Home Selling in Hutchinson>Question Details

Peter, Home Seller in Hutchinson, KS

My home has been listed for 2 months. My realtor has not had a single showing. It is listed in the MLS. I ask

Asked by Peter, Hutchinson, KS Wed Sep 24, 2008

him to advertise but he says it is a waste of money because no one reads the papers. We have had a brokers open - not a single broker showed. He had an open house and 6 couples showed up off of the signs. What to do? I hate opens... un qualified buyers, nosy neighbors and potential thioefs. Any advice? i am debating on going FSBO, offering 1 3.5% Buyer Agent commission and hiring a lawyer. and spending the Realtor commission on advertising.

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Peter,

The interview process is such an important part of selecting an agent to represent your property. This should not be suddenly coming to your attention after more than 2 months working with the agent. The agents complete marketing plan and philosophy should have been revealed in the very beginning, prior to signing the listing agreement.

The benefit of having an agent that is comitted to a comprehensive marketing plan is that you don't have to pay anything except the commission when your home sells. Going FSBO and throwing your money at advertising may dig you an even deeper hole.

Good luck
2 votes Thank Flag Link Wed Sep 24, 2008
Print adversting is a waste of money. Direct markeitng to apartments or lower pricedhomes may work.

Ask for a new Compartive analysis from your Realtor. If similar homes in your area are getting showings and are getting offers, you may need to take a look at your price and or condition. If NO ONE is getting offers or showings, you are in a flat maket and must slash your price to 5% BELOW that price of the last similar home that sold.
Web Reference: http://TheJacksonTeam.Net
1 vote Thank Flag Link Wed Sep 24, 2008
Blaine - you might want to read the post under yours!!

Although this question is quite old and was asked back in Sept of 2008!!.....the gentleman who posted it came back in May, 2011 and responded.........said he SOLD his house........
0 votes Thank Flag Link Wed Jan 18, 2012
Like many of these questions there is a whole lot more I'd like to know.
Six couples on an open house is pretty good showing.

What I think we have here is a failure to communicate. You should interview a couple new agents. Ask them to outline a marketing plan. You have some ideas. Then make your own from the best ideas. Invite the best one back and tell them this is what you want done.

I don't know what the price of the house is and the commission amount, but if you want bunch of advertising done offer this up. Reduce your commission by $500, write a check to them for $500 with a written agreement they are to spend this only on advertising. Are you willing to pay?

On last item. What price did you list at. One that a sound market analysis suggested, or some higher than market price you dreamed up?
0 votes Thank Flag Link Wed Jan 18, 2012
Quick update - We actually sold the home. Ended up going fsbo - ran a ton of ads and linked them to a my space page - hung flyers all over (gas stations, liquor stores, local business'), built a my space page, put it on face book, and craig's list. We spent weekends hitting open houses in the area with a flyer made just for realtors offering a 3.5% commission to buyers agent.

Had 5 showings - three realtors showed it. Out of those 5 showings, we sold it. The buyers came through and had no realtor.

Buyers offered $340,000 with a pre approved VA loan - lot of paperwork and hoops to jump through. VA would only approve the loan for $305,000 - p@#@##ssed me off - but we had gotten to know the buyers and liked them... so we sold it for that.

I was just irritated because I had been through every house on the market - there were foreclosures asking more and there is no way they would have passed a VA inspection.

Oh well. All is well that ends well. Was a crappy market for selling and it still is.
0 votes Thank Flag Link Wed May 18, 2011
An important fact to remember, if in 2 months you have not had a single showing, your house is probably overpriced. Homes that show nicely and are priced right, show & sell.
0 votes Thank Flag Link Wed May 18, 2011
I'm a realtor here in Hutchinson. I find that advertising is well worth the money. I might be newer to the business but I find that people are looking at the newspaper and other sites to find homes. It's hard to believe that not a single person showed up to the broker open. There are a few agents from my office that go every week. I'm sorry that you are having a hard time with your agent.
0 votes Thank Flag Link Wed May 18, 2011
I am sorry that you are in this situation. In my opinion, it's very important that your home is marketed through MLS, various websites and printed materials. Reaching the majority buyer market includes printed marketing materials. This would include hand-outs to other real estate companies, neighborhoods, and postings at various businesses. Fortunately, I have sold my listings in under 60 days using this approach. Getting listings sold within a minimum time in today's market requires a lot of hard work by an agent.

Keith has pointed out some very important Q&A between you and your agent. Before I consider a listing and assist the seller with deciding should the home be put on the current market right now or not, we go over many real factors as it relates to the seller's home and the current market. Through consultation, unfortunately, there are sellers out there who are not prepared financially to put their homes on the market.

The reality is if the home to be listed is priced correctly, marketed both through MLS/website and printed materials, and prepared for showing both inside and out then it will sell quickly. With all these things in balance, I have never witnessed a house staying on the market for more than 60 days. Most savvy buyers are working with a Realtor who is educating them frequently. Most if not all Realtors will insure their buyer gets the best deal in a home and most are experts in the negotiation process. It may very advantagous to be professionally represented by a good Realtor whether you are buying or selling.

I wish you luck and would advise that you have a long chat with your Realtor. He is working for you not the other way around.
0 votes Thank Flag Link Wed Sep 24, 2008
"I am curious. What did you and your Realtor agree to when you decided to work together? "

We agreed to have a brokers open ASAP to get feed back from realtors.

We agreed we disliked opens but he had one to try to 'get traffic'.

We agreed the buyers would be pre qualified before any offers are presented.

We agreed to view homes on the market with the realtor to arrive at a price. (as well as solds on paper)

We agreed it would be listed on over 200 websites. We agreed to using many pictures on line.

We agreed it would be on Craigs List.

We agreed to lower the price in 30 days if we did not have an offer. (but we have had no showings)

We agreed to reevaluate the marketing in 30 days if it has not sold.

We already purchased (closed - waiting for us to move into) another home - we are relocating out of state - job.

The road in front of our house is closed and the busy road 1 mile away is closed. Our realtor is surprised we have had no sign calls! When we interviewed realtors, all 3 of them said online advertising was the way to go - newspapers are dead. Apparently over 80% of homes sell via MLS.

Where are the realtors like you in Minneapolis?
0 votes Thank Flag Link Wed Sep 24, 2008
Peter
I am curious. What did you and your Realtor agree to when you decided to work together?

The biggest problem that clients and Realtors have is unmet expectations. When I agree to list a home we have some baseline understandings:
1. the seller is serious about selling. I personally do not take listings "to test the market" or "to see if I can get my price". That leads down the path to frustration on all sides.
2. I outline what I will do and the expected results. I expect 10-12 showings in the first two weeks or one offer, or we adjust the price about 5%. We know that homes that sell in the first 30 days sell closest to asking price; the longer they sit, the less it is worth. In my market, at 120 Days on Market the list price to sale price ratio is 93.6%. Within 30 days it's 100%.
3, The buyer that sees the home the first time and buys it is brought by a Realtor. 90% of the time.

So if a property is property prepared for market (cleaning, painting, de-cluttering, re-personalizing, staging, professional photographs) and priced and we see no showing activity, we know that the reason is price.

The 80/20 rule applies to real estate. About 20% of homes for sale are in great shape and will sell within 30 days. The rest are over-priced and sit there, loosing value and accumulating market time. Is your home in the 20%?

Here are some questions to ask your Realtor:
Since your home hit the market:
how many homes have
- come on the market
- lowered their price
- gone into escrow
-sold
-expired.

In most situations like homes are selling, just not yours. So, assuming all things are equal, the main reason is VALUE. The easiest way to get showings it to lower the price.

Good luck!
0 votes Thank Flag Link Wed Sep 24, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Scott - Thanks for the reply. We toured 6 for sale houses in the area with the realtor before pricing ours - we also had an independent appraisal done before hiring a realtor. We have a unique hobby farm and found one similar (as can be) which sold in 45 days market time. Is it pricing? Could be because of the market.

Just curious - Why would realtors alienate us if we offered a higher commission than a listing agent offers?
0 votes Thank Flag Link Wed Sep 24, 2008
First of all your realtor is dead wrong. you cant catch fish without bait so if you have no ads you will have no buyers. you need to insist he advertises or ask to be released and find a broker that is willing to do the job. You should be advertising weekly fri, sat and sundays and in any major papaers rea estate section. also the monthly color bookls such as the real estate book or homes and land work well, the other ones you can do without. you may also want to check your price. have your broker or a new broker do a current brokers price oppinion to see if your price is right. usually the reason for no buyers is no ads or a high price. make sure you are not facing both. to go it alone you will alienate all the brokers in your area who wont be bringing their customners by, find a broker that is willing to WORK for you, not just take a listing. good luck with your sale
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Sep 24, 2008
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