Gilles, Home Seller in Albuquerque, NM

what should my realtor should be doing in a slow market to sell my house?

Asked by Gilles, Albuquerque, NM Thu Dec 6, 2007

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Obtaining a sales contract on your property results from a balance of right pricing and aggressive marketing. Advertising an overpriced property will only serve as a validation piece for other more attractively priced properties. Buyer agents will use advertising pieces of an overpirce property to show their buyers why "x" is a better deal for their client. If your property is priced competitivley, you need aggressive marketing, particularly an online presence.

Your Realtor needs to update you on a regular basis about the activiies in your competitive market. Since you have come on the market, have any of the competitive properteis offered for sale gone under contract? Ask your Realtor to follow up w/ the buyer agents who took those buyers into contract why those properties were chosen over yours.

In summary, your Realtor needs to:
Guide you to right pricing.
Market aggressively (online exposure on mulitple sites with upgraded or premium listing status will help)
Constantly monitor and communicate.....Update you and the lisitng regularly, and modify as needed. (adjust pricing, adjust copy or marketing in response to market feedback)

Realtors to their best to advise of pricing models, but the market is always amidst some changes. New properties come on the market, others are withdrawn, new sales and comps provide more data to pull from. Ask your Realtor to monitor and communicate changes regularly.



Good luck
Deborah
1 vote Thank Flag Link Fri Dec 7, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
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I have a different take on your question. Instead of asking what extraordinary thing your realtor can do to sell your house, ask yourself what you can do to make your house more appealing to buyers.

As a buyer who could be looking at your house, please don't leave me a mess to fix up. I want to move into a home without having to gut the place. No leaking facets, no smell or sign of mold and mildew, no broken or cracked windows or front doors that don't work. If your garage doors are broken and won't work, replace them. If your frig sounds like its on its last leg, repair it, get rid of it or replace it.

If you set your alarm for your house, please tell us where it is located in the house. We want to shut it off before it starts to howl. Better yet, leave the directions in the agents remarks. There is nothing more disheartening than both of us racing through a house tyring to find the alarm and having it go off anyway.

If you smoke in the house, find some other place to do it. There is nothing worse than walking to the front door and smelling the cigarette smoke in the driveway. Please make sure that nothing in your frig smells bad and that your oven your is clean. If you have cats, empty the litter box. Don't leave your dog in the backyard unless he is a loveable, friendly canine that just melts when you pet him. A snarling, vicious dog that won't let us into the backyard, makes me lose interest in your house. There are so many other houses to look at that I won't be back.

Please leave the house when it is shown. If you stay, you make it uncomfortable for me to talk candidly to my realtor. Also, do not get involved when I see the house with my realtor. I can see a house in 15 minutes and I don't need to see the inside of every closet, etc.

Have your house ready for company/buyers at all times. Hire a maid service if that will help keep it in tip top shape. We have walked into houses where you couldn't see the sink or counters in the kitchen because of all the dirty dishes and clutter. Pick up the house. Sometimes, we can't walk into the bedrooms because of the dirty clothes thrown on the floor. Make your beds everyday.

If your house is vacant, please have some one take care of yard. It is depressing to drive up to the house and see weeds everywhere. Don't try to save a few bucks by not watering your landscaping. I will take at least $20,000 or more off of my offer to replace all of the dead plants and grass.

My realtor and I have seen only three turn key houses in the last six months in the price range of $400,000 to $700,000. Almost everything we see needs a lot of expensive work. One house has an active termite nest in the beams above the front door. Quite a few of the vacant ones have cobwebs, bugs, and spiders webs throughout the house. It's really creepy to walk through a vacant house and end up with spider webs in your face. (I do not consider real spider webs to be appropriate Halloween decorations.)

You need to be a good partner with your realtor. Listen to their advice. They want to sell your house as much as you do. Don't thwart their good efforts by presenting a cluttered, dirty house with dead plants in the front yard. If your realtor suggests you should lower your price, swallow your pride and do it. Price your house 5% below the lowest sold comp in your neighborhood. (Won't a pricing war be nice for your house?) Your goal is to sell your house so that you can start your new life.

Good luck Gilles. I hope this helps.

BJL
1 vote Thank Flag Link Sun Oct 25, 2009
commission incentives to a buyer's agent will not cause a buyer to buy a house that is not a ggod deal. In the 70's buyers only got to see those houses that agents told them about. Now all the listings are online all over the place.

No amount of marketing will sell an overpriced listing. Unless you are a smoking deal, the buyers are going to walk on by.
1 vote Thank Flag Link Sat Dec 8, 2007
If you want to know what your Realtor in particular is doing, ask to see what advertising they are doing and ask which web sites your home is listed on. Also, make sure each site has lots of pictures. When we were looking, our Realtor rarely had to search for homes to show us, we did it ourselves. (She would have been happy to if we had asked her, but we liked looking through the MLS ourselves). Homes without pictures were passed over, just like that. Make sure all of the details are being provided.
1 vote Thank Flag Link Sat Dec 8, 2007
asking the seller to be the best deal in the area, becuase if you are not, then you are not selling.
Just do a role reversal, which house would you buy? The one that offers the most features and benefits for the least amount of price.
1 vote Thank Flag Link Fri Dec 7, 2007
Talking sense to the seller and not putting the house on the market until it is ready.

Actively STAGE the sellers house:
Show condition.
All traffic areas cleaned and clear.
Minor cosmetic items addressed from the curb through the house.
Then:
Priced according to the comparable sales in the last 60-90 days -- no further back.
All pictures and data about the house on line from the first moment of listing.

Make sure the seller is realistic and patient. Even with all the above done, buyers still have a 10:1 ratio to work through and many will simply not be willing to make a decision in a time of uncertainty. No one can do anything about that except be ready by going through the steps above.
1 vote Thank Flag Link Fri Dec 7, 2007
In a market like this even the most aggressive agent might seem to have a house that just wont budge. In selling your home remmember that there must be a willing and able buyer. Most people might want a house but are not able, some are able but not willing to pay the aking price. The fact that you have a realtor who is working with you is a good sign, however, just remember that the realtor cannot control the market, and nor can you. Winter months can be more challenging, but you have got to just keep working alongside your realtor. Pricing and a Buyer Potential are very big in the role of selling your home. The fact that you have a beautiful house for sale sometimes is not enough to get it off the market. Just make sure that your property is priced comparatively for sale. Prices sometimes have to be reduced. You should talk to your realtor more about that. Please be assured, that Realtors want to sell houses thats what they do, each in his or her own way they often get it done. So just be patient an offer could be on the horizon soon....believe it......
1 vote Thank Flag Link Thu Dec 6, 2007
December is slower even in hot markets, so you might relax through the holidays understanding that there simply are very few shoppers looking in December. Just expect this so you can relax and enjoy the holidays and then renew the efforts with some intensity in January. Darin is completely correct. To stand out among 7,000 homes on the MLS in the Albuquerque Metro area right now, you have to clearly communicate that your home is the best value for buyers looking for that type of home. This is best means being priced better than your direct competition and then blasting that message anywhere and everywhere those buyers might be looking. For a home in the north valley, about 90% of buyers will be looking online and the rest will drive around and/or depend on their agent. So, you have to have good marketing copy in the description accompanying numerous high quality, wide angle photos attached to your listing, which needs to be in the MLS, on a flyer on your sign, and all over the web (TRULIA, Google, Yahoo, Propbot, PropSmart, Zillow, Craigslist, Homes.com, etc. etc.). The buyer has to perceive that it is the best value and they will put it on their short list to visit! Questions? Ask anytime! And best of luck to you!
1 vote Thank Flag Link Thu Dec 6, 2007
Pricing and Quality Marketing. First and foremost, be honest with yourself about price. This doesn't mean to given your home away with a deep discount, but it does mean don't over-price it. And, a solid marketing plan. Professional photographs are a must. Honest and accurate information on the MLS and any printed materials. Good karma, a sense of humor, and a little luck.

Darin Provost
The Hasson Company
Web Reference: http://www.darinprovost.com
1 vote Thank Flag Link Thu Dec 6, 2007
The albuquerque housing market has always been better than the rest of the country. You can sell your albuquerque home fast if you do a few things. Stage your home and market it aggresively. These days the internet has made selling a home much cheaper than years before. Listing websites like http://www.elbosqueatandaluciadelaluz.com/ and whats called "Listing Syndication" has your listing on thousands of websites and looking better than a typical listing. There are more things but those 3 things, done correctly, will get your albuquerque home sold fast and for a great price. Your albuquerque real estate agent should be able to do these things.
0 votes Thank Flag Link Tue Sep 22, 2009
Since marketing is all about exposure, the higher compensation to the buyer's agent does work. What's the incentive for a buyer's agent to show a house with 1.75% compensation when he can show one that pays out 4%? Those houses that we offer at 4% compensation (on the buyers agency side) get many times more showings than the 3% ones. They' sell quicker as well. More money is a VERY GOOD motivator. Don't lower the price, up the commission! It's a "no brainer" that those listing agents offering very low compensations to the buyer's agent, will be overlooked. On our agent follow up after a showing, we've always asked if the 4% compensation was a motivator to show the home. It's been YES across the board. YES IT WORKS!
0 votes Thank Flag Link Sun Dec 9, 2007
Short Answers:
...list in February
...clean & stage home for immaculate showing
...list home below market to motivate the few buyers available in this market
...obtain cost effective marketing to expose your home to the market

Feel free to donload my guide to selling your home at http://www.skillernrealestate.com

Best of Luck,

Ken Skillern
0 votes Thank Flag Link Sun Dec 9, 2007
Marketing for exposure works really well. This is an technique that you'll find in old real estate books from the 1970's. I have put it into practice and it works great! As you know, the listing fee (commission) upon the sale of the house is split between the sellers and buyers agency (except in dual agency). Instead, of listing at 5%-6%, list at 8% or higher. The compensation to the buyers agency will be at 4% (instead of 2% or 3%). Guess what? Agents will make more $$$$ selling this house than their own listings (2%-3% vs. 4%). On HUD auctioned homes, they are paying in EXCESS of these commissions (more than 4% to the buyers agencies).
0 votes Thank Flag Link Sat Dec 8, 2007
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