Home : Blogs : Jennifer Allan : Jennifer Allan's Charming Old Denver Blog

Should You Hire a "Listing Specialist" to Sell Your Home?

Question

I might ruffle some feathers with this blog, but I'm okay with that. I'm usually up for a good debate!

Many real estate agents market themselves as "listing specialists" - that is - they focus mainly on marketing houses for sale instead of working with buyers. Many "listing specialists" hire buyer agents to work for them, to handle the calls they receive from their many For Sale signs.

On the surface, this sounds logical; after all, don't we all want a "specialist" to represent us when we're looking for expert assistance?

Sure we do! But when I think of a "specialist" in real estate, I imagine that person to understand the entire process of marketing, selling and closing a home sale. And, to my way of thinking, someone who specializes in the exchange of real estate should have an intimate understanding of the Very Important Person on the other side of the table - the BUYER.

In my never-to-be-humble-opinion, if a real estate agent doesn't work with buyers on a regular basis, he may not have the expertise to accurately price homes for market. I know a few agents who have dozens of For Sale signs in my market area, yet have never shown or previewed one of my listings. I don't understand how they can claim to be a neighborhood expert when they don't know the competition, and more importantly, don't have an understanding of how buyers think.

Because I work with both buyers and sellers equally, I can help a seller look at his home through the eyes of a buyer... and the buyer's agent. I know what is currently in vogue with the local buyers. I know what will WOW a buyer as he walks in the door...and what will immediately turn him off.

I can advise my seller client on the upgrades and improvements that truly matter in our market, even specific to his particular neighborhood. I know how important a walk-in closet is... or isn't. I know if buyers will overlook a dated kitchen... or if they won't. I know if buyers will balk at the lack of a garage... or if they will be tickled just to have off-street parking.

I know how much value to add for being close to a popular coffee shop... or how much to subtract for being on a bus route. I know how to price an asbestos-sided house so that buyers will consider it... over the vintage brick Tudor they really want.

The real estate market changes on a daily basis and data from the MLS tells only part of the story. What you knew about the market six months ago is irrelevant to the market conditions today. To truly be a "listing specialist," you must also be committed to knowing the inventory... and to knowing the buyer.

And Knowing the Buyer makes me a Listing Specialist. IMHO.

Jennifer Allan

www.CharmingOldDenver.com

Posted by Jennifer Allan on 09/26/2009 07:31 AM

Comments (19)

Choosing a Listing Agent in the Home Selling Channel

all blogs, sellers, selling your home, listings

This post has been included in Colorado Information Denver County, CO Information Denver, CO Information
Post is included in group: Selling Soulfully
Post is included in group: Realtors®
Post is included in group: Posts to Localism
Post is included in group: Learn to be a Top Producing Listing Agent
Post is included in group: Colorful Colorado

19 Comments on Should You Hire a "Listing Specialist" to Sell Your Home?

SEP

Knowing both sides of the fence IS special....and should be part of every listing agent's presentation...you bet your commission !

I disagree but my feathers aren't ruffled one bit =)

I tend to like the idea of specializing in one or the other. I daresay most listing "specialists" have probably worked with more than a few buyers before they opted to specialize. I especially like those who don't try to work with both buyer and seller for the same transaction.

Jennifer - I practice Real Estate in INdiana and Kentucky. We can represent both side in both these states. However I understand that in some states you must either be a Buyers agent or a Sellers Agent. In fact in our local market there are those who preach that is where Real Estate is going. Maybe ! I don't know.

What I do know is that I know and understand both sides of this business because I work in both sides. I work equally hard for either side when I am working too.

I agree with your comment. How can you do an outstanding job for the seller if you don't know the market from both sides?

To clarify - I'm not advocating dual agency or even transaction brokerage. While I have double-ended a deal or two, it's not my preference. No, I'm just talking about agents who work with both buyers and sellers, but not necessarily on the same transaction.

I really do have to ask though - if you do primarily listings, how do you keep your finger on the pulse of the current market? Previewing is not the same as showing. MLS Data is not the same as showing. Just curious... (I'm determined to get Julia's feathers ruffled ;-])

I think a listing specialist would know both sides of the market. I have so many listings I know the prices of both sides, I know why some sell and some don't, and I am a master pricing expert just by sheer volume. I know the market without seeing homes just because I have a large quantity of listings and by controlling the market you have seen a lot of homes. Then I have a buyer specialist to handle buyers so they get the best service, and I supervise them so I can ensure the buyer is well advised.

Believe me, if you get busy enough you will be forced to specialize.

By the way, this is a great blog and you should click the button to not allow reblogging. Your blog was taken less than 60 seconds after you posted it, and someone else is getting credit for your work.

Jennifer, i totally agree with you! You should know both aspects of real estate. I always pop into open houses etc. I want to know what is out there so when I list a home, I can compare apples to apples...

Jennifer, I am a listing specialists and have been for years. I would bet I know market conditions better than anyone else in my market by far. Why? Because I study it everyday. I spend the first hour or two of my day everyday going through the MLS hotsheet studying statistics. I've done this for 15 years. My market during that period has grown from 7,000 people to 70,000. I have been there every step of the way.

Listing agents look at houses all the time. We are constantly meeting with sellers and previewing their properties. Plus in this age of virtual tours and multiple photos of properties it doesn't take me walking in the house to see what it looks like. I could never do as much business as I do if I had to spend time driving around and opening doors for buyers. My sellers would suffer because of this. My sellers need me in the office handling all of the other aspects of selling their property. My buyer agents can handle the buyers.

I like your new pic. Liked the one of you in the Bahamas better though.

All rightee - I'm determined to start a fight this morning, it appears! I'm gonna argue, yes, even with the Great BB...

Here goes...

Most listing specialists proclaim that they've "been a listing specialist for years" and go on to say how their experience with listings gives them as much, if not more, expertise on listing homes as any agents who works both sides would have.

To this, I must ask... HOW DO YOU KNOW? If you don't work with buyers, HOW DO YOU KNOW how much BETTER you would be as a listing agent if you did? I'm not saying that YOU don't kick most agents' a$$es in your marketplace with your overall expertise and competence - I know you do. But all things being equal - if you compare a busy, successful agent who works with both buyers and sellers to an agent who only works with sellers - who do you think is a more well-rounded real estate agent? And therefore....

I love to see great posts like this one...keep them coming!

BTW - from a business planning perspective, I would think it would behoove an agent to diversify... but that's a different topic.

Dennis - I have been very busy in my career and I never had to specialize on one side or the other - nor did I want to. Granted, I can handle a lot more listings than buyers, so perhaps a 50/50 split isn't realistic (nor would I ever "try" to create any such model - I'll just take the business that comes in!), but I do believe that anyone who lists SHOULD at least dabble in the buyer market on a regular basis.

There's an agent in my market who lists a gazillion properties. ALL OVERPRICED by $50,000 or more. As far as I can tell, she does not work with buyers - ever - and does not preview. Tell me - how on earth can she be a market expert if she's not out in it?

I understand your perspective. While I don't advertise myself as a listing specialist, it is what I like best.

I personally carry 50+ listings at any given time. Right now, if you count the lots in the 4 developments I have listed I have over 120 listings.

I could NEVER handle all the buyer calls. I refer them all out to the agents in my office unless there is a reason for me to handle a particular buyer.

I do represent buyers, too. But I take on friends, personal acquaintances, etc. No leads that come in on sign calls unless I know them or unless all agents are out / busy!

It keeps me sane, and helps me concentrate on the marketing/sales end.

As for value, I believe I know value better than most buyer's agents. I preview constantly in my area, and work closely with an appraiser in my office.

As a non-REA, I doubt most sellers know the difference between the two. I think most people believe the REA should be handling the marketing as well as the buyers. I don't think it needs to be differentiated....afterall, this is the job of a Realtor: Know your market (pricing and target buyer), inform the seller of pros and cons of the property and smart marketing/staging of the listing. The common seller will not ask about the difference.....I think this is more between the REAs.

If you want to start talking about nuclear non-proliferation, AIDS research or just the general injustice in the world you might successfully ruffle my feathers. Real estate? Naaahhh.

I'm actually a buyer's agent. I don't like dealing with sellers, I prefer to work with buyers. The fact that I'm happier doing that, I believe, make me better at it without having to have listing expertise.

And, of course, if you don't have the clientele to support your 'one-sided' business model you'd be better off doing both. But specialization is pretty much the cornerstone of a modern economy. Think Henry Ford and the assembly line. Twenty people doing one thing each is far more efficient that one person doing twenty different things. If we were all still growing our own corn and making our own bread...well, I'd be going hungry.**

And I think Erica's right-on about being able to concentrate on marketing while handing off buyers to those who want to work with them (like me!). Marketing a property well is definitely a skill that has to be honed and used. I don't have that gift and that's one reason that I prefer to work with buyers.

**Sorry, sometimes I can go off on historical/macroeconomic tangents.

Appraisers don't work with buyers and they have the ultimate say as to value. What is up with that?

Joyce - DON'T get me started on that one! I've written a bunch on the topic and then get slammed by the appraiser crowd.

Julia - Okay, I'll buy that - if you don't enjoy working with one side or the other of a transaction, then you're probably better suited to specialize. However, I think the overall concept still applies - that the more you know about the other side of the table, the better you can represent your own.

Kathleen - I agree that the general public probably doesn't care. And I think they should. Thus, this blog directed at consumers. But I doubt I'll change anyone's mind or business model!

Erica - Go, you! My business model, at times, was more focused on sellers than buyers - for every ten listings I might have one or two buyers. At other times it was more equally divided. But I think the outright statement of "I don't work with buyers!" ought to be looked at a bit skeptically by potential sellers during the interview process.

Jen--I agree with you. I never tell someone "I am too busy" or "I don't work with buyers." I do, just not as often.

As for the appraiser point--YES YES YES.

I have an appraiser in my office, and she may carry 1-2 listings, and a handful of buyers, in a given month. She does this on top of her busy appraisal business. I want her to be well rounded, and able to see things from the listing/selling side.

Jennifer, I am sure there are very good agents that do both. You stated "In my never-to-be-humble-opinion, if a real estate agent doesn't work with buyers on a regular basis, he may not have the expertise to accurately price homes for market." That's the statement I was responding to.Your stamenmt inplies that I need to ride around with buyers in my car in order to know how to price properties properly. I look at properties all the time. I just do it by myself. I don't need a buyers opinion.

I wasn't claiming anything. My superior market knowledge is a fact. So is my arrogance :)

BB - I believe that your superior market knowledge is indeed a fact...! However, I must clarify my statement and continue to stand behind it. While I agree that driving a buyer around in your car does not help you understand the market better, SHOWING houses to a buyer and hearing his feedback and opinions and comments does. It just does.

But keep in mind that I work in historic neighborhoods where there is a wide variety of housing types, vintages, conditions, upgrades, lot sizes, street appeals - stuff that goes way beyond Floorplan A, B, C or D, paint color or the degree, or lack of landscaping. In my market, two 950 square foot homes within three blocks of each other can be $100,000 or more apart in market value.

SEP

I know what you mean and I wont say I would disagree. But I agree 100% either because it takes 2 to tango.

As much as one agent specializes in listings and one in buying, as much as a buyer's agent puts an offer on behalf of his/ her client, hence knowing the market, a productive listing agents should too because he/she would know what it takes to get the house sold.

Would you agree?

Leave a response…

Name:

Email:
(optional)

Comment:

What does the graphic say?