Many realtors will do a great job for you and spend the time and $ to market your home. Unfortunately some will do little more than post it on the MLS. The worst part - if you signed a 6 month listing agreement, you may be stuck with a bad realtor for that long ... and you may have to spend *your* time and money to get the house sold ... and still be obligated to pay your realtor the 3.5%!
I'd probably be making alot of noise to this realtor and their broker at this point!
Had a realtor caravan and everyone thought the house will sell in weeks and all that. Nothing happened, I dropped the prices, dropped the prices but no showings. Now I am aggressively working on advices from trulia, put it on craigslist, lease to own, lease to corporate etc and going all out hoping to move my family before christmas to Texas. Hope this happens. Thanks
Have your agent compare the number of showings of your home to the "running rate" of showings on comparable homes. Then ask them for specific reasons why you have fewer. Also discuss the suggestions given below. This will tell you what you need to do to get more showings.
Please come back and tell us how it goes.
Internet marketing is vital. But so is agent networking. Has your agent had a Realtor's Open house? You need to get feedback from other Realtors so that they will tell their buyers that your home is priced right and beautiful.
Make your agent accountable. Ask what exactly the agent IS doing, especially for the extra commission. You are already doing some of your agent's work by posting online. Your agent needs to do that because of liability of Fair Housing Laws and misrepresentation (over selling). Instead of you doing the work, start assigning homework.
I want to see:
3) Virtual Tour
4) Comparable Solds and Under Contract twice per month (you should be getting New automatically)
5) How many agents your agent has spoken with? Do they have buyers, are their listings getting showings? How many people showed up at their open houses?
6) Let's role play. I'd like to hear you (listing agent) describe my home to another agent.
7) What additional information is the agent getting out there to both the public and other agents?
7a) The MLS only allows limited information. For example, I'm in Chicago. The information from the MLS automatically feeds to the Chicago Tribune and Realtor.com online listings. But with a little extra effort, the agent can change the description in the Trib to make it longer and more detailed. The same is true for Realtor.com if the agent subscribes to the extras there. I have a banner ad and long description. Open Houses can be listed in both, but you have to tell them to do this in advance.
7b) Does your home have it's own website? Your For Sale sign should say, http://www.123MainOviedo.com and so should your brochure for Open Houses and Showings. When someone looks at 50 different homes and sits down to compare afterwards, they can't remember half of them. The website will help.
8) Is your home memorable? What also will help is something to make your home stand out that the others didn't have - or do have but go unmentioned. Mine is "Pickled Pecky Paneling." Other homes might have Pecky Cypress Paneling. If the agent tells the buyers this is "Pickled Pecky Paneling, can you say that 3 times in a row?" And the buyers try, they are going to remember your home was the one with Pickled Pecky Paneling. But will that sell your home? No. If the agent then tells them that PPP has natural anti-mold properties and is so durable that the oldest living thing on earth is a Cypress tree estimated to be over 5000 years old AND that the Queen of Sheba called it the Tree of Life AND used the sap for cough drops AND that Noah's Arch was built of Cypress, that will sell your home compared to the home with 1960s cedar paneling.
That's a lot of homework. The squeaky wheel gets the grease. Now, on to YOUR homework.
When you leave, will the home be staged? You sound very involved, are you GONE for the showings? Ask your agent what homework she has for YOU.
With markets changing so fast meaning prices are changing your agent needs to be monitoring the market closely so they can communicate to you what changes are needed to keep you ahead of the competition. You do want to know how the commission offered to a buyers agent for showing and selling your home compares also.
Unless there are 0 homes selling in your area you can sell your home!
At the end of the day you have to feel that your agent is doing everything possible to sell your home. From your question, it sounds like you do not have that confidence for your agent. Whether it be accurate or not, it is how you feel. If that is the case it may be time for a change! As a professional, I understand that not everyone is going to be the right personality fit for me and I will not be the right personality fit for everyone. There are a lot of great agents and there are a lot of bad agents. I referred a client to an agent in Alabama last year who is a great top producing agent. My client was not happy because they did not feel they were doing everything possible to sell their home in Alabama. After speaking to both sides, I realized the agent was doing a fabulous job on marketing the home etc she was just not communicating all of her efforts to the client so the clients perception was that she was not working hard for her. The relationship soon improved.
One final note: Just as the mortgage industry experienced a major cleaning this year the real estate industry will have a major cleaning. The National Association of Realtors predicts that 40% of agents will not renew their licenses next year. This is no doubt because many agents do not know how to adjust their businesses to this market or know how to help sellers in this market; therefore, they will go out of business. I have seen it here in Georgia with the abundance of expired listings. So many agents just do not know how to position their listings to sell in this market. You need to find one that does!
I work in Seminole County and can tell you the market is rather slow. With that being the case...homes are still selling. There are over 26,000 homes on the market in Central Florida right now and about 1000 are selling each month. These homes that are selling tend to be those that are both priced well and marketed heavily.
It is crucial that the home be priced right from the start as the majority of your traffic will come during the first 3 weeks. Don't look at the price of homes currently on the market, as you can be priced $40,000 below those, and still be above the market value. The most important thing to consider when pricing a home is the prices of the homes that have sold in your area during the past 3 months. In our market currently, only the homes in the best possible condition, with the lowest prices and most aggressive marketing are selling.
As far as condition goes, consult a home stager. One will give you advice on how to improve your homes appeal for only a couple hundred dollars in most cases. I recommend Cassandra Branson with Mango Tree Interior Design. http://www.mangotreeinteriordesign.com
Where your marketing is concerned, make sure it has a good presence on the internet, and that your Realtor has invested in the tools that matter, like call capture systems and a showcased position on Realtor.com. Over 90 percent of home buyers are looking online, and they want to see photos and virtual tours, so make sure your photos are top notch! Your Realtor should have presented their marketing plan to you when you met.
Your commission seems good. Just make sure the marketing is strong, then the pricing is in your hands. You should be getting about 1 showing per week on average. We typically like to get more showings, but in this market, 1 per week is pretty good. Adjust your price according to your showing traffic and your goals. If you can hold on longer, you don't necessarily have to be quite so aggressive with price, but if you have to sell in the next month or two, you'll have to be more flexible.
You need to see what kind of web presence you are getting, put it on Craigslist too, with virtual tour and on Trulia. Historically this is a time when Real Estate slows down. A lot of people don't want to move over the holidays.
If you feel it is priced right, that it shows well, then you should trust your Realtor and sit tight for a while.
We can only speculate, as we do not have all the details. Perhaps the market in your area is just completely dead, and nothing much is selling. Perhaps your home is still overpriced. That is the most common reason for lack of showings. Are other homes around yours selling? Are they getting showings? The commission you are offering sounds good, but is it competetive to what are others offering the buyers agent? If, in your market, 4% is more common, than 3.5% could be part of the problem.
Then run a report showing all the SOLDS in the past 120 days that most closely were like yours in terms of square footage, condition, style, etc.
Then after you look at these, and how long they were on the market, take a deep breath, and drop your price to 5 - 10% below the average of the 2nd report.
Understand, it is not what you have in the house, it is what people are willing to pay.
First stop in any search is Google! Is your house listed so Google shows it when the address is entered in the search bar?
Right now, I am seeking a new home, in the $200,000+ price range.
If yours wasn't where I could see it, on the Internet, then we both lost out!
I have 'seen' a home in photos, before spending the gas to go in person! Found one, in Oviedo, that I like, and that was on the Internet! But, it probably is NOT yours, as the agents listing this one offered up lots of photos and info about the history of the home, and something about the area around it! They have my offer and earnest deposit.
This is too bad that I didn't get to see your home, and possibly make an offer. I hope you can resolve the situation! I did just now look at your tour, and all I can say is that we both lost a great opportunity!
Don't believe all the media madness about the number of homes on the market, 'buyers' market, as I have seen a ton of opportunistic sellers, with rundown homes priced too high, that are NOT like the treasure of a home you offer! I know some potential buyers who would like an opportunity to 'see' your house, and they will get your tour URL, from me.
It might be 'news' in the media that the housing market has a glut, but, there are at least half of us buyers who have been looking all along, during the rise of the 'Seller's' market, and the fall of same, who are pre-qualified, and have been looking on the Internet for at least three years.
To us, this is a market glitch, and might bring a slight reduction in purchase cost, but, we want what we want, and will buy it when, and if, it becomes available.
Make yours 'available' to the more educated, better financed, pre-qualified buyers, who shop on the Internet.
BTW, our 28 yo daughter just purchased (October 2007), 3.57 Acres with a 2,000 Square Foot home, on a lake, the home for her family that she saw on the Internet. The seller happily agreed to $292,000, almost tripling what it cost him ten years ago. None of us are doctors, lawyers, or chiefs. Simply, we are computer technicians and technical writers, military retirees, and billboard contractors, with good credit based upon wise choices.
First off, sorry to hear that his has been a struggle and so much work for you.
In answser to your Q about who is responsible.......It really comes down to a partnership of cooperation between the seller and the marekter (the listing agent) to generate activty. A balance of price and exposure will produce showings, and a contract at the highest price/best terms.
The Realtor has the responsbility for exposing the property directly to buyers (who may or may not be working w/ another agent) as well as other agents in the area (who may or may not currently be working w/ buyers that match your property.) Since most buyers are actively searching on the internet, an aggressive internet presence is something that is very important. It is the Realtor's responsbility to communicate to you what the market reception (or lack thereof) and feedback is for your property. It is ulitmately up to the seller to make the fnal decision to act on the feedback and advice provided.
You can ask your Realtor for an updated CMA, an updated pricing opinion, and to provide you feedback on what the market response has been thus far. You can ask for a written report of what marketing has been done on your behalf. These are things to which you are well within reason to request. Let your Realtor know of your concerns. If a client of mine had concerns, I would certaintly want to know.
Even w/ extensive marketing and aggressive pricing, slow markets still produce few buyers. It is important to look at how the market is doing and gage whether you are moving at the same tide. If others are getthng showing and getting contracts, but you are not, you are moving slowing than the market.
The more aggressive your price, the faster you will move. All the advertising in the world will not sell an overpriced property. Even w/ a great price, you still need marketing to expose your property to buyer agents and buyers.
there are only 3 reasons a home does not sell (IN ANY MARKET)
* Condition of the home
* Availability for showings
All 3 of these must be congruent.
The longer you 'wait it out' in this market, you are only chasing the market starting with and over priced listing, small price reductions, etc.
If you MUST sell now, price it accordingly, otherwise take it off the market right now, rent it out, or just sit tight (without the for sale sign in your front yard).
In this market, an agent should be updating the market analysis a minimum of every two weeks for the client. She needs to know what is happening with every buyer that has come through your door.
I would run from anyone that told me they did not believe in the internet. The internet is a very powerful too for consumers and Realtors alike.