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Do Realtors use other Realtors to sell their homes?

Do Realtors use other Realtors to sell their homes?
by Kaushik Sirkar, Chandler REALTOR®
Chandler Arizona Real Estate

I remember way back when in Real Estate school that one of our lecturers suggested that if we ever had to sell our own him, get another Realtor to actually list the property and represent you. Mind you, they wouldn't charge you a fee as you would reciprocate in kind. The rationale? Despite your being a Realtor, you still have some emotional attachment to the home and would likely not be as objective (with regards to market data, actual value of your home, trends, etc) as would be a Realtor who didn't own that home.

I didn't think about this too much after this particular lecture. I certainly haven't had to sell my own home. Interestingly enough, a client of mine recently put in an offer. The home was overpriced - so the offer was low - an uninformed agent might call it a lowball. However, in my professional opinion, the offer fit very well with the comps. This home was listed by a licensed Real Estate Agent; however, they really hadn't been practicing much Real Estate recently....needless to say the deal was not consummated because of their unrealistic expectations.

Lo and behold - after being on the market less than 20 days, we have a new listing agent. A different Realtor - and the price was dropped nearly 20k. I would like to think that the non-owner agent was much more objective about the home and actually priced it correctly or at least much closer to correct....

What have other Agents done when it was time to sell your home? Did you list it yourself? Did you 'hire' another agent???

Thanks for Reading :)

Kaushik Sirkar, Chandler Realtor®
http://www.homesphx.com

Posted by Kaushik Sirkar on 05/16/2007 10:01 PM

Comments (19)

arizona real estate, phoenix real estate, chandler real estate

This post has been included in Arizona Information

19 Comments on Do Realtors use other Realtors to sell their homes?

MAY

2007

I know agents that fit on both sides of the fence. Some don't want to get into the personal side of defending their home, so they will use another agent to represent them in the listing and sale process of the home. The particular one I'm thinking of went very smoothly, and everyone was happy. However, the listing agent was paid for their services, it was not a freebie. Other agents I know have sold their own listings, and again the sales went through without a hitch. I think it all depends on the pricing, and the integrity of the people involved.

One of our local brokers had a for sale by owner sign in thier yard. Hmm must not like there company very well. What does that say to your clients

Wow Jeff that sounds awful. I'm shocked!

HOLY MOLY - He was a broker but had a FSBO sign? I could show this person any respect as a realtor after such an episode...

MAY

2007

Some E&O companies won't cover the sale of an agents personal real estate.

My broker's old E&O insurance wouldn't allow us to sell our personal homes. So, I helped an agent in my office and "listed" her home. I think it helped her when setting the price and staging her home to ask another agent for advice.

Very interesting topic.

I am working with a borrower right now who got his Realtor license so he doesn't have to use a Realtor to buy and sell property. He's not an investor or anything.

I can't beleive a broker would go FSBO.

Thanks,
Shailesh

It takes all kind. A license does not come with common sense.

I've used colleagues to list and sell my own homes in the past. Just like we tell our own clients, when selling our own homes, we need to separate the emotional and the personal from the business of selling a house. When representing yourself, the emotional may get in the way of the business at hand.

interesting question indeed...hmmm, well, I sold my own home and I was very realistic in price. Not only that but since the other REALTOR may not charge me as a professional courtesy what motivation does he or she have to really push my listing to get full price in the shortest time?

Cheers,
Uzi Husain
Arizona Realtor, serving Goodyear & The Phoenix metropolitan area

MAY

2007

Very interesting comments everyone. Seems like the E&O thing is a big hurdle that might actually prevent an agent from listing his/her home. On that note, for the broker who used a FSBO sign...can he/she sell it FSBO without going through his/her own brokerage to circumvent this problem???

I did sell one of my homes myself but it was a really a one of a kind deal and probably wouldn't do it again as I am a Realtor and would use the company for a sale.

MAY

2007

Gene - Thanks for the feedback!

I sold my house myself and sold my husband's as well. I think things went really well. On my house, when the house didn't appraise because the buyer needed over $9k in closing costs, and I told him over and over again that it wouldn't appraise that high, I even gave him an extra $500 off to shut up about it even though I wrote in the contract that if it didn't appraise, the buyer's closing costs would be reduced and seller's net would remain the same. His agent thought that was nice.

As for a Broker going FSBO, I think that's illegal in Texas. If you're a Realtor or a Broker and your license is currently active, I do believe you have to use your company sign as well as disclose who you are.

Kaushik, This post interested me because although I've never done it before I think I might hire a different stager if and when we are ready to sell our humble abode. It doesn't mean I'm not good at it (staging.) It means I would take my own advice and let the third party be the voice of reason. After all, wouldn't most home shoppers be delighted to see the wall of photos which celebrate my youngest granddaughter from pre-birth to yesterday. Perhaps not. :)

MAY

2007

Donna - Thanks for the insight...wonder if a broker is legally allowed to go FSBO in AZ??

Yvonne - Ahhh, way to take it a step further. Would a stager hire another stager to stage their own home for staging...I think you need to blog about this topic :)

Kaushik, I may. Thanks for the idea.

MAY

2007

Yvonne - My pleasure. I am looking forward to it (hope I haven't missed it already!)

MAY

2007

No, I haven't posted it yet. I've been off traveling to the Land of Enchantment and then getting caught-up when I returned home. I'm still trying to get back to "normal" whatever that is so it may be a while. I have a couple of other blogs to take care of before I can get to that one. I'll let you know when (if) I do it.

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