Listings taken by MLS Entry Only brokers fail to sell more than three times as listngs taken by full service Realtors. In our MLS last quarter homes listed and sold by MLS was 15 compared to full service 1031.
Homes FAILED to sell by MLS Entry Only Brokers 45, compared to 867 with full service.
List price to sale price ratio averages 2 to 3% less than Full Service.
Days on Market is 20% longer.
So the fact that you were a Realtor tells me that you think you know how to sell a house. But maybe there are some things that no one every told you:
When I list a home we expect 10-12 showings or one offer in the first two weeks, or we make a price adjustment (usually 5%). We know that homes that sell in the first 30 days sell closest to asking price.
In my MLS 20% of the homes sell within 30 days, last month at 99.7% of list price. At 120 Days that drops to 92.7%.
So homes that are sold by Realtors will net the seller more money. If you are not getting showings, know that other homes are, and they are selling. So the problem is that Realtors are showing homes that offer more value than yours. As your home sits on the market , it loses value. The easiest way to add value is to lower the price. There are 20 other ways to increase value, you're a former Realtor, you probably know what they are.
If you'd like to interview a top listing agent in your area to sell your home, let me know.
There are many things to consider. First, of course, is if you used to be a REALTOR, then why are you not utilizing representation?
Also, whenever selling a home, there are a myriad of issues that must be considered. For example:
1. Where is the home being marketed?
2. How does the home present itself on the MLS? How are the pictures? The text description? The virtual tour?
3. How is the price, compared not only to the recent sales but also compared to the Active competition?
4. How old is the appraisal? Why was the appraisal performed? Is that appraisal value what the home will fetch in today's market?
5. How many times has the home been on the market before? At what price?
6. We're in a declining market. Is the home priced for that?
7. How does the home present itself to buyers (interior and exterior)? Visual appearance? Smells?
8. How easy is it to show the home? If access is not easy, there are plenty of other homes to show.
9. How long has your home been on the market? How does that compare with the average marketing times in your area?
I have not been in this home. I do not sell real estate in your area.
However, just by looking at the MLS, I know the answers to most of these questions. Do you?
A good real estate agent would know these answers, and would make sure that you knew these answers, too.
A commission will not sell a home. The agent does not buy homes - their buyer clients do, and a commission does not typically come into play when a buyer decides which home to purchase. A higher-than-average commission (on a properly-priced home) may get more buyers in to view the home, but it will not sell the home.
The reality is that there are many more listings on the market and fewer buyers. I took a look at your listing and , it's my opinion that the home is overpriced. When the market is trending down, you have to price looking ahead, not backwards. While there are comps to support your asking price, there are also at least 6 homes in better condition or with a garage that are priced at or below your home's price. To sell before those homes or to be seen by agents, you have to offer something those don't - price or condition, e.g.,and based on the photos in the MLS, I think you need to go with price. Good luck.
When I show properties, I give priority to the people who support Realtors -- that is, homeowners who respect us enough to hire us to represent their home to the marketplace. Why do you expect agents to support a FSBO when there are so many "Realtor-represented" properties on the market? In my opinion (and the opinion of many of my associates), FSBOs are amateurs looking to save money on a commission without realizing how much money they are actually losing. They are penny-wise and pound-foolish. (In Keith's response, he gives you fantastic statistics). FSBOs are unrealistic, unsophisticated and most don't know what they're doing.
Realtors are professionals who support their families by selling real estate -- this is not a hobby! The fact that you are offering a 3 1/2% commission and not hearing from any agents just goes to show you that Realtors are not just greedy, quick-sale people who put their own interests before their clients' interests. (Most) Realtors are honest, hard-working, genuine salespeople who are trying to help their clients make the right choice in their choice of a home. We are not looking to just make a quick buck on a higher commission. Why are you no longer a Realtor? Hmmmmmmmmmmm.....................