Short Sale Listing "Pretenders" outed by real data
I take Continuing Education courses to keep up with the REALTORS I serve. This week, I took a 3 hour course entitled Anti-Deficiency, Short Sales & Trustee Sales. Taught by members of Phoenix based Thomson Law PLC, the course was an eye-opener, as many REALTORS represent themselves as "Experts" when nothing could be farther from the truth.
Take to heart this post by Tony & Suzanne Marriott.
I'm Mike in Tucson, and I love this business!
One unfortunate phenomenon of the Phoenix Short Sale market is the abundance of self proclaimed experts who have closed "hundreds" of transactions with a closing ratio of "90% or better".
Folks - that just ain't true.
It's a simple search on our MLS (ARMLS) by date range, closed cancelled and expired, tagged with "short sale", and date range back as far as you want to go, to see exactly how many Short Sales a specific listing agent has listed that have closed, cancelled or expired. Actives and Pendings don't count as until they close - you don't know if they will.
Here's the harsh truth for all those who would blow smoke at unsuspecting sellers who are literally betting their financial future on the veracity of the Short Sale "Pretenders".
There is not one agent in the Phoenix metro area that has closed 200 or more Short Sales. Not one! And, to accurately claim that you have closed "hundreds" (plural), 200 Short Sale closings is the absolute minimum for that claim to be true.
In fact, you can count on one hand the number of Short Sale agents that have closed over 100 Short Sale transactions, and their closing ratios range from a low of 34% to a high of 73%.
We don't claim to have "closed hundreds" - which would put us in the ranks of the blatant liars - we claim "dozens" - a claim which is clearly supported by the data in the MLS.
We don't claim to have closed "90% or better" - which would put us in the ranks of blatant liars - we claim "100% for "regular" Short Sales", "74% or better for Hail Mary Short Sales, and an overall blended closing ratio of 89% which is clearly supported by the data in the MLS.
In reviewing the track records of all Short Sale Listing Agents in the Phoenix Metro Area that have closed as many or more Short Sale transactions as we have, we were pleasantly surprised to find that we had the best closing ratio of all!
Don't get me wrong, there are other well qualified Short Sale Listing Agents in our area, some of whom have closing ratios very close to ours. The next 5 Short Sale Listing Agents that have closed as many or more Short Sale transactions as we have are at closing ratios of better than 80%.
So - why this "rant"? Homeowners in trouble are making decisions on who to trust to list and close their short sale based on what they see in the market place.
If someone is claiming to have closed hundreds at a 90% or better closing ratio, when the truth is that they have closed less than a hundred, and their closing ratio is less than 50%, don't you think the homeowner would want to know the truth before they make a decision?
This is not a case of buying a listing with an unrealistic list price.
This is a case of a homeowner having a successful short sale or going to foreclosure.
This is not an opportunity to lie to get more "at bats".
This is the time to be honest - unless you want homeowners coming after you later on when they find out they were lied to in order for that agent to get their listing, and their reliance on the lie took them to foreclosure!
* All metrics calculated from data in ARMLS
* Graphic from PhotoBucket - free use approved
** Any Phoenix Metro Area Short Sale Listing Agent who disagrees with the metrics published here is welcome to contact me and request a correction or clarification, which will be done immediately if the data in ARMLS supports the claim.
About the Authors - Updated 2010
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If you are considering a Short Sale of your home in Phoenix, Scottsdale or any location in Maricopa County Arizona, you owe it to yourself to talk with Haven Express @ Show Appeal Realty to determine whether Tony and Suzanne Marriott are the best Short Sale real estate Brokers in the Phoenix and Scottsdale metropolitan area to help you with the Successful Short Sale of your home.
Listed, Sold and Closed Dozens of Short Sales with a 100% success rate!
PhoenixForeclosureSolutions.com
Tony and Suzanne MarriottAssociate Broker, REALTORShow Appeal Realty
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