ€™s best light. We canâ€™t change the location, the size of the lot, style of the house, etc. We have the most control over price and promotion, so letâ€™s focus on these. Repeatedly, I talk about price and exposureâ€¦.online with buyers, with sellers, with my agents.
PRICE ALONE: A property that is substantially under priced with minimal marketing exposure may sell quite quickly, in any market. There are always some with money to invest who are on the search for the good deals. A property that is substantially under priced, but only put in MLS with no pictures, may attract a few offers, even going over list price. Low pricing without exposure will not bring the highest and best price because the pool of buyers was limited.
EXPOSURE ALONE: Great marketing without right pricing does nothing other than help the competition sell their property. If, as a broker, I advertise a listing of mine or one of my agents, and it is overpriced, it emphasizes what a better deal the competing property down the street is.
PRICE AND EXPSOSURE: Pricing right and making sure that your marketing reaches the largest possible pool of potential buyers yields you the best opportunity at a sale at the best the market can produce.
I represent both buyers and sellers. It is only my place to speak specifically about your property from the perspective of a buyer agent. I do not currently have a buyer for whom your property would be a potential match. If I had a client for a waterfront property in Brick in the 500-600K range, I would make a list of all available, then prioritize the list according to best match and best value for my client. If yours was 20th on a list of 30+, we may not get to your property. The price and marketing must prompt me to believe it is a good deal for my buyer. There are 3 waterfront properties in Breton Woods, and well over 30 waterfront homes in Brick under 600K. Pricing and home sizes in Breton Woods vary tremendously. Your listing does not quote square footage, but the tax records indicate it to be under 1000 sq feet. The property at 15 Edwards is nearly double the sq footage, per the tax records, plus a garage.
A listing agent reaches directly to the buyers. Buyers, even when they have buyer agents, often surf the web and read about properties. Sometimes, my buyers want to see properties that I would not have recommended. If a buyer of mine chose to see your property, I may come to preview it, or we may schedule an appointment, even if it wasnâ€™t on my most recommended list for my buyer.
A listing agent reaches to buyer agents. There are times that I, when I am wearing the hat of a buyer agent, that I learn about properties that make memorable impressions and I would be more likely to show that property as a result.
My adviceâ€¦.sit down with your listing agent, and review the comps. Compare your price/value to the competition. Review the marketing; past, current, & scheduled.
Best of luck
Deborah Madey - Broker
Peninsula Realty Group
I'm sure the market will turn around, then we may sell. Now isn't the time, unless someone made us a cash offer we couldn't refuse. But for now, we have a beautiful house in a beautiful, peaceful location. Now is the time to enjoy our home and spectacular view without having another property to worry about. -- I feel like a huge weight has been lifted off my shoulders.
I want to add that Susan Cowan of Gloria Nilson was the only Realtor we dealt with who kept a positive attitude and remained supportive regarding our house and location. We listed with her Oct. 2008. (She was the 5th Agency and Realtor to handle the listing. ) We found that the other Realtors we listed with prior were very positive and aggressive, till they got the listing, then pressured us to lower the price by preaching economic doom and gloom and that our community of Breton Woods is not desirable. -- You can't sell something if you have a negative attitude. Susan never once put down our community. She also never steered buyers to other locations.
My biggest observation was how aggressive the hundreds (yes it seemed like hundreds) of Realtors were in wanting the listing, but when the listing was granted the aggression to sell the house stopped. We did a lot of research and were listed with top producing agents and Real estate agencies in our area.
I will have to say that I am glad we sold the house, but the overall experience of dealing with Realtors during this almost 4 years of trying to sell this house left a lot to be desired and was a very frustrating experience. I'm not saying that all Realtors are bad, but there is a lot of dirt to dig through before you find a gem or a true sales person.
I have previewed this property on my time in person in order to keep it in mind should any new prospects come my way and I must admit to prepare myself should you follow through on your thoughts of going FSBO as had been previously discussed w/Maureen when 53 Edwards expired.
Let's just hope that more buyers are needing to buy vs. wanting and perhaps this will be your year!
Love and Peace,
Since our current Realtor was doing the best job versus past Realtors we extended our listing with her. I never realized how this upset a number of Realtors, because they wanted the listing. â€“ Actually many even asked for the listing in a round about way before our listing was due. â€“ Now where are these Agents?
They all said it was a great property and should be easy to move. And yes the waterfront houses in my area are selling. I kept track of them all. I also keep track and personally view the similar properties that have become new listings.
Frustrating, you bet because those potential buyers were never shown our house. In the past few days I was doing yard work and people slowed down and looked at the house. I waved for them to come out and look. They had no clue as to how large the property was because you canâ€™t see it from the road. You only see the deck and water. But not the lower deck, dock and beach. In each case the people wanted to know when the listing was up. They wanted to make a â€œdealâ€ with us. It is interesting how people want to cut out the Realtor. We told them to contact our Realtor... no one did yet.
We also confirmed that the property is large enough to be considered buildable. One very well known Realtor put doubt in potential customers head about this and sold them another property up the street that was a little larger. â€“ We have gotten to know the new owners they are a great addition to our neighborhood.
Our house still remain for sale and is the price leader in similar properties with all the features we haveâ€¦ the market has to chase us. All recent similar homes sold for more.
So why is our house still not being shown?
We are having a spur of the moment open house that will not be advertised in the local paper, but I have posted it on my website.
We invite all of you to come see the property tomorrow, Sunday April 26, 2009 from 12:30 till 3:00
Yes, I can tell by your posts that this is a very frustrating experience for you.
I do not know the details and all components of your current marketing plan. If you compared the implemented marketing plan of 5 agents, you will variances with overlapping similarities. People can always find something in a listing that could be improvedâ€¦.photos, description, etc. I am not here to critique your agent, but rather I support your agents efforts to sell your property. Sure, there are some things I may do differently. And, Agent X and Agent Y would yet venture down alternative paths. You have seen advice on this thread vary slightly. Some think a virtual tour would help, others think not. OK, I am shying away from virtual tours in favor of video. Regardless of the finer points on which some of us disagree, we all agree that you need to price right, get your property out there with lots of photos, and it needs to show nicely. You think you have that all down, and itâ€™s challenging to see competitive properties sell when yours has not. So, yes, I empathize with your frustration.
I have really tried to stay away from getting involved with the specifics of your marketing, since you have representation. One suggestion I might make is to add your website link to real estate portals, such as your listing on Trulia. Itâ€™s true, you cannot put it in the public remarks section of the MLS, but, there are no rules that prohibit it from appearing on other sites. I donâ€™t know that these little tweaks here and there are the end all solution, but I pass it on as an example. I know that you so much do not want to hear that it is priceâ€¦but, it might be. Since I havenâ€™t even seen your property, I will refrain from any absolute stance, and ratherâ€¦.respectfully refer you to discuss that with your agent.
Any Realtor who would actively solicit your listing now would be violating the Realtor (COE) Code of Ethics. If someone makes a play for your listing now, they probably know they are violating the COE.
Continued best wishes.
I do go into local Realtors offices when Iâ€™m running errands around town and hand out literature with my website info. In each case they want to know when the listing expires. I ask if they have seen the property and 95% say no and 90% percent are unfamiliar with the property. I invite them to come see the property as the MLS does not do it justice and my website canâ€™t be linked to the MLS. Listed on the website is the property survey, room sizes, many pictures, area info. and other links. But again the sad part is that everyone seems to want nothing to do with the property unless they or their agency owns the listing. â€“ Or this is the impression Iâ€™m getting.
I started this post about a month ago because I know so many local Realtors and even potential buyers read these boards, but only a handful of realtors actually have stopped by. Many were from out of the local area. I fully admit that I canâ€™t sell this property without your cooperation.
Lookingforthenextone â€“ The property went under contract for much more than $565K so you need to adjust your numbers. Another comp. on the same side of the river closed in Jan. for $600K.
There will be an open house this Sunday March 29, 2009. Come out and see the property...
Wish you well and hope you sell soon!
I guess that whopping two week course you took must have missed that one, or one of the housewives in the course caught your eye when it was told.
It may not be a post up to your ethical standards, but it is legal in every sense.
I do see that you said the neighbor house is under contract.
You also say, "I do know the dollar offer that was accepted and it is not that far off the asking price. We gladly would have accepted the same offer."
After that one closes, we will have a new negotiating point. If you would gladly take that, you probably would take a little bit less and maybe not be quite as glad but able to move on.
If your realtor listing expires, go by owner a week or two, then we can cut out the 6% commission. If you relist your home right away, people don't have the opportunity to contact you without the huge commission.
Lets say the neighbors house closes for 565,000 (just a guess to work with.) Lets say you are "glad" with that. Now we can start to work it out.
Take the 565,000 (or whatever the house closes at that you would be glad with) and knock off the commission at 6%. That is another 33,900 we can deduct. That brings us down to 531,100 (gladly accepted price).
If you can knock another 21,100 (that would be 510,000) I am sure we could work it out.
Hi Deborah, The reason for the price drop and increase was that we needed to close prior to December 31, 2008 as that was the drop dead date before we have to pay capital gains taxes, as this house was our primary residence four years ago. We had a fire sale which no one took advantage of. Had we been advised that this would have worked against us, we would have never done this.
I understand what you are saying about the price changes but it is also up the Realtors to educate the clients as well and say, this is a good buy/value let us check it out.
15 Edwards Road that closed a few months ago was on the market much longer versus our house. They chased our price consistently. We always led and were the leaders. The market chased us. The facts are wrong about 15 Edwards Road selling in less than 45-days or something like that. If you check out that history you will see the house was put on the market in 2005 at over a million. The house has the same wood paneling as ours however when an addition was built the great room became closed in and dark. But that didnâ€™t keep the house from selling. What upset us about that sale is that the buyer wanted our house but was told our lot was not a buildable lot without checking the facts with town hall. This was the reason that agency was fired. -- Our house was listed with the same agency as 15 Edwards at that time.
When we first listed our house we found the agent was inexperienced, but after the contract was up we searched for the area's top agents, people with a lot of experience and known sales track records. We spent days interviewing people. They all loved the property and were in awe by it and claimed they would get it sold. I will not name names. We followed all of their professional advice, but found the marketing to be weak and always identical from one agency to the next. Every realtor says how the Internet is the way to go as well as everyone goes on line. What ever happened to good old "one on one" sales with finesse? In this tough market people are going to sell houses not the Internet with all the flawed info. misleading wide angle pictures, pictures of a view over or through the neighbors property.
By the way all those realtors we interviewed, when they didnâ€™t get the listing, they never came back to show our house. When we switched agencies, no one from the listing agency office including the former listing agents with the exception of one, ever came back to show the house. â€“ Is this sour grapes?
You can understand the frustration level we have. I also learned and was directly told that some realtors are instructed and will only show their own agencies listings. Hence we figure if we switch realtors we would get a whole new set of agents showing our house. â€“ This proved to be true.
The other issue that we found which hurts us is that perception that our area, Breton Woods, is not a desirable area to live. If that were true, we would have never built a new waterfront home here. Sure, it is an older community, but the new houses and renovations have really improved this area. Realtors are not going to sell or promote an area if they have a particular bias or negative opinion. This could be interpreted as steering. MSN just had a story titled â€œ7 tips to sell your home in a crowded market.â€ One point was â€œSellâ€ your entire neighborhood. â€“ Help your buyer get past the fear that something may be wrong with the neighborhood.
So I need to ask? -- What makes Princeton Avenue so great? If I read â€œPrestigious Princeton Avenueâ€ one more time Iâ€™m going to puke! It may have been â€œPrestigiousâ€ at one point and time, but no more. Sure there may be larger homes, but no community infrastructure and very few local businesses. What makes Sandy Point, Kettle Creek, Beaver Dam or Bay Wood so special?
On my web site there are many pictures of the house with the exception of the baths. The half bath on the second floor is much larger versus the full bath at 9'x7' so there is plenty of room to add a shower and make 2 full baths. This also is the only room with white walls as it was part of an addition in the 70's. The other bathroom has a one piece fiberglass bathtub and shower. All the bathroom fixtures are newer. The Kitchen features all newer stainless steel appliances. Dishwasher, Refrigerator, Stove, Convection Microwave. Our kitchen is much larger and more modern versus 15 Edwards and 3 Breton Road. Both have sold recently. You can see these on my web site which can't be linked to the MLS. I built my own website to provide more information about the house and the community, but because of "rules" it can't be linked.
Even with the wood paneling the house is bright, open and airy during the day. During the evening you have a wonderful cozy atmosphere -- great during the holidays. This is why people need to see the house versus looking at pictures.... I get so upset with Realtors telling us to ruin the house by painting or covering the classic paneling. The new homeowner should decide this, not us.
The exterior of the house is true cedar shake typical of a "shore" house. Almost every house in "Prestigious" Bay Head and Mantoloking have this expensive siding. This is not cheap old asbestos garbage. Again go out and look at this house and the view. It is an overlooked treasure. When agents take a look, they are pleasantly surprised at how nice the house is.
All the square footage info is not correct... This is why we are burned. Just the floorspace in this house 2000 plus square feet. I did the calculations today.
THE PROPERTY IS 40' x 100' or 4,000 sq feet. THE FACTS NEED TO BE CORRECT! Visit my website for a copy of the survey.
Come to our open house and send your clients.
Since I'm in FL I can't look into your local MLS, however I checked the listing on Realtor.com and I have to agree with Dani, I believe that pictures at least there are NOT doing you any justice or helping you in any fashion. With 87% of home buyers starting their search online, pictures, and virtual tours are super important! It looks like your agent is not utilizing the enhanced version of Realtor.com but she could still post 25 pictures, a virtual tour and definitely put in more information on your house.
I would strongly suggest that your realtor take as many pictures as possible, make sure she uses some photo software to make sure they are light & bright and if possible put together a virtual tour. I think you will see an increase in hits to the listing and hopefully that will translate into showings and an offer!
Heather Jackson, Realtor
Exit Realty of Lakeland
1715 S. Florida Ave
Lakeland, FL 33803
I took a look at the pictures of your home on the mls to see if I could offer some insight why your home is not being shown. The only interior shot shows dark wood and maybe buyers are not finding that to their taste - Also, with no kitchen, bath or bedroom pictures it leave the buyers wondering what the rest of the house looks like and if they don't like the one picture they do see of the interior they will pass it by and go to the next home. With there being so many homes to choose from they are choosing others instead of yours. Maybe a coat of paint in a lighter nuetral color and some additional pictures could make the differance. It's an inexpensive fix that may be worth a try. The other idea might be to take a look at the exterior - It looks like you have shingle siding - most buyers today prefer vynal siding. A more expensive fix - but if it get's your house sold it might be worth it. I also see there are no lot dimensions or square footage on the listing so I checked the tax records- looks like the sq ftg is under 1000 which is the lower end which could be turning the buyers off. Just some thoughts.
I have become very knowledgeable on all similar open water properties on the Metedeconk. Just because it is my house, Iâ€™m not emotionally attached. I know all the strengths and weaknesses and we took those into consideration when we initially priced. There are so many positives to this property versus the homes mentioned in this post that recently sold. -- Our location not only on the river (one of the highest properties.) but is also on a wider quieter street. Many waterfront homes feature in the MLS show pictures of waterfront views looking across the neighbors property including boat lifts and other obstructions. That view is never a guarantee. I always thought location, location, location was important.
We also had no problem with access during the recent snowstorm. We are now priced less versus what those two homes sold for. There will be an open house on Sunday. The temp should be in the 60's so Sell, Sell, Sell! I followed everyoneâ€™s advice so no more excuses as our house should be the next riverfront home sold. We expect to see you and all of your qualified clients there on Sunday or any time.
I see you decided to reduce the price of your home. Good Luck, I hope it works out for you.
626 Route 9 South
Freehold, NJ 07728
The MLS history for this listing shows that you have had it on the market since 10/05 with 6 different Brokers. You started pricing at $1.1M and now at $584,900. This situation is happening to many sellers and I call it price lagging.
In the past hot market you could overprice your home because the market eventually bumped into you. Time was your friend. When you overprice in today's market, the market walks away from you. Time is your enemy. A football quarterback doesn't throw the ball at the receiver but leads the receiver. In this declining market you must lead in pricing, you cannot price at market value (especially on the waterfront homes).
Do you think that your home would have sold if you dropped it from 1.1M to $700k? in 2006? I bet it would have.
I know it is popular to blame other thing on the lack of a sale, but pricing at the market is the largest reason.
Adjust your pricing one more time at well below market value to get showings and offers. I wish you well, Bob
There may be a reason why your home didn't sell instead of your friend/neighbor's. The opportunity was there and it would make sence for buyers to consider your home at the same time.
There may be something getting in the way of buyers showing serious interest......
Our recommendation is to focus your efforts on becoming more in touch with your home's real attributes and deficiencies. This may provide the insight required to be able to sell your home. Have a serious heart to heart with your agent, speak with your friend/neighbor, evaluate the differences yourself.
The reality is it is very difficult for home owners to be objective when it comes to their home.....as hard as it is, now is the time to find a realistic appreciation for it or continue playing the waiting game while watching home values continue to decline.
It is interesting that 15 Edwards Road was listed as having a garage there is none. I do know the new owners. They were interested in our house but were told our house was on a non-build able lot. So they went with the other house. â€“ This is another long and upsetting story. The realtor should have checked with town hall first before making that call. A new house was just built on a smaller lot a few door away. We would have stayed with that Realtor, but because of this incident we changed.
Ironically any time we have switched Realtors, that is the last we see of them and for the most part their agencies personnel. I figure a sale is a sale and since they know the property well and told us it was a great piece of property with a spectacular view (unless they were lying to get the listing) wouldnâ€™t they want to sell it?
The other thing that is frustrating is that 3 Breton Road was listed at the exact same price as our house and went right under contract with another agency not the listing agency. I do know the dollar offer that was accepted and it is not that far off the asking price. We gladly would have accepted the same offer. I do know the owner of that house and know the property well. They are both built around the same time probably by the same builder and have the same basic floor plan. The only major difference is the location, parking and elevation. 49 Edwards Road I think has a few more advantages. Our house wasnâ€™t even considered in the mix as I met the agent. This agent said our house showed no price movement thus it wasnâ€™t considered or red flagged. This agent said that probably no agency would really show it because they figured the house to be â€œflawed.â€
From what everyone is saying here if someone was considering the Breton Woods area and the house is only two blocks away and the same price, wouldnâ€™t you show it? Also because two similar types of property sold recently at similar listing prices and offers we would accept, doesnâ€™t that mean we are priced correctly for the market?
The house is very accessible to any agents. It is currently vacant with a lock box. One agent mentioned it is not on the MLS. It is listed on there as it isnâ€™t a FSBO. Also mentioned was the large number of waterfront properties.-- I know there are a lot of waterfront properties listed in Brick, but only a handful of open waterfront homes on the Metedeconk River. Our house is the second lowest priced but the lowest price house with the view and location. You cannot compare our property with a lagoon house, but I know it is done. My step granddaughter just listed and sold her home on Sandy Point Drive in less than a week and our house was used as a comp when they listed. â€“ This makes no sense since the house is not on the open water.
I live and work from my house next door and my office faces the street. On a daily bases I see real-estate agents drive by. They slow down and take a look and drive on. I keep on telling my current broker that agents need to get out of the car and walk to the river side where they will be awe by the view, the large deck, garden, etc. Very few agents ever get out of the car. Everyone who does is pleasantly surprised. The lot looks smaller from the road because of the elevation. -- You canâ€™t see the dock, lower deck over the water and the beach. Whoever purchases this house will be enjoying the riverside not visible from the street. I built my own personal website to include more pictures, include a survey, local links, etc.
I will be happy take on more advice from all the professionals here. You cannot understand the level of frustration my wife and I have. I discovered trulia as I was searching for closed properties. Iâ€™m very well aware of what sold on the Metedeconk River and what homes are for sale. So I am very new here. I also invite every one of you to visit our property any time. Please walk around the house and enjoy the view. Feel free to knock on the door next door if you have questions.
Looking at the history of your house, I can see that you just missed the market. In 2005 the decline started. No one knew it would go to where it is today! However, if I were looking to bring a buyer to you and saw your history of listing 6 months at a time with no reduction and looking at where you were and where you are today, I would think that there was something terribly wrong with your house. I am not going to take the time to analyze your pricing at each step along the way. But one would think that a house that has come down to almost half the price it was in 2005 must have been grossly overpriced between the price in 05 and now. Our market has not depreciated 50% and waterfront listings in general along the coast have held their value extremely well. Your listing history alone sends out red flags!
So while your price may be right for today's market, you unfortunately have become one of the statistics that shows that overpriced homes take longer to sell than homes that are priced right from the start AND will sell for less than a house that was priced right to begin with. (Jeffrey Otteau, Fortune 500 Appraiser)
Since you are listed with a Realtor, I am not going to go into the different ways I would market your home. As other agents have said, you need to sit down with your listing agent and review the marketing you currently have. Then, if your home doesn't sell and it expires, you might want to consider speaking with some new agents to pick their brains about different ways to advertise a home like yours. Changing the text and photos is obvious, but there are plenty of other things agents do, tools we use to sell our listings.
I have a riverfront listing in Brick. If I get a buyer I think might find your home a better fit, I will certainly bring them by! So, your posting here is one way you've gotten the word out! Good luck to you. Our Spring market is certainly shaping up. Your sale may be the next to hit your neighborhood!
The home at 15 Edwards closed in 11/2008 and was in average condition and the home at 3 Breton shows as active, if it is under contract the listing agent didn't update it as such. I didn't even take the house at 51 Metedeconk into account.
I'm not trying to insult you...you asked the question and I answered it.
626 Route 9 South
Freehold, NJ 07728
The great majority of homes sell either very early in their listing period or after a price reduction. You may want to consider a fresh listing to win back the momentum you seemed to have lost.
Good luck to you.
Search and connect at http://www.feenick.com
I looked up your house on Monmouth/Ocean MLS and you do appear to be close to the right price range however Jeanne is right, you were chasing the market. The last home that sold in your community was a few months ago and less than your current asking price so you may want your agent to re-evaluate your price again.
You get the most exposure to your home when you first list therefore listing too high from the beginning hurts you.
I would also ask your agent how they are currently marketing your home, perhaps she should try new techniques. Also, make sure she is following up with each and every person that does come through so you can get feedback and let them know you are anxious to sell. Your commission rate is competitive, you may want to consider raising it or giving out a bonus, that often drives people to your home.
I hope that helps!
626 Route 9 South
Freehold, NJ 07728
How do your pictures look on the web? You may want to consider a professional real estate photographer . One that will also create a virtual tour. Be sure to include any great views including sun rise or sun set and then at life style verbage as well as details of the home that may not be viewed in the picture.
Be sure that you have decluttered and simplifed so that your pictures will feature the space
Have you had any open Houses? If not have one and envite all your friends, neighbors and your co workers. The whole idea is to get them in and fall in love with your house. Set out a comment sheet. You may learn what they see and think, then make the adjustments that you can. Your agent will help you will all of this.
Let's be honest, Realtors have a much better network than FSBOs do. If thatâ€™s the problem, easy enough solved, LIST IT.
If it is listed, talk to your agent. They may be able to tell you what's going on. I would not want to hazard a guess without the whole history before me and a good inspection behind me. Would you want to tell me why something hasn't sold in Bucks County?
Talk to your agent, make sure your impression of your pricing agrees with his/hers. You are right to price below market to get traction - evaluate pricing and exposure and make any adjustments necessary. If your price is right, it will sell.
You didn't mention, but I would also suggest that you not skimp on commission. Pay whatever is customary so you don't shoot yourself in the foot.
Search and connect at http://www.feenick.com