Daniel Porter, Real Estate Pro in Glenview, IL

Trying to sell 2 Bedroom, 2 Bath Villa at Hunters Run for $99,000. Had listing with a company that did absolutely nothing to sell other than MLS.

Asked by Daniel Porter, Glenview, IL Fri Jul 22, 2011

Who can sell our property? Are we better off, selling it by owner with a higher commission that the listing agent was offering as a cooperating commission?

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31
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A $5000 bonus to the selling agent WILL NOT help your property to sell. You would be better off reducing your price to make it more appealing to that one potential buyer. I located your property on the MLS and based on my initial impressions, I believe your property did not sell for the following reasons;

1. You have been chasing the market down. You listed the property in 2009 for $179,000, then $159,000 in 2010, then $125,000 in 2011, and now you are a FSBO at $99,000. If you had been aggressive with your price from the outset, you would likely have sold it for far more than what you are asking now.

2. Pictures in your last listing were very unappealing. The clutter on the tables could have been easily cleared off before capturing the images and there was not a single picture of the kitchen or any bathroom, despite taking 14 pictures. And why include a very nice picture of the country club bedroom to compare with your own? Throw in the golf course green carpeting in the living room, and I would have to guess many potential buyers never gave your property a chance based on the pictures.

3. The agent you used in 2010 mentioned the special promo membership discount for new members. Why did the last agent not mention this in the last listing? A $19,000 discount may have made a few buyers somewhat curious. I noticed other property listings in Hunters Run still advertising the promo. Does this no longer apply to your property?

4. The first words describing the property, "Mandatory Membership Community", would encourage potential buyers to tune out your listing before even considering it. Why begin with a negative? And then following up with "The best potential in Hunters Run" implies the property may be in distressed condition, or at best simply dated. I have seen properties in very poor condition with more appealing descriptions.

5. Current assessed market value of the property according to the Palm Beach County Appraiser is $61,846. I am pretty confident this value is not accurate, but based on the limited information that I have seen, without taking into account other factors which might add more value to your property, I would have to imagine it would be very challenging for any agent to find a buyer at any price above $105,000, no matter how much advertising they would offer.

Given that Ann Frances Smith originally assisted your purchase of the property and she was also the listing agent at the time, she likely knows your property better than any other agent. I would suggest using her again. If you would like to minimize your commission cost, I can help you a bit, but given that I do not venture into Boynton Beach often, I would not be able to offer you the maximum exposure you may expect. As for your current asking price, you may be close to being in line since the supply of Villas for sale is limited in Hunters Run. But, many Villas outside of Hunters Run, are easily selling for far less than your asking price, which still applies negative pricing pressure on your property.

I apologize if some of my opinions were too blunt, but given your frustrations thus far, I hope you find it more valuable than some agents who may simply be trying to tell you what you want to hear.

At this time, it appears as if there is only one Villa currently available in Southport. Due to limited supply, I would strongly recommend placing your property back on the MLS and use the other property as a competitive reference.

Good luck!
1 vote Thank Flag Link Mon Aug 1, 2011
Jack Liebsch,

Thank you. I couldn't agree with you more.
1 vote Thank Flag Link Mon Aug 1, 2011
Alma Rose, I agree regarding using an appraiser. I have a new listing right now and the owner thinks it is worth a certain price, and I think less, so we are getting an appraiser, and for all we know maybe it is worth MORE than either of us thinks as the property has some terrific features. An appraiser and an inspector are two "must do" services. They buyer will use an inspector but if the seller does and fixes everything wrong first, it is a faster sell.

MARILYN JACOBS
Realtor with Berger Realty Group
561-302-3388 or marilynfjacobs@gmail.com
1 vote Thank Flag Link Fri Jul 22, 2011
I disagree that a Realtor is more competent at determining market value than a fully licensed Appraiser. If Realtors were considered to be the authority on pricing a property then why do the lenders require a "licensed" appraiser and not a less competent Realtor opinion. The small price you will pay ($350) will be well worth the expense. And most importantly, the value will be arrived at without any ulterior motive of either "buying" the listing or making an easy, quick sale at below market. I see pricing errors all the time and if you get expert advise, you will not be subject to these errors in judgement made by MANY Realtors. I've been a Realtor for over 10 years and see it all the time. In fact ,certain Realtors are know "underpricers" and "overpricers".

All the best,
Alma
http://www.SoldOnTampa.com
1 vote Thank Flag Link Fri Jul 22, 2011
There are a lot of variables as to why your property did not sell...Price is a major factor in selling a home today. Does your property have a golf or lake view? Has it been updated in the last 4/5 years? How well does it show? If the answer to any of these questions is no, then your home was over priced. I am familiar with Hunters Run and live in the vacinity. Any community with a mandatory membership takes a little longer to sell, due to the limited number of people looking for a prime golf community.
1 vote Thank Flag Link Fri Jul 22, 2011
My Porterhouse,

I'm familiar with Hunters Run; I live right down the road. What I'm going to need from you is the address to the property to research whats going on and give you an accurate answer. What I mean is many agents simply while setting up the property for sale in the mls create their own catastrophe while nobody (brokers included) can not find the property that agent is trying to market. After I research your previous setup in the mls, I tell you exactly what is going on.

Secondly, Mandatory membership communities are getting hit hard, the higher the membership fees the lower the value these properties have to buyers. I'm familiar with the Hunters Run required membership structure. Also to give you a heads up, you might be looking at an assessment for a new front door. Hunters Run is looking to get new doors for the community. You can reach me at 561-880-8175 after 9:00AM EST.
1 vote Thank Flag Link Fri Jul 22, 2011
Using a Realtor will yield the best results.Overall FSBO's sell for less than properties sold by a Realtor. In todays market you need to be represented. But you need to ask about their marketing plan and 30 day strategy. My listings go out to 350 internet real estate websites. Plus I have a 14 point marketing plan I tailor to your specific property.
Terry Reed
Keller Williams
Palm Beach Central
561-340-9623
tlreedgroup@yahoo.com
1 vote Thank Flag Link Fri Jul 22, 2011
To sell you must:
1. Price within the bottom 20% of actives in your area.
2. Allow for showings at agents discretion, don't impose time limits or demand prior notice...most agents and buyers don't have time to be making appointments and making special trips.
3. Place must be extremely clean and organize, eliminate any pet or smoking smells.

List with a Realtor who will have it on MLS, and ask for a copy of the other sites where it appears. It should replicate in over 75 others minimum. A video tour speaks loud about any listing.

But no matter how many showings, an overprice place will just serve as a show home for cheaper properties in the community. Price to sell, not to show.

Tony Vega
Charles Rutenberg Realty
1 vote Thank Flag Link Fri Jul 22, 2011
Porterhouse,

Hard to say why you may have been having problems without knowing more about your property and how you were priced and marketed. As you know there are many different product types in Hunter's Run; Eastgate, Essex, Southport, Stratford and Westgate. If you would like to forward me your address I will be very happy to put together a complimentary evaluation for you.

My recommendations are to interview at least three agents and have them make a presentation that includes a full market analysis affecting your home and the projected value in today's market. Do not go with the agent who says what you want to hear but instead the one who has taken the time and effort to clearly present the facts. If the first three do not cut the mustard invite three more. Do not sign a listing agreement at the initial presentation and get a list of their active listings (see below).



When I list a home I always tell the client I am happy to take a listing for 45 days and if they are not 100% satisfied with my services I insist they fire me. In fact, I write into each contract that if for any reason I am not doing what I said that they may cancel the contract. I suggest you find one that will offer the same guarantee.



Before signing anything, get a list of their current listings and go to http://www.trulia.com, http://www.realtor.com, http://www.homes.com, and others and check out the presentation. Are there multiple photographs that are professionally presented? Is there a clear and inviting description of the property that tells a story? If not, do NOT hire this agent. About 90% of potential buyers are going to find your home on line and if it is not well presented you can do better. 


Should you decide to interview agents I would be honored to be included on your list. Please feel free to contact me at your convenience and I would be very happy to help. 





Always at Your Service, 





Tom Priester e-PRO 

"Results Driven Real Estate"



Keller Williams Realty

561 308-0175

tom@tompriester.com
Web Reference: http://www.tompriester.com
1 vote Thank Flag Link Fri Jul 22, 2011
I've been writing in my blog about easy tips to help sell a home faster. You can read the blog at http://www.trulia.com/blog/margarethassani/?page=2 I know you'll get some ideas!
0 votes Thank Flag Link Thu Aug 4, 2011
The seller , like so may out there, is waiting for lower prices at which point they will panic out of the home.

Patient buyers love this kind of seller.
0 votes Thank Flag Link Mon Aug 1, 2011
We buyers are only interested in homes at a great price. We do not care who is attempting to sell it. Realtors generally work as little as is possible. Welcome to the real estate scam.
0 votes Thank Flag Link Mon Aug 1, 2011
Oh and the $5k bonus...what happens if the house doesn't appraise for the sales price? Will the agent still get the $5k commission? Why not just list it with a discount or flat fee listing agent and pay 1% on the list side and offer 4% to the buyer's realtor?
0 votes Thank Flag Link Mon Aug 1, 2011
Pay for an appraisal and then decide on a Realtor or go with a flat fee listing service if you have an attorney who will assist you with your contracts, etc.
0 votes Thank Flag Link Mon Aug 1, 2011
Hello. I would like to take this opportunity to respond to your last post if I may. Most importantly, you are already ahead of the game. You are asking the right questions and you are educating yourself on the ever-changing Real Estate process. And by now you probably have a good idea of what your home is worth, or at least what others are selling for in your area or neighborhood. The question your are asking is also just as important. Good representation is key in the selling process because the liability is transfered from your shoulders, to the experts that take home sales seriously everyday.

The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and subscribes to its strict Code of Ethics. These ethics are the backbone of our interaction and how we approach the process as a whole. We are professionals and take our jobs seriously, because we are working for YOU!

With that said, here is what you deserve:
1. Confidence: With confidence, all things become possible. Confidence enables the realtor to do all the things necessary to get you the best deal FOR THEIR CLIENT.
Confidence requires knowledge. Knowledge of the current market is key to both selling and purchasing real estate.
2. Smart/Savy: A good real estate agent is smart. Smart includes quickness on one's feet. Smart includes their organizational skills and follow up practices. Smart involves an AGENT’S marketability or salesmanship also. A smart realtor is a salesman.
3. Resolve: A realtor must be tenacious in their approach toward helping you make the best deal possible. A tenacious realtor will look at every challenge as an opportunity for the advancement of closing the deal. A tenacious realtor will keep his/her ears open for new opportunities; thus, tenacity is important if a realtor wants to continuously CLOSE the DEAL!

These are the things that you deserve as a homeowner, trying to get the BEST price for your home.

I would love to discuss how I can help you "CLOSE THE DEAL!"

Call me anytime.

Gino Herring, SFR
United Realty Group, Inc.
954-770-5568
0 votes Thank Flag Link Mon Aug 1, 2011
Until we find the right listing agent, we are offering a $5000 bonus to any selling agent. We have had agents all over the place for listing price opinions.
0 votes Thank Flag Link Mon Aug 1, 2011
Well, first and foremost...the most imprtant thing to consider when selling ANYTHING, is the law of Supply and Demand! Appraisers DO NOT take to this when measuring the rooms, taking pictures, or even listing recent comps as their proof. A good EXPERIENCED realtor will know what has moved and what hasn't, all based on who is looking for what, and what types of loans are available at the time of the listing. If there is no demand for a particular home with a particular price in a particular neighborhood, it WON'T sell! You must adjust the price accordingly. Too much supply means not enough demand; hence, the terms buyer's and seller's markets.
0 votes Thank Flag Link Fri Jul 29, 2011
As you have already discovered, your previous agent priced the property incorrectly or it would have sold.

Take the doubt out of the equation and pay the minimal $350 and find out what your property is worth in the eyes of an expert, not an overly optimistic or inexperienced or ill intentioned Realtor who may recommend either too high or too low of a listing price.

I see Realtors answering here that there is no necessity but in this "buyer's" market, you have to price aggressively and make sure the house looks and smells pristine.

Lastly, if there is any way you can keep the Villa and rent it out, you may want to seriously consider doing that instead. Fannie Mae and Freddie Mac are looking at pulling their foreclosures off the market and renting them out, either directly or through an investment firm. Should this occur, the supply of homes will diminish and prices my go up exponentially. It may take 6 months (or possibly shorter if there are aggressive investment firms that want to seize the opportunity and will push to get this done at Fannie & Freddie) so you may be better off waiting to sell in a few years if you can.

Hope this helps.
Alma
http://www.SoldOnTampa.com
0 votes Thank Flag Link Tue Jul 26, 2011
I agree with Terry,
At this point, hiring an Appraiser could be a waste.
It will be done again later any way, and probably come up with different numbers.
The Realtor's CMA is the appropraite tool.
0 votes Thank Flag Link Sun Jul 24, 2011
Thank you for your responses. My sister and I are looking to list the property. We are currently talking to realtors to list. The 2 Bedroom, 2 Bath on 1 floor (no one above or below) in Hunters Run is the only one with a Carport. In addition, there is a screened in patio on the golf course side of the home. The location on Southport is not far from the clubhouse too.
0 votes Thank Flag Link Sun Jul 24, 2011
I can sell your property too!

When you interview Realtors - call me for a Free No Pressure Consultation.
I offer Free Visual Tour, Free Staging Suggestions & Free CMA + Let's Talk Advertising...

Call me... Kimberly Kirkman, Century 21 Tenace Realty
561-312-1814
kimkirkmanc21@yahoo.com
http://www.FloridaFastHomeSales.com
0 votes Thank Flag Link Fri Jul 22, 2011
I can sell your property. Please give me a call.

Amy Givoni, Broker
Givoni Realty Corp.
561-361-8555
amygivoni@realtor.com
http://www.amygivoni.com
0 votes Thank Flag Link Fri Jul 22, 2011
This is a very competitive market in Real Estate. If, you are selling a property in todays market you are most likely in most communities up against Short Sales and Bank Sales that are priced for quick sale. You really must get an aggressive Realtor that spends some money in advertising. Example: Marketing in local mags, direct mail, direct email, open house, brokers open, online ads, virtual tour, sign on property if allowed. But - this will only work if the price is competitive. We as Realtors will only spin our wheels and waist time and money if the property is over priced.
You as the Seller must look at the Comparative Market Analysis or Appraisal ( either one or both ). Most likely they will be very similar - they are both looking at the comps of what has sold recently in your community. Price it right! Then the Realtor must do the job to Market and Sell it. Both the Seller and the Realtor must work together! The Realtor does not set the price of the property. The price a ready, willing and able Buyer will pay is the factor that sets the price of the property.
Look at some of the comparable properties for sale in your community on my website.
http://www.FloridaFastHomeSales.com ( would you buy your property or another if you were the buyer?)
0 votes Thank Flag Link Fri Jul 22, 2011
Her office number is 561-989-2100.
0 votes Thank Flag Link Fri Jul 22, 2011
Ann Smith is the agent who specializes in Hunters Run. Try giving her a call,

She is great!
0 votes Thank Flag Link Fri Jul 22, 2011
You do not need to hire a licensed appraiser. Any competant Realtor can pull the sold comps in your development. The market sets the selling price anyway not a Realtor. If the property is being marketed agressively and other units are selling in your development you need to determine why. Is your unit cluttered etc.? If NO other units are selling in your development then you have to get creative with financing, fees, memberships etc. . THAT is why you need a Realtor. Good luck with whatever method you choose.
Terry Reed
0 votes Thank Flag Link Fri Jul 22, 2011
Hi Porterhouse (my favorite steak!)

Hire your own Florida licensed appraiser (ideally one that lives in your neighborhood) to arrive at a current value for your house. Then price your house accordingly. Don't go with an agent that may overpromise on the price. Also being armed with an Expert opinion of value you also will not fall prey to some Realtors that routinely underprice to allow an easy quick sale.

And as mentioned earlier, your house must be immaculately clean, uncluttered, and remove any worn out furniture. If your paint is stained or odd colors, re paint them in a neutral color that appeals to the masses. If your carpet is worn, replace it. Grout lines dirty, clean them. You get the point.

If you decide to sell a "tired", unclean house, with worn out furniture, you will be competing with short sales and bank owned properties. To get maximum value, make your home look like new.

Lastly if your neighborhood allows Open Houses, ask your agent to host a Broker's Open House. We do them on Tuesdays in my area and it provides a free lunch to realtors as we go from house to house. I normally ask the agents to complete a feedback form so I can get their opinion as to pricing, condition, etc. I wouldn't waste time with Public Open Houses because most buyers ready to make an offer are already working with a Realtor and will see it when it is convenient for them. Make sure it's convenient with an Electronic Lockbox and allow showings with only a few minutes notice. Realtors will NOT show when it is convenient for YOU but when it fits in with the other 7 showings they are seeing that day!

If the place is vacant, you may want to have the home staged with a professional, http://www.ShowHomes.com

All the best,
Alma
http://www.SoldOnTampa.com
0 votes Thank Flag Link Fri Jul 22, 2011
Your best bet is a full service listing agent who is going to provide teh best service, updates, marketing and advertising for your property. You should interview agents and make sure you tell them what you want and that what they have to offer is the same. Communication is important
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Fri Jul 22, 2011
You are far better off going with a broker who advertises your property far and wide. E.g., see http://www.marilynjacobs.com and http://BoyntonBeachRealEstate.blogspot.com. I have 3 websites, one dedicated to country club homes, and a dozen blogs going out to other cities I cover. My flyers go out syndicated to google, yahoo, trulia, zillow and many other portals where buyers are looking for a property. I also have my own list of thousands of local agents I email flyers to, and have a service that mails almost 40,000 flyers to Palm Beach, Broward and Dade agents as well as to other parts of the US where people are thinking NOW about what to buy for next winter.

I have Canadians and Europeans contacting me right now, and folks from South America - sold to a few in the last 90 days. Working now with others.

Can you do all that yourself? The "name of the game" is exposure, exposure, exposure to find your buyer.

Call me at 561-302-3388 or email me at marilynfjacobs@gmail.com and let's talk. Hunter's Run is a wonderful country club, have been there many times. Clubhouse is nice; food is good; people are friendly. It should not be hard to sell!

Marilyn Jacobs
Realtor with Berger Realty Group
561-302-3388 or marilynfjacobs@gmail.com
0 votes Thank Flag Link Fri Jul 22, 2011
In this market, I would suggest you give it another try with a Realtor. Consult with a few and have them explain the services they will provide you besides just "listing it on the MLS".
Web Reference: http://www.321property.com
0 votes Thank Flag Link Fri Jul 22, 2011
You would be better served to use a real estate professional that actively markets your property everywhere. Commission isn't the only driving force either. Is your price competitive compared to other similar units? What is the condition of your property?

Price has become one of the biggest factors in most buyer's decision to purchase. If it's a good deal, they will come.

Good luck!
Web Reference: http://www.mysharphomes.com
0 votes Thank Flag Link Fri Jul 22, 2011
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