We are considering switching realtors. What is the best way to find a new realtor?

Asked by Kris, Edison Park, Chicago, IL Thu Mar 13, 2008

Obviously we'd like to find someone who has a proven track record of outperforming the market in the last two years and has new and innovative ways to market a property that has been listed for a long time?

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14
Keith Sorem, Agent, Glendale, CA
Fri Mar 14, 2008
Kris
I do not know the specifics of your situation, however a property listed for two years tells me there are serious problems...and I am not sure that your Realtor is the problem.


Some basics in selling and buying residential real estate. The person that buys your home, sees it the first time with a Realtor. 90% of the time. So for that to happen , TWO things occur:
1. The Realtor thinks the property is a good deal
2. The Buyer thinks the property is a good deal.

So with all the marketing that I do, I know that 90% of the time a Realtor is going to bring the buyer, 10% of the time the buyer will see the home on their own and our team might represent them.

Why is that important to you?

How many homes, like yours, have sold in the last two years?

How many homes, like yours, are on the market right now?

We use a tool called "the absorption rate" Take the total number of homes like yours on the market, divide it by the the number of homes like yours that have sold in the last month, and that rate is the number of months it will take to sell the average home, like yours.

You should also know that homes that sell within the first 30 days sell for closes to asking price. The longer the days on market, the greater the gap between asking price and selling price. Unforutnately everyone and their mother will know what you home DID NOT sell for during the past two years.

So when you talk about innovative market and "new ways" to sell your home, I think you have a more serious problem. Agents that look at the pricing history of a home like yours may very well not take the listing because we don't think you are serious about selling. With the degree to which the market has shifted it appears (and I realize I may be wrong) that you may not have been "serious sellers" for two years. Now, if at this point you ARE SERIOUS, I would interview three Realtors, and LISTEN TO THEIR PRICING STRATEGY.

The Realtor's job is to expose your property to the market. What features offer buyers the most value. Unfortunately at this point you are probably going to make more concessions (include appliances, offer a buy down program, help with closing costs) if you are serious about selling.

Good luck
I suggest you get the following information
5 votes
Mike Long, Agent, Naperville, IL
Thu Mar 13, 2008
Visit their website. Visit their blog. Collect names. Ask questions. Get opinions. Go with your gut. Once you meet with them call the next morning. If they don't answer leave a voice mail and see how long it takes for them to call you back. Anything over an hour or two is too long. Shows you how well they communicate and communication is the name of the game. If they want your business they'll get back to you immediately.

Good Luck!!
2 votes
Seth Captain, Agent, Chicago, IL
Sun Aug 12, 2012
You can either look for the realtor whose name appears most often on google searches as he most likely is outperforming the rest of us.....

Or....

Lower your price. Get rid of that clutter. Change some fixtures. Tear down those Justin Beiber posters. Remove the Berber carpeting; it was never cool. Don't go out and buy a stainless dishwasher. Do have a stainless garbage can. Bake cookies during your showings. And....LOWER YOUR PRICE!!!
0 votes
Sarah Goulart…, Agent, Plymouth, MA
Sun Aug 12, 2012
First of all, you need to make sure the agent you choose is working with a company who offers you the BEST exposure, mainly on the internet as that is really where homes are selling.

That being said, a home that has been on the market for that long is most likely overpriced (with the exception of premium properties is extremely high price ranges, those can take longer to sell, although maybe not two years). You need to find an agent who is honest, even if it is not what you want to hear. Look closely at the comps they are bringing, what has been selling, etc.

I recently put a home under agreement that has been on the market off and on for 5 years, it CAN happen, but you need to find someone who will be honest with you about what you need to do in order to get the home sold. This is most certainly going to be price, but could also be staging, upgrades, etc.
0 votes
Joe Schiller, Agent, Chicago, IL
Sun Aug 12, 2012
your home is priced too high period.. there is nothing else besides the price being too high for what your offering..out preform the market is not an option..the bank will not lend on over priced sales so the deal will blow up regardless.. hire a pro like me and you will get the most money possible..
0 votes
Kathy Borucki, , Madison Heights, MI
Mon May 19, 2008
Interview three of them and pick who you think would work best for you and with you. You will know who will list your home reasonably. Kathy
0 votes
Don't Buy, Home Seller, Los Angeles, CA
Wed May 14, 2008
Ron you aren't supposed to advertise here.
0 votes
Ron Knoll, Agent, Chicago, IL
Wed May 14, 2008
We've had great success selling in this crazy market. It comes down to pricing and exposure! Take a look at what my past clients are saying:

773 330-2353 cell
0 votes
What?, , Where?
Mon May 12, 2008
Nicoles answer is good but she left out something, some people in Edison Park are still pricing homes like 2005. I have seen Brick Englishes priced over $400k in Edison Park , even one that had water damage to the paneling in the basement.
0 votes
Nicole Tucker, Agent, Johns Creek, GA
Mon May 12, 2008
check with friends, neighbors and family. then interview them. You are hiring them to work for you and on your behalf. you must have a sense of trust, loyalty and know that they are knowledge in your area of need. Also make sure if you are in a contract with a realtor that you exit that contract be fore entering another. Read over your contract .Good luck!
0 votes
Mark Roncone, , Naperville, IL
Tue Apr 29, 2008
Ask your family, friends, neighbors, co-workers or family that live in your area who they used and liked.
Web Reference:  http://www.nilhomeseller.com
0 votes
Jim Yeager, Agent, Englewood, CO
Tue Apr 29, 2008
2 suggestions:
- Contact the Managing Broker at a Real Estate office near the area where you hope to find a property or list a current property. Discuss your objectives and concerns with that Borker and ask to be directed to a leading agent that he or she feels would best meet your needs.
- Ask a friend, family member or neighbor that has recently concluded a real estate transaction about their experience with a real estate professional. Don't just ask for their agent's contact information; ask for details of the experience. Did the agent demonstrate expertise about the market and about managing the details of the transaction? Did the agent act with a sense of urgency and make the client feel like the agent's top priority? Did the agent present financial analysis so the individual could feel confident about pricing or offer decisions?
0 votes
Kathie Shand…, , Centennial, CO
Tue Apr 29, 2008
Kris,

As you examine the possibility of switching Realtors, I would encourage you to re-interview your current Realtor. Take a comprehensive look at the process of selling your home and answer the following questions as honestly as possible:

1. Price: Is my house priced competitively with the other homes that have sold in my neighborhood?

One seller insisted on overpricing his home because he had new Pella windows. He was certain that buyers would recognize the value of Pella windows in comparison to construction-grade new windows. Unfortunately, that was not the case. His home didn't sell until he became competitive in the market.

2. Condition: Is my home in excellent condition? Are the windows clean? Are the light fixtures and doorknobs updated and clean? Does my kitchen sparkle? Is my home staged with fresh interior paint, minimal furniture in open arrangement and almost all personal items packed for the move? And how is my curb appeal - - honestly?

3. Marketing: Is my Realtor marketing my home effectively to the logical target audience: Qualified and Motivated Buyers in my city? Does my home have a strong internet presence with a Virtual Tour? Are brochures in the brochure box? Have Open House events been held? Has my Realtor called every showing agent for feedback to guide our process? Did my Realtor guide me to change price or condition based upon the feedback that we have received?

4. Study the local absorbtion rate. You will discover whether the market has rejected your property (given its price and condition) or whether the market is simply slow. (ie, If there are 50 comparable homes on the market but only 1 qualified and motivated buyer per month, then a 50-month absorption rate is at work in your market. If you've only been listed for 6 months, then your current Realtor might be doing a fantastic job in a tough market.)

As you answer these questions, you will not only decide whether to keep or change your Realtor, but you will also find the root cause of your unsold property.
0 votes
Vassi Saviano, Agent, Elk Grove Village, IL
Tue Apr 29, 2008
Kris, you have recieved useful information from the previous posts, and it appears that you are already aware of the fact that you need to look for someone with a proven track record and a dynamic marketing plan, one that includes effective use of the internet. In determining your home's price there are several factors that will play in the successful marketing and sale of your home. Four key factors are price, condition,location and your level of motivation. A home that is priced appropriately will sell even in a trying market. Ask your family and friends for a referal. I have found that successful agents get most of their business from personal referrals. Real estate is a personal service business. Good Luck!
Web Reference:  http://www.VassiSaviano.com
0 votes
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