Scott Sowles

Dear Looking,

You should expect your buyers agent to find out the information you need. I recommend against contacting the listing agent directly as you very well may give them information about you and your negotiating position without even realizing it. An agent I know well was recently bragging about his ability to sell his own listings - he claimed that every time he sold one of his own listings, directly to an unrepresented buyer without a buyers agent, the buyer over-paid for the property. The buyer felt they were "getting a deal" because they were dealing directly with the listing agent when nothing could have been further from the truth. With no one to represent them the buyers were easy pickings for a knowledgeable agent with decent negotiating skills and some experience with real estate transactions. We have a saying in real estate: When clients talk money falls out of their mouths. Be very careful if you talk directly to a listing agent. It's just like your Miranda rights...anything you say can and will be used against you in...your transaction.

There are approximately 12,000 active listings in our MLS right now. The Internet has made real estate shopping a whole new frontier with buyers being able to peruse the listings at their leisure. Everybody wins in this situation as buyers become far better prepared and knowledgeable about communities, neighborhoods and properties. You should have a buyers agent that knows what you're looking for, in detail, so that they can let you know about listings that you may miss. You will be working with them as a team to find you the best home possible for your circumstances. A competent buyers agent makes this more likely. The more you trust and work with one agent the harder that agent will work to get you the perfect home! Yesterday I notified one of my buyers about a $30,000 price drop on a listing that they were interested in within 5 minutes of the price change. Interestingly my buyer found the property on the net a month ago on their own but smart use of technology, through the agent side of our MLS, allowed me to know immediately when the price dropped.

You hire a buyers agent for many reasons. Get a competent agent to help you that you trust and work with them. If they're slow getting back to you that's another problem all together. Keep in mind that poor agents can be fired if they're not doing what they're supposed to do. If their communication is slow consider speaking with their manager or broker.

If I can be of further help please contact me directly.

Good luck! - Thu Oct 23 2008, 10:31

Wow! What a great question.

First answer is yes, someday it will come around, again, and it's going to be very, very painful for buyers that have gotten used to sellers worshipping at their feet.

Now, here's how to get full price. Certainly full price, less concessions.

A long time ago, in a galaxy far, far away – actually in our SE Michigan market less than 5 years ago - a buyer would be standing in the kitchen of your home that just came on the market and they'd be worried. They love your home and are excited about it. While they've only seen a few homes (and there are only a few more available) they really feel good about your property. They'd be worried that if they didn't take action quickly they would lose your house because another buyer would buy it out from under them. They would know that if they didn't act quickly someone else would get the property. And if your home was priced right and really attractive they'd probably end up in a bidding war, paying more than asking price. And the buyer was worried about that too!

They felt fear.

Ok, so how does this fantasyland galaxy far, far away apply today?

The key is the fear. Right now it seems like the sellers have all the fear. The sellers are the only ones who are worried. And the buyers love every minute of it.

The fear must be transferred back to the buyer. The buyer must be worried about losing your property - just like old times. They've got to want your home and know that, if they don't take action quickly, someone else will buy your property! Sure maybe they won't be as worried as they used to be, maybe there may not be a bidding war but they have to feel worried about losing your home all the same.

The coaching you get from your Realtor is more important today than it has ever been before. If you price your home aggressively, stage your home for maximum impact and market your home so its benefits are clearly visible you can regain the strength you feel you've lost. Today's sellers have to get back to "worry pricing" where the people worried are the buyers.

Hey, I know this may sound crazy or impossible. In a sea of listings why would any buyer feel this way about a listing? But let me tell you something; in this market until a buyer feels this way about a listing they won’t do anything - other than this lowball crap that drives everybody crazy.

When your listing agent thinks your home is a fantastic listing you're close.
When the other agents at their office think it's a great listing you're really close.
When 3 out of 4 buyer's agents that show your home say your home is a great listing you have power.
Force the buyers to take action or fear losing your home and you win the game. You sell your home when others around you fail.

The question is can you afford to list it aggressively. Will you pay a home stager and then do what they recommend? Will your agent market the home correctly?

In your best, "Yoda" like voice say, “upon these things much will depend".

Take heart! It can still be done! - Fri Sep 5 2008, 07:12

I applaud you for considering staging. Many people watch the TV show(s) on staging, agree that it's important and then refuse to invest the money to have a stager help them.
My home stager does a great job at a reasonable price. Her name is Heather Roberts. You can reach her at 248-842-5979 or online at http://www.TheEnglishTouchOnline.com. Tell her Scott sent you.
Good Luck! - Thu Aug 28 2008, 11:10

Jeff,

In our area I believe the problem was with Louisiana Pacific siding. If you have the problem I'm thinking of it began with improper installation. In order for the siding to last and for the warranty to be supported the siding needed to be completely sealed from moisture. Most contactors didn't know or bother to follow the guidelines for proper installation so moisture easily got into the cracks or nail holes,quickly destroying the siding. It was an expensive repair and eventually got legal. Here is a link that may help you out:

http://www.sidingsolutions.com/pages/classtat.htm

If I can be of any additional help please contact me directly. - Thu Aug 14 2008, 14:15

Unless your home is priced right there is no point in answering this question. Assuming that it's priced right then the following becomes important:

Your question, rephrased, is this: What has more impact on my sale - a listing price that's 2% lower or an $8,000 incentive for my listing agent to make sure my house sells?

I can't answer for all agents, I can only answer for myself. I charge the 3% because I earn it. I use the same floor plan tour that Derek mentioned below. I highly value showing feedback and pay an assistant to help me compile feedback from more than 80% of our showings. I have invested heavily in photography equipment so that I post a large number of superb photos online. And by online I mean over 60 web sites - not just the same old sites that the IDX and Realtor.com provide. I place color, laminated flyers in front of the home and feature books inside. I do much more but you get the idea…

The bottom line is that, since the marketing I just described drastically helps get your home sold, you should be paying your listing agent the full commission. However, if the listing agent is just doing the 3 "P"s - Put in the MLS, Put up a sign and Pray then go with the price reduction.

If you're considering other agents I'd like to interview for the job of selling your home. I think you'll be impressed. - Sun Aug 10 2008, 16:47