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Asked by Ruthless, 60558 Mon Sep 3, 2007

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26
Ruthless, , 60558
Mon Sep 3, 2007
Sorry, I didn't mean to yell. Also it was strange that I only saw Jennifer's answer and yet it has Ute as first to answer.

Many of you have gotten to know me through the forum and I have gotten to know you. I'm not discounting any of this advice for selling at the best price. But I don't have time to do these now. I want to drop the price in the MLS tomorrow. Walmart clearance sale, this week only with a Realtor Open House and public open house.

Yes, Sylvia - Biggest house by double and fixed up far too much.
Ruth
2 votes
Ruthless, , 60558
Mon Sep 3, 2007
Me either, isn't it great!!! I love you guys!
Ruth
1 vote
Ruthless, , 60558
Mon Sep 3, 2007
Thank you everyone. Yes, some of this is Buzz. Yes, I am going to loose money because the market was going up, we put more into it, the bottom dropped out, and then it leveled off to the same as it should be. But the money was already sunk at that point.

Yes, I will delete this question, almost immediately. I know that if you go to your own profiles, you will be able to read the responses. Ute probably answered first, made a mistake and deleted and reposted. I do have an owner interest.

Again, thank you everyone.
Ruth
1 vote
smith3gary, Agent, White Lake, MI
Mon Sep 3, 2007
Ruth, Please remember this is a public forum. An area buyer or their agent will use your information against you.
1 vote
Maureen Fran…, Agent, Birmingham, MI
Mon Sep 3, 2007
PS. Even if you delete it, it could already be in the google cache by tomorrow and the record of this thread can't be erased by you at that point. Googlebot is probably on trulia all day long indexing, because they have so much fresh content. Just a thought.
0 votes
Jennifer Mon…, Agent, Charlotte, NC
Mon Sep 3, 2007
Patrick... I did not say 'slash', I said 'chop'! Cindi said slash!

And I was the first answer, and then suddenly Ute's answer appeared, then disappeared again. So I don't know what happened there.

Ruth.... the place sounds fabulous. It also sounds like you may have put more into it than you can reasonably recover. Because I do care about you, and I know the rest of us do too, it is best, as Gary points out, to keep the actual numbers part of this conversation off the forum. You can email us directly. On the other hand, maybe this is the kind of buzzz that Deborah intended.
0 votes
Maureen Fran…, Agent, Birmingham, MI
Mon Sep 3, 2007
Ruth,

First of all, I would not recommend that you announce what sounds like desperation on a public forum. I don't think that will serve you well.

Second, I know nothing about real estate license law in Illinois, but after reading your profile I am wondering if you are practicing real estate without a license. I don't know the answer to that. I am not a lawyer. But if you are not the owner of the house (your business partner is, right?) and you are trying to represent the owner in this sale, then that sounds like practicing real estate to me. If you have an ownership interest, then that is a different story.

I understand you are frustrated with the Realtors hired in the past to sell this home, but it really sounds like you and your partner need to find the right agent.
Web Reference:  http://mioaklandcounty.com
0 votes
Ruthless, , 60558
Mon Sep 3, 2007
Thanks. If it gets them to buy, I'm all for it. But I am deleting this tomorrow. I haven't seen any agents from our area on this anyway.
Ruth
0 votes
Ruthless, , 60558
Mon Sep 3, 2007
Yes Cindi, I'm looking for the easiest fix.

The FSBO issue is tricky - I am sort-of representing myself as the "agent" for the "owner" my business partner. I don't live there and it is partially staged. I have a lock box and will let agents show the property after they have had a tour. Because the home is in Oak Park, I've been "conducting tours" just as a "Docent" would do with a speech including details, history and humor. "Pickled Pecky Paneling, say that three times . . . The Queen of Sheba used the sap as cough drops."

Our agent open houses are 2 minute RUN through even with food. I think there was a leak during the first Realtor Open House. The Realtor Open Houses after that was given WRONG info such as "Corian" instead of granite and "professionally landscaping and patio" for 16 $2 tiles lying on dirt. The open house agent only said we painted and doubled the price. The Broker-in-Charge said we had cheap doors. We have very expensive nice looking custom doors and one cheap bathroom closet door because the custom door didn't arrive. He also said, "You have new windows?" When I mentioned going top quality with Custom Pella Architectural Series windows.

Deborah: that's a tough one after reading the owner and listing agent present responses. I would ask that I show the agent the house first.

By the way, I plan to delete this question tomorrow.
Ruth
0 votes
Deborah Madey, Agent, Brick, NJ
Mon Sep 3, 2007
Ruth, If an agent called to show a buyer, would you decline the showing if the agent had not yet toured the property? I wasn't sure what you meant by your comment about that.
Deborah
0 votes
Sylvia Barry,…, Agent, Marin, CA
Mon Sep 3, 2007
Food does not quite work in our area anymore, catered food and drawings; as you want them to come NOW! Sorry, we have quite a few house the market here.

Also, buyer agent incentive? If close by certain day, offer some incensitive?

We also have a seller around here who did an auction on his house - there were several similar house in same subdivision priced between $1,35M to $1,45M. He advertised it in newspaper with starting price of $1,125M 20% below, by the time I call on behalf of my clinet, he had 8 offers with one really close to what he had in mind (did not tell me what it was); 1 week inspection period; and cancelled the auction.

Who knows, that might be something you can look into also

Good Luck!
Sylvia
0 votes
Deborah Madey, Agent, Brick, NJ
Mon Sep 3, 2007
5% under market is not considered a "slashed" price in my book. It represents a motivated seller and creates market buzz. We are in a declining market and we have had mulitple offers on serveral properties. The sold prices have resulted in over list, 99% of list, and 95% of list. Had we not gone to market with an attractive price, we would not have gotten market buzzz.

While I think you can try to reach out to the broker community on your own, I think a broker will have a better reception. Not because brokers are anti-FSBO, but because they will assume you are emotionally involved. A broker is suppose to promote your property, but still be objective.

You need to get brokers into see your property. You can try this on your own, or you can do it via a listing agent.
0 votes
Deborah Madey, Agent, Brick, NJ
Mon Sep 3, 2007
Hi,
I just remembered the tax base on your property. You might want to offer an incentive to the buyer offering to pay the first years taxes.
0 votes
The Hagley G…, Agent, Pleasanton, CA
Mon Sep 3, 2007
Slashing price is not always the answer. (However it IS the easiest fix!) Are you in a listing contract at the moment? Try this: Interview local agents, at least three. DON'T choose the one with the most amount of time in the business. Look for innovative marketing ideas. Look for agents that follow up with phone calls and e-mails in a timely manner. Look for an agent that talks about how great the market it....not how bad it is. Newer agents in the business that embrace internet and the technology tend to be successful. Don't dicard them just because they are new.

If your home hasn't sold, it's either price, produt or pitch.

Are you at the home when potential buyers come through? Forgive me for asking this, but is it possible that they feel your desperation? As a Realtor and an investor, that would be a turn-off for me.
Web Reference:  http://www.cindihagley.com
0 votes
Sylvia Barry,…, Agent, Marin, CA
Mon Sep 3, 2007
Hi Ruth:

Not knowing how your house looks like and where you live in Oak Park, I first checked on your link for your house and yes, I then went on Zillow to see recently SOLD homes.

Is it true what I saw that you have the largest house (almost double the size), best upgrades and most expensive house in the whole neighborhood? That might be one of the reasons where agents won't bring their $1M dollar clients to where you are.

I don’t know how you guys do Broker Open in your area. Novato is a town of 50,000, so we have weekly broker open where we can actually go and pitch our houses in person.

If you think your problem is because brokers don’t know how wonderful your house is now compare to the others, maybe you can hold a special broker open house, offer a drawing of certain prizes for local realtors to come and see the house again Or give something to the first ## of brokers who either shows the house or sees the house. You can also send out eFlyers and/or hand deliver hardcopy fliers to local brokers with screaming headline of how wonderful the house is now; maybe even have a comparison chart of how it was before vs. how it is now.

If your problem is because you have the most expensive house in the neighborhood, then you might have to do different marketing – perhaps this is a house for multi-family (meaning children and their parents?); whether it’s legal or just living arrange with the parents?

Not knowing your neighborhood and/or how your local real estate association works, I thought I will start with this two first.

Good Luck,
Sylvia
0 votes
Mr.P, , Arizona
Mon Sep 3, 2007
I deleted my first answer, to add the finance stuff.

If you are a FSBO. Have your own realtor open. Advertise it .
Offer food.
They will be there like ants at a picnic.
Then you can show them all the house has been rehabbed
Tell them about the Buyer broker, and how nice you are to work with.
0 votes
Mr.P, , Arizona
Mon Sep 3, 2007
Don't yell, I didn`t say slash, Jennifer did it.

I think you answered your own question. Get more Realtors in there and show them it is not the same house.
Offer them free food. Lunch? late night wine & cheese?
Karaoke?
0 votes
Ruthless, , 60558
Mon Sep 3, 2007
Oak Park is NOT a declining market and my comps are current. The stigma is they think it is the same house that was on the market for a year last year, not completely rehabbed, hence the reason I fired the agents.
So, please define "SLASH."

Comps are available at: http://www.aprincessparty.com/1205Ridgeland/comps/comps800k.xls
The second tab has other factors and the third tab has "busy street" stats. The advertising is available at:
http://www.oak-park-il.com
Ruth
0 votes
Jennifer Mon…, Agent, Charlotte, NC
Mon Sep 3, 2007
Ruth... I just read a clever item in NAR that talked about getting creative. How about including a years housekeeping or landscaping service with the sale? I think it's an interesting idea...
0 votes
Deborah Madey, Agent, Brick, NJ
Mon Sep 3, 2007
I know that some buyer agents will respond to an above average BAC (buyer agent commission), but I find that does not represent the majority. Once compensation is fair and competitive for your marketplace, most BA (buyer agents) will focused on their client, not the commission. Put yourself in the buyer shoes. Do you want your agent showing your property based on their commission schedule, or what best fits your wants and needs for the best price.

If I find a property that I think is a great buy, I start talking about it. I tell my clients about it and I tell other agents about it. That buzz of great price goes a much greater distance for a seller than an increased BAC. I don’t know that I ever heard 5 agents come tell me, “Hey, did you see 124 Main Street, they are offering a great commission!” But, I can recall many a time that agents have said, “Wow, did you see 234 Main Street. That’s going to go fast!” I recommend a fair and competitive BAC, but see no benefit to increasing it beyond there. Instead, focus on dropping the price or increasing the marketing. The other recommendation that I would often make, I am skipping here. That last recommendation would be to invest in staging.

So, I recommend hire a full service agent. I know from your other posts that you have some concerns about local agents. I would interview 3 agents and choose the best one. Ask lots of questions, you should be well armed now. But, if you want my list of Q to ask a potential listing agent, I will be glad to supply it to you. (My list was created in conjunction with Q asked when hiring corporate sales people based on my past life and input from corporate headhunters. I believe hiring a listing agent is similar to hiring a temporary sales exec for a company.)

For pricing, you need the opinion of local agents for most accurate pricing. Let’s say for example, that the average comp prices range 769-799 from the CMAs of local agents. If you want to sell, you need to price under the comps. How far under? It depends upon the competition. Perhaps 5-10% under.

When interviewing agents, you need to evaluate the marketing program that they will provide. I always sing the song, “Price and Exposure”. Since you have previously indicated a concern about the agents and brokers in your area, I would particularly look for an agent who will work to market to the brokers. I know that you are on Trulia and Realtor.com. I don’t know where else you are on the internet. I believe you have a downtown or shopping and antique area. Are there marketing opptys there?
0 votes
Mr.P, , Arizona
Mon Sep 3, 2007
OK it is a Wal Mart World, Price is everything right now. Drop the price 5K every two weeks
Or
Offer owner Finance, Closing cost, 2/1 Buydown ?
Good luck
0 votes
Mr.P, , Arizona
Mon Sep 3, 2007
BEST ANSWER
OK it is a Wal Mart World, Price is everything right now. Drop the price 5K every two weeks
Or
Offer owner Finance, Closing cost, 2/1 Buydown ?
Good luck
0 votes
Jennifer Mon…, Agent, Charlotte, NC
Mon Sep 3, 2007
Ruth, I have to be honest with you.... if your property is in MLS, it is seen by every single agent searching for a home like yours. So marketing is less an issue in the big picture. And last months 'solds' are yesterdays news in the current market.

You say 'stigmatized', and if this is truly the case, then you'll have to slash the price even further if you must sell NOW!!! Every defect can be corrected by chopping from the price - and stigmatization IS a defect..

I tell sellers this constantly now, but let go of the price you think you have coming to you. Stop trying to hang on to money you never had. Price this house aggressively. Accept another opinion and de-personalize the process. I think it may be hurting your cause.

You know I wish you luck!
0 votes
Mr.P, , Arizona
Mon Sep 3, 2007
OK it is a Wal Mart World, Price is everything right now. Drop the price 5K every two weeks
Or
Offer owner Finance, Closing cost, 2/1 Buydown.
0 votes
Mr.P, , Arizona
Mon Sep 3, 2007
You are doing every thing you can, I know you are.
Drop it 5K every two weeks.
It`s a Wal Mart World.
0 votes
Ute Ferdig, Agent, Newcastle, CA
Mon Sep 3, 2007
Ruth, have you tried the auction route. It may be a long shot, but also may create sufficient interest. We had a FSBO in our area who recently tried an auction. He got over 100 people to take a look at the house. No buyers, but lots of exposure. If you are desperate, it's worth looking into. The worst that can happen is that it does not work. Here's the website address for the FSBO to give you an idea how it did it
http://www.sellingsunday.com He had signs all over the place that were noticed by everybody because it was a unique approach. I'll keep thinking and if I come up with other ideas, I'll e-mail you.
Web Reference:  http://www.go2kw.com
0 votes
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