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TheMalcolmConnection 05-28-2013 04:10 PM

Real Estate Agent: What should I expect?
 
Been keeping a low profile these days, but was just curious what I should expect from a real estate agent. Basically my wife is freaking out saying our agent isn't doing our job because she hasn't sold our old house yet. We kind of had to go on the two mortgage plan because our market wasn't accepting contingent deals for some reason.

Anyway, we've had only 2 showings in 3 months. It's not exactly like we lived in a mansion. It's a $210k house and we were the first owners. She was johnny-on-the-spot when she was getting us to buy our new house, but since we moved in we rarely hear from her.

Should I expect something from her often if there's no news anyway? My wife is wanting me to basically tell her we're going somewhere else at the end of her contract and the whole second mortgage thing is causing a lot of stress on our relationship.

Just wanted to see what you guys have dealt with in the past and if I'm being reasonable in saying: "We don't know if she's doing a bad job or a good job if no one is coming." I just don't want to bash someone when we really can't force people to buy our house.

TheMalcolmConnection 05-28-2013 04:11 PM

Re: Real Estate Agent: What should I expect?
 
Here's the house by-the-way in case anyone is an agent:
[url=http://www.realtor.com/realestateandhomes-detail/35-Agners-Mill-Rd_Lexington_VA_24450_M54660-33329]35 Agners Mill Rd, Lexington, VA 24450 - Home For Sale and Real Estate Listing - realtor.com®[/url]

Basically we priced it to where we'll jump at any offer around $200k.

mredskins 05-28-2013 04:13 PM

Re: Real Estate Agent: What should I expect?
 
Two showings in 3 months either tells me you are priced too high or are in a very undesirable location.

TheMalcolmConnection 05-28-2013 04:16 PM

Re: Real Estate Agent: What should I expect?
 
She said it was most likely price, so that's why we dropped it about $12,000. After that, we're smack in the middle of comparable houses, but this house is way newer than the others. Only problem is that EVERYONE moving in this town wants to live in Lexington proper and not in the actual county. I mean it was only a ten minute drive to my office in downtown, but people want walking distance and don't want to pay for it.

mredskins 05-28-2013 04:24 PM

Re: Real Estate Agent: What should I expect?
 
[quote=TheMalcolmConnection;1010189]She said it was most likely price, so that's why we dropped it about $12,000. After that, we're smack in the middle of comparable houses, but this house is way newer than the others. Only problem is that EVERYONE moving in this town wants to live in Lexington proper and not in the actual county. I mean it was only a ten minute drive to my office in downtown, but people want walking distance and don't want to pay for it.[/quote]


Location location location is the name of the game in Real Estate. A older home in the right spot is better then a new home in the wrong spot. homes are not cars. Newer is not always better actually in most cases newer is less desirable because the best locations are taken by older homes.

Can always remodel can't pick the home up and put it in another spot.

How is your school district??? Desirable?

FRPLG 05-28-2013 04:54 PM

Re: Real Estate Agent: What should I expect?
 
Switch agents...after a wile you need new blood. It's not personal.

Schneed10 05-28-2013 05:00 PM

Re: Real Estate Agent: What should I expect?
 
Yeah I would expect my real estate agent to be more actively managing the listing than what she is doing for you. Basically, I side with your wife in every way on this one. I think you should trust her.

The agent should be contacting you fairly frequently. Selling a house is about generating buzz and remaining visible in the market, the agent should have recognized quickly that if the home was not generating significant interest right when listed, then she should have been in your ear quickly about dropping the price.

Also, you're probably going to have to drop the price.

The right move here is probably to take it off the market and list it with a new agent at a price right at or extremely close to market value. Zillow has you at $203,000 which seems fair given a quick look at comps in the area.

Even if you have to take a touch less than market value, you'll pay yourself back on that concession by avoiding the carrying cost of the second mortgage.

Get away from your current agent. In this business no news means lack of effort, which is bad news for your go-forward selling prospects.

Mattyk 05-28-2013 07:16 PM

Re: Real Estate Agent: What should I expect?
 
[quote=TheMalcolmConnection;1010187]Here's the house by-the-way in case anyone is an agent:
[url=http://www.realtor.com/realestateandhomes-detail/35-Agners-Mill-Rd_Lexington_VA_24450_M54660-33329]35 Agners Mill Rd, Lexington, VA 24450 - Home For Sale and Real Estate Listing - realtor.comŽ[/url]

Basically we priced it to where we'll jump at any offer around $200k.[/quote]

Nice place! Looks like you guys have it looking good and ready to sell, no clutter, neat and clean. How many open houses have you had?

Your agent should definitely be in close contact. I remember our agent touching base with us a few times a week letting us know he was setting up showings, open houses, etc. I really got the impression he was working hard to sell our place and he must have done something right as we sold our place in about a month, and that was in 2008 right after the market crashed and burned.

TheMalcolmConnection 05-28-2013 07:40 PM

Re: Real Estate Agent: What should I expect?
 
[quote=mredskins;1010191]Location location location is the name of the game in Real Estate. A older home in the right spot is better then a new home in the wrong spot. homes are not cars. Newer is not always better actually in most cases newer is less desirable because the best locations are taken by older homes.

Can always remodel can't pick the home up and put it in another spot.

[B]How is your school district??? Desirable?[/B][/quote]

Definitely. Basically there are two locations in the county and we are in the one considered desirable, even though it's further outside of town. The way it works around here is that you either live in the City of Lexington and pay about $50,000 more for a home just for location or you move about 5-7 miles outside of town and save a bundle.

Maybe I'm biased, but we think the house is attractive, just wondering why we haven't had but two showings in that amount of time. I would definitely agree it was overpriced when we first listed it, but now it's in a sweet spot (at least I think so) and has been listed like that for around two weeks.

TheMalcolmConnection 05-28-2013 07:43 PM

Re: Real Estate Agent: What should I expect?
 
[quote=Schneed10;1010193]Yeah I would expect my real estate agent to be more actively managing the listing than what she is doing for you. Basically, I side with your wife in every way on this one. I think you should trust her.

The agent should be contacting you fairly frequently. Selling a house is about generating buzz and remaining visible in the market, the agent should have recognized quickly that if the home was not generating significant interest right when listed, then she should have been in your ear quickly about dropping the price.

Also, you're probably going to have to drop the price.

The right move here is probably to take it off the market and list it with a new agent at a price right at or extremely close to market value. Zillow has you at $203,000 which seems fair given a quick look at comps in the area.

Even if you have to take a touch less than market value, you'll pay yourself back on that concession by avoiding the carrying cost of the second mortgage.

Get away from your current agent. [B]In this business no news means lack of effort, which is bad news for your go-forward selling prospects.[/B][/quote]

That's what we were a little worried about. Last week I wrote asking to update us weekly even if it was "no news". Haven't heard anything this week. We were hoping that since Zillow has it at $203k that someone would offer around $190k and we could settle in that around $200k so we could pay back our first mortgage.

TheMalcolmConnection 05-28-2013 07:46 PM

Re: Real Estate Agent: What should I expect?
 
[quote=Mattyk;1010198]Nice place! Looks like you guys have it looking good and ready to sell, no clutter, neat and clean. How many open houses have you had?

Your agent should definitely be in close contact. I remember our agent touching base with us a few times a week letting us know he was setting up showings, open houses, etc. I really got the impression he was working hard to sell our place and he must have done something right as we sold our place in about a month, and that was in 2008 right after the market crashed and burned.[/quote]

Thanks man, we appreciate it! We've had one open house and the feedback from all the realtors is that they all thought it was a nice house and really wouldn't change anything, they just thought it was too expensive. We DID drop the price, so maybe it'll take a couple of weeks for people to see it's dropped. We're concerned that people will just wait since we've constantly been dropping it thinking we're desperate (which we kind of are).

Man, I wouldn't know what to do with myself if ours sold that quick, lol.

And everyone, thanks so much for the advice, it's been the second most stressful situation I've ever been in. The new place was just something we couldn't say no to given interest rates/location/amenities. As far as I'm concerned, the house we're living in now is my dream house and thanks to an ultra low rate, we're going to be paying LESS on this house than the old one.

mredskins 05-29-2013 09:11 AM

Re: Real Estate Agent: What should I expect?
 
For the record open houses actually better the agent then your property. It is a way for them to harvest more clients.

How about this?

Ask her to lower her side of the commission say it is 6% she will give 4 to the buyers agent and keep 2 for herself. She could have a open house for agents only and tell them about the incentive.

In the end it comes down to price, location and demand. At your price point the real rain maker real estate agents are not going to help you. They are too busy with their multimillion dollar proprieties.

S10 had a good suggestion I dump her and then wait a bit and re-list at a new price this way your DOM will be back to zero and you be listed as NEW on the MLS. Don't expect your new agent to be lights out but at least you will be at a fresh start. Also interview 4 or 5 different agents and ask them their strategy to sell your home then pick the best one. It is a interview for them.

mredskins 05-29-2013 09:15 AM

Re: Real Estate Agent: What should I expect?
 
Honestly if the rental market is good in your area I rent it out.

I have multiply rental properties and I have done very well by it. Just be very selective about who you choose. Then at the end of the lease re-evaluate your market and decide if you should sell or rent again.

Schneed10 05-29-2013 09:16 AM

Re: Real Estate Agent: What should I expect?
 
[quote=mredskins;1010239]For the record open houses actually better the agent then your property. It is a way for them to harvest more clients.

How about this?

[B]Ask her to lower her side of the commission say it is 6% she will give 4 to the buyers agent and keep 2 for herself. She could have a open house for agents only and tell them about the incentive. [/B]

In the end it comes down to price, location and demand. At your price point the real rain maker real estate agents are not going to help you. They are too busy with their multimillion dollar proprieties.

S10 had a good suggestion I dump her and then wait a bit and re-list at a new price this way your DOM will be back to zero and you be listed as NEW on the MLS. Don't expect your new agent to be lights out but at least you will be at a fresh start. Also interview 4 or 5 different agents and ask them their strategy to sell your home then pick the best one. It is a interview for them.[/quote]

Why in the world would she do that?

mredskins 05-29-2013 09:21 AM

Re: Real Estate Agent: What should I expect?
 
[quote=Schneed10;1010241]Why in the world would she do that?[/quote]

Because she ain't making jack now.

I have gotten agents to lower their rates many times to get a deal done. Both on the buyer and seller side. That rate is completely negotiable.

Would you rather 3% of $0 or 2% of $200,000?


I am assuming you know this but some might not know. 6% is their commission rate generally the rule is 3% to buyer's agent and 3% to the seller's agent. I am just asking her to give up a point/percent to make the deal happen. Maybe if a buyers agent see's they are giving 4% at that house more clients will be pushed towards that house.


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