Home Selling in Palatine>Question Details

Wendy, Home Seller in Palatine, IL

Hi! I have a 2 bedroom 2.1 bath townhome in Palatine. We have it on the market now with an independent

Asked by Wendy, Palatine, IL Sat Jun 28, 2008

realtor. This is my first time selling and I'm not sure I'm getting the attention I need. It's been on the market 3 weeks and we have not had one single showing past the agents tour and one open house. I know the market is slow (believe me I know) but not ONE showing? I also have to initiated ALL contact with him, usually by email and it takes 2-3 days for him to get back to me. Is this SOP? I don't want to be one of those really needy clients, but I don't want to sit on the market for months and months either. Any advice would be greatly appreciated

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Every real estate agent is different but communication is always a necessity. I call my sellers at least once a week plus emails. Price is very important. You can not and should not be over priced. I am assuming your agent ran comps to see what other similar homes have sold for and also showed you his written marketing plan and the two of you have discussed it.
0 votes Thank Flag Link Wed Jun 24, 2009
Most good agents will get back to you within hours - not days. I run an unbiased referral service to help sellers pick the best agent by analyzing MLS statistics on agents - so that you don't send one by who sends you the most refrigerator magnets. By referring you to an agent that has good performance stats (which doesn't mean volume) (My company doesn't list property - so my interest is to find you the best possible agent - otherwise - we don't get a referral fee if your house doesn't sell) Feel free to contact me at info@relocationadvisorsgroup.com
0 votes Thank Flag Link Fri Nov 21, 2008
You don't sound needy to me....you just sound frustrated. It seems that since we've been in a shifting market, the sellers just want to hear from their agent, even if there is no news to report. There are 2 things that sell properties in today's market: pricing and staging. May I ask if your agent made suggestions on how best to "present" your home? And, did you know that todays buyers are looking for what they perceive to be the best value. (this doesn't necessarily mean the cheapest) I know that a lot of Realtors say that the market is slow. While market time is up and prices are generally down, there is still a lot of real estate being transacted. Our office had our best September ever. (Yes, ever) The agents that are doing the business are the ones that are fine tuning their skills. Right now, more than ever, you need an agent that has this mindset. Best of luck to you!
0 votes Thank Flag Link Thu Nov 20, 2008
Unfortunately - in this market - you have to be pretty aggressive in price in order to attract more showings. I think things should pick up for you now - due to the govt takeover of Fannie Mae and Freddie Mac - as that should put downward pressure on rates - meaning that demand (and more buyers flowing into the market) will go up. Rates are inversely related to prices. The government just gave potential home buyers and investors a very visible bottom. Rates just dropped a whopping 3/8 of a percent today to about 5 7/8's. If rates stay low - home prices should not only stabilize - they should start moving up again at some point - as buyers flow into the market.

Rick Hauser, ABR GRI Broker/Owner
Relocation Advisors Group Inc. - An Exclusive Buyer Brokerage
Specialists for Home Buyers and Investors
member: NAEBA, National Association of Exclusive Buyer Agents (http://www.naeba.org)
0 votes Thank Flag Link Mon Sep 8, 2008
In this "soft" market many agents have left the business or worse CUT back on Marketing. How many websites is your listing on? How is your agent bringing in business on a daily basis? What are they spending their monthly marketing dollars on ?? When agents are interviewed by potential home owners they need to be up front and ask these questions. The days of putting a home on the MLS and waiting for it to sell are over. Does your agent have a client and agent database to continually remind potential buyers and agents with potential buyers all your home has to offer? Lets not kid ourselves...pricing & home condition are vital factors in this market, but again marketing your home in many different ways with professional photos/wording is key in this market. We are looking for that one buyer who has 50 homes to choose from unlike the past when dual offers were very common! Good Luck!
0 votes Thank Flag Link Tue Jul 1, 2008
Thanks Greg. What kind of internet presence are you thinking of (if I can ask that). We've had no showings so far. I think the 2 bedroom (not three) and a one car garage are just not what people are looking for. We might be priced a little high now, but probably won't lower for a few more weeks. I guess I just don't know what is "normal" practice in this market.

Thank you guys for your answers. You've been a BIG help
0 votes Thank Flag Link Mon Jun 30, 2008
In this market it is all about exposure of your listing. Professional pictures/virtuals are key along with a huge marketing/internet presence. You should request a weekly update of showings/feedback (if any) plus a weekly update of the units in your neighborhood. Has anything sold? Are you still priced correctly? Things are changing very quickly in this Market. Also remember with pricing that there are key search numbers...if you are close you should always consider the next buyer pool. For example if a home is listed for $254,900 the home is missing the 225 - 250K buyer pool. Everyone searches in increments of 25K so consider that in your pricing. Also, agent response to you should be within a 4 hour maximum period and 2 - 3 days is unacceptable. Hope this helps & Good Luck!
0 votes Thank Flag Link Mon Jun 30, 2008
Thank you Laura!!! He did mention that he is getting a few "interested" hits from the MLS. I'm glad you mentioned how often you contact your clients, I guess that's what's bothering me the most...the fact I have to initiate all contact and then it *still* takes 2-3 days to get a response.

Must ask for marketing plan...thank you SO much.
0 votes Thank Flag Link Sat Jun 28, 2008

There are currently 66 townhomes/condos on the market in Palatine with 2 bedrooms and 2 1/2 baths. Having worked in the Palatine area for years, the agent's marketing has to be consistent especially in this market. When you originally listed with your agent did they give you a marketing plan? If so, were you given some sort of a time line on what marketing would be done and when? I would ask him to give you copies of all of the marketing he has completed and what he is planning on doing over the next month, including the information contained in our MLS. He should also be able to provide information, from our MLS, on how many times your home was emailed, prospective buyers with our reverse prospecting tool and if anyone has marked your home as "interested".

I don't think you are being needy by wanting to know what is being done to market your home. I usually contact my clients atleast once a week to let them know what is happening with their home and in their market area. If something isn't working, there are changes that need to be made in the efforts to sell your home. You need to let your agent know your expectations and all of your concerns.

Good Luck!
0 votes Thank Flag Link Sat Jun 28, 2008
Thanks Nancy. I believe we're priced pretty fair according to the comps. He was very forthcoming with that information. I guess I just was hoping for a little more pro activeness from his end. Also, is it considered normal to have no showings so far, just working off Realtor.com and MLS listing? I just figured by now *someone* would have at least come in to see the place.
0 votes Thank Flag Link Sat Jun 28, 2008
Ask your agent to show you what they are doing to sell your home. Ask for copies of all advertisements. It takes agents up to a month to get in some of the real estate books. Have your agent show you the comps on your home. Make sure your priced right. Go online and see how your house is being offered. One site you could go to is http://www.realtor.com Good Luck
0 votes Thank Flag Link Sat Jun 28, 2008
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