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.

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.

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.

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.

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?

Re: Real Estate Agent: What should I expect?
 

Switch agents...after a wile you need new blood. It's not personal.

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.

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.com®[/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.

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.

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.

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.

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.

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.

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?

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.

Re: Real Estate Agent: What should I expect?
 

[quote=mredskins;1010240]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.[/quote]


I agree with the above. Have you checked to see what the rentals are going for in that area and would it cover enough or all of the mortgage? If that would work it would probably be a good idea to list the home as For Sale or rental. There is a good chance that your home in the country will be the next best thing from living in the city down the road. Also remember the listing agent is the one who does the advertising so how is the home advertised? If you have only had two people look at the home in the past 3 months your agent might not be pushing the sale, its over priced, or your location is not desired. My guess is a combination of the first two and the agent knows that so they are not spending the time need to try and sell your home (they like the easy sales first then give attention to the tougher sales). My guess is if you pulled the listing from her she will not care because she knows its a tougher deal and if she finds a buyer she would still make a commision and not have to put in the extra effort.

Re: Real Estate Agent: What should I expect?
 

It very well may be a location issue. Not everybody wants to live out in the country. Nice location and view though.

Re: Real Estate Agent: What should I expect?
 

I don't really have any sound advice to be honest...but damn, you must have some kick ass football games on your lawn there

Re: Real Estate Agent: What should I expect?
 

[quote=NC_Skins;1010248]It very well may be a location issue. Not everybody wants to live out in the country. Nice location and view though.[/quote]

It could be but there is got be a price to make it desirable.

Here off the top of my head make it a bit undesirable (no offense to OP)

Location
to far out from town; no real neighborhood (family's with kids); 2 acres (which is nice but lots of maint.)
I am assuming septic and well water

I think the ideal client for this home is a recent empty Nester. They want down size but don't want be in neighborhood with a bunch of kids or a HOA. Another plus for them is everything is on the first floor. They got be old enough to have adult children but young enough to still maintain the land.

Re: Real Estate Agent: What should I expect?
 

[quote=mredskins;1010240]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.[/quote]

We actually can't rent it out. The university I work at does our mortgages and if we rent it, they say we either have to refinance with someone else or pay them back, so that's not an option unfortunately. I really like the idea of pulling it for a while and going back with someone else. We've started lining up agents we like and are going to interview them soon because our contract with our current agent runs out in a month. Is it in bad taste to go with someone in the same firm?

Re: Real Estate Agent: What should I expect?
 

[quote=SmootSmack;1010250]I don't really have any sound advice to be honest...but damn, you must have some kick ass football games on your lawn there[/quote]

Many, many of them. Definitely going to miss being out where it's quiet. That's really the only thing I miss about the old house (besides the fact it was our first).

I guess my problem is, I don't know why WE'RE the ones feeling bad for thinking about considering someone else. I just feel bad because I really don't know if she was the problem or not and I just think it would be shitty of us to ditch someone for possibly no good reason.

Re: Real Estate Agent: What should I expect?
 

[quote=mredskins;1010252]It could be but there is got be a price to make it desirable.

Here off the top of my head make it a bit undesirable (no offense to OP)

Location
to far out from town; no real neighborhood (family's with kids); 2 acres (which is nice but lots of maint.)
I am assuming septic and well water

I think the ideal client for this home is a recent empty Nester. They want down size but don't want be in neighborhood with a bunch of kids or a HOA. Another plus for them is everything is on the first floor. They got be old enough to have adult children but young enough to still maintain the land.[/quote]

I thought it was going to be an empty-nester or another first-time home buyer. One kink in this plan is that we absolutely cannot accept a contigent deal ourselves because my work is basically making an exception by letting us own two homes and wants that money back ASAP. In the beginning they said, "This isn't your primary house anymore? Then you owe us the balance in 30 days." I had to have a long meeting with the VP about our circumstances (even though it doesn't say anywhere in the fine print about being a primary residence).

Re: Real Estate Agent: What should I expect?
 

[quote=TheMalcolmConnection;1010254]We actually can't rent it out. The university I work at does our mortgages and if we rent it, they say we either have to refinance with someone else or pay them back, so that's not an option unfortunately. I really like the idea of pulling it for a while and going back with someone else. We've started lining up agents we like and are going to interview them soon because our contract with our current agent runs out in a month. Is it in bad taste to go with someone in the same firm?[/quote]

Nope not at all real Estate is cut thoart. Just make sure you keep your contract short with them. I say give them 30 days at best and you will revisit at the end of 30 days. I think part of your problem with your current REA is you gave her too much time so basically she said Iwill just sit on it and hope osmosis gets it sold. Also during the interview process talk about their commission ask them if they are flexible to get the deal done.

Also ask them what price will take this property off the market the quickest and work from there. Listen to what they say but don't commit to anyone until you have heard all your candidates and you and your wife decide on someone then.

Once you pick your person go back to them and say we want sell it for this $X and we are giving you 30 days to do so. If at the end of 30 days it is not sold we will revisit the price and your contract with us.

Re: Real Estate Agent: What should I expect?
 

[quote=TheMalcolmConnection;1010258]I thought it was going to be an empty-nester or another first-time home buyer. One kink in this plan is that we absolutely cannot accept a contigent deal ourselves because my work is basically making an exception by letting us own two homes and wants that money back ASAP. In the beginning they said, "This isn't your primary house anymore? Then you owe us the balance in 30 days." I had to have a long meeting with the VP about our circumstances (even though it doesn't say anywhere in the fine print about being a primary residence).

[/quote]

I suggest quickly deleting this line as if anyone did a Google search on your home you just completely showed your hand.

Re: Real Estate Agent: What should I expect?
 

[quote=TheMalcolmConnection;1010256]Many, many of them. Definitely going to miss being out where it's quiet. That's really the only thing I miss about the old house (besides the fact it was our first).

[B]I guess my problem is, I don't know why WE'RE the ones feeling bad for thinking about considering someone else. I just feel bad because I really don't know if she was the problem or not and I just think it would be shitty of us to ditch someone for possibly no good reason.[/B][/quote]


To be honest you got be a dick in real Estate to be successful. Any of the big REA in my area are hated by other REA because well they are dicks and they get done no matter what.

I would not feel bad at all you gave her to long of a contract and she basically sat there doing nothing waiting for buyer vs. hunting one done.

Re: Real Estate Agent: What should I expect?
 

Thanks for all the advice. MUCH appreciated. So I think we're going to do what many of you have suggested. We're just going to line up other agents and give them a month and just say if we actually start having showings, then we'll go from there.

And I did delete the line, but they also might find out the bottom line we were willing to take (which would have been TOTALLY fine by me, lol :))

Re: Real Estate Agent: What should I expect?
 

The part that really sucks for you is that your job controls your mortgage. It is like you are dealing with Mr. Potter.

Re: Real Estate Agent: What should I expect?
 

It actually is nice the way they do it, they give you a full point off your interest rate (based on the lowest in town) if you go through them and they take it right out of your check.

Re: Real Estate Agent: What should I expect?
 

[quote=TheMalcolmConnection;1010268]It actually is nice the way they do it, they give you a full point off your interest rate (based on the lowest in town) if you go through them and they take it right out of your check.[/quote]
IMO it is too many eggs in one basket. Plus taking right out of check that is conveint for them not me; less control of my money.

But the point of the mortgage is sweet.

Plus you are handcuffed a bit in the transaction to sell your home and you can't rent it.

Re: Real Estate Agent: What should I expect?
 

I am listing my house next week. So far I couldnt be happier with my agent team.

We are doing a "pocket listing" so my agents can have other agents come and take a look at the home to get a gauge on whether our listing price is too high and see if any agents have clients who would love the house.

We are then doing an open house. After that, it basically just being listed on zillow and trulia, etc.

We are doing 6%. Listing price is 284,900. We looked at the comparables in my neighborhood and this puts us right in the middle (and I think our home is better then the comparables).

Houses move very quickly in my neighborhood of locust point. avg listing time is 30-45 days. my agents say you want action on the house right away and get it sold w/in 45 days. otherwise it sits and sits and you have to lower the price substantially to get new action going.

Past 2 weeks we have moved a ton of furniture out, done touch ups etc.

I write this to say - DONT WORRY ABOUT YOUR AGENT's FEELINGS. its your money going out the window bc she isnt getting your house shown and out there. 3 months and only 2 showings?

we are moving to new orleans for 6 months starting sept 1st.

Re: Real Estate Agent: What should I expect?
 

Interesting about the 45 day thing. We're just leaving it where it is for now and just wait out our agent's contract and do what mredskins suggested and take it off the market for a little bit. We're going out tonight to take new photos (since it's currently empty).

Re: Real Estate Agent: What should I expect?
 

[quote=TheMalcolmConnection;1010290]Interesting about the 45 day thing. We're just leaving it where it is for now and just wait out our agent's contract and do what mredskins suggested and take it off the market for a little bit. We're going out tonight to take new photos (since it's currently empty).[/quote]
Really a good agent will either take the pics themselves or have a professional come in. Then evaluate which best showcase your property. You are doing their job by taking photos and quit honestly you are not qualified to get the best photos.

Re: Real Estate Agent: What should I expect?
 

There are pros and cons to empty photos. Empty usually makes a place look smaller. Furnished is preferable, especially if furnished somewhat attractively. Yours looks nice and cared for...I wouldn't switch to empty photos.

Re: Real Estate Agent: What should I expect?
 

[quote=FRPLG;1010297]There are pros and cons to empty photos. Empty usually makes a place look smaller. Furnished is preferable, especially if furnished somewhat attractively. Yours looks nice and cared for...I wouldn't switch to empty photos.[/quote]

I tend to agree but I let his new listing agent decide.

A empty house says to me desperate seller.

Re: Real Estate Agent: What should I expect?
 

[quote=mredskins;1010296]Really a good agent will either take the pics themselves or have a professional come in. Then evaluate which best showcase your property. You are doing their job by taking photos and quit honestly you are not qualified to get the best photos.[/quote]

yes, our agents are having a professional photographer come with them. they were supposed to do it last wednesday but came to the house, looked around, gave us a list of things to correct/do and rescheduled.

malcom - our contract contained a provision were either party could terminate at any time in writing. with our listing, i really wanted to list for the 290's but the agent went into great lengths about pricing it just right so it gets a ton of showings in the first couple weeks, then a couple competing bids come in. so at 284 i will get my money back.
we live in the city so it is a hot market comparatively.

my next home is going to be in the suburds somewhere. trying to raise a kid in the city, in a rowhome is not easy.

Re: Real Estate Agent: What should I expect?
 

[quote=TheMalcolmConnection;1010290]Interesting about the 45 day thing. We're just leaving it where it is for now and just wait out our agent's contract and do what mredskins suggested and take it off the market for a little bit. We're going out tonight to take new photos (since it's currently empty).[/quote]


ppl will still get to see the "total time on market" even if you pull it and then re-list it.

what about a "pocket listing" were it isnt technicaly on the market but your agent is contacting other agents? (i never know when to use where v were).

Re: Real Estate Agent: What should I expect?
 

[quote=FRPLG;1010297]There are pros and cons to empty photos. Empty usually makes a place look smaller. Furnished is preferable, especially if furnished somewhat attractively. Yours looks nice and cared for...I wouldn't switch to empty photos.[/quote]

i liked your photos as well. i thought your house showed well on the website. i kinda want to buy it if it was in MD somewhere.

maybe a few too many clothes hanging in the closet. i literally have 3 days worth of clothes in my rotation right now and we just plan on doing laundry every day. . .

Re: Real Estate Agent: What should I expect?
 

[quote=over the mountain;1010320][B]ppl will still get to see the "total time on market" even if you pull it and then re-list it. [/B]

what about a "pocket listing" were it isnt technicaly on the market but your agent is contacting other agents? (i never know when to use where v were).[/quote]

Not necessarily there is a point where it is refreshed and you have to come in with a different asking price.

They can definitely alter the Days on Market number.