Madison area home sellers have come to expect very little from real estate professionals. What they have come to expect are long market times, repeated price reductions, lackluster marketing, multiple expirations and frequent agent changes. If sellers were to realize what an agent should be doing to market and sell a home, and started to demand a higher level of service, things would change. Big time.
It stands to reason that a person licensed as a real estate salesperson would understand that actually selling real estate would be a primary objective when entering the profession. In my fourteen years as a real estate salesperson and broker, my only objectives when servicing my seller clients were Marketing and Sales. In fact, as an awarded Top Producing Realtor in the Chicago area, I worked hard for those sales and buyer’s agents and seller’s agents worked together to get deals done. Most of all, we showed up. We personally attended EVERY showing and open house.
I relocated to the Madison, WI area three years ago and obtained my brokers’ license. I quickly learned that things are done very differently here…and, in my opinion, the market as a whole in the Madison area is a reflection of that. I believe that Madison area Realtors are failing miserably at the two most critical elements of real estate sales: sales and marketing.
What a shame for everyone involved that Realtors here have reduced themselves to administrative assistants, with no talent, skill or drive. And what a pity that sellers keep signing up new listings (at 6% commission) with brokers who allow agents to provide the lowest level of service possible. Sadly, local Realtors have been doing business this way for quite some time and clearly have no inclination to alter the methodology.
Let me explain how it’s done in the big city: Realtors are aggressive, hungry and ambitious. Opportunity awaits those willing to fight for the business, work hard and prove themselves. The only sign of success where I come from is in the numbers. How much did you sell last year??? Because the market is so competitive, listing agents attend all showings. (I never even heard of a Supra-key box until I moved here. It was legend.) Not only was it expected that the listing agent would be there to walk a buyer through a property and answer questions, but also that buyers agents worked WITH listing agents to close the buyers. It’s called Sales 101. It’s been done this way for many, many years. (HELLO…Has no one here heard of the Glen Gary leads??? Ricky Roma???) The team approach works well and deals get done. Perhaps this is why properties in Chicago have historically sold so quickly and have realized such dramatic rates of appreciation. Yes, people. Real estate agents made that happen.
If you’re questioning what I’m saying here, ask yourself this: How is a person who has never seen or been in my home, and who has no knowledge of the property whatsoever possibly going to sell it? (Answer: Most likely they will not.) Ask yourself why you are paying your listing agent 6% for the use of a lockbox. By the way, you might also want to take a look at your marketing. Most of the sellers I talk to have no idea how they appear on the Internet or in the MLS. In case you are unaware, the most important aspects in the marketing of your listing are the photography (quality and number of photos), the virtual tour and the MLS description. Remember the adage: You only get one chance to make a first impression. How well has your agent done that? Well enough to command a 6% paycheck?
So I asked my husband “Where are all the Realtors? What are they DOING all day? If they’re not showing property or finding new & better ways to market listings, then what in the heck ARE they doing???” He calmly looked at me and said “They are working at their other (full/part time) jobs.” Good point, honey. He’s right, you know. Realtors have made it so difficult to make a living selling real estate here, that many do indeed have other full and or part time jobs.
Scanning through listing photos here is enough to make a seller cry. Grainy photos, no virtual tours, non-existent tagging and social bookmarking and total failure to keep up with technology and industry trends are all indicators of a lazy, complacent attitude in the local industry. (Notice I said local. This is not the case everywhere. Realtors are rainmakers in other areas.) Honestly, folks, shouldn’t you be DEMANDING better marketing, sales and service for 6% commission?
Perhaps this is the biggest reason for the success of Flat Fee MLS and FSBO Marketing firms like mine. After 14 years in the business, I finally decided to shake things up. I opened the doors at MadisonFlatFeeHomes.com two years ago, and have been providing top-notch marketing to local sellers for just $399 ever since. I am proud of the service I provide and my sellers know and appreciate that I am fully focused on providing the very best marketing they can get.
Flat Fee Marketing is a relatively new concept, and one I believe will continue to gain market share as sellers begin to realize that paying big money for bad service is a game where everybody loses. The real estate industry will change, but only according to seller demand. At a time in our economic history where we are all watching what we spend, Flat Fee MLS Marketing makes perfect sense to many sellers. They love the idea of paying only for the services they are getting. It’s the ultimate win-win!
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