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Do your homework and you may get a reward

Nothing upsets me more than when I see an expired listing that only expired because it had a lazy agent involved. I had one of those experiences, but I have to say that lazy agent made me look like a rock star to this seller.

You see this home had been on the market for six months with another agent and that agent just couldn't sell it. It only had one picture on the MLS, she didn't do her homework on the property, and she was missing one big selling point about this property that made it a slam dunk for me to take the listing and get it sold.

But, these people wanted to try to sell it on their own for about another year because they thought all agents were stupid and it just didn't matter who they had. After they had finally been forced to move for work, then it was time to reconsider me. I told them the price was right and we should list it for just about $500 less to get it under a certain price point.

They agreed and then I said, "I have one more trick up my sleeve on this property that I think may get it sold fast. Give me a few hours and we will see if it is possible." We listed the home and I called them a few hours later and told them that my suspicions about the property were correct and I will get this sold.

That was Thursday night, so when I called them Friday night they asked, "Was there another question you had for us?" I had to say, "Yes, what one of the three offers, all above your original asking price, would you like to accept?"

They were floored! They couldn't believe that in 24 hours I was able to do what another agent and they couldn't do in a year and a half. Well, it got in to a bidding war and we ended up accepting an offer for $12,500 more than the original asking price less than 36 hours after putting it on the market.

What was the difference? I did my homework on the property and found out that a multi unit housing development could be built where this fixer home stands. Were my clients pleased? You bet! They have given me more referrals than any other client I have ever had. Do you think they talk bad about agents anymore? No, they don't. They only talk bad about one agent that didn't do her homework and wasted about a year and a half of this seller's time.

So, do your homework and you will be rewarded greatly for it, not only in the form of referrals, but also in life.

Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739

Posted by Todd Clark (Broker) (503)524-9494 (Beaverton, Oregon Real Estate Expert) on 11/18/2008 12:50 PM

Comments (87)

For Sale by Owner in the Home Selling Channel

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Originally posted at: Living Beaverton - Your guide to everything Beaverton: Do your homework and you may get a reward

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87 Comments on Do your homework and you may get a reward

NOV

2008

Great job Todd. Doing your homework pays off!

Todd- Actually I love it when the other agent did not do anything. It does make us look like rock stars:) We also like being the agent after the listing has expired a couple of times. Then the timing is right. Love your story of this house, good for you! That is the kind of thinking Nestor does too.

Well sounds to me like you're a miracle worker in their eyes........in our eyes it just means 'worker'......congrats......I'm sorry our clients have to go through what they do sometimes, and wishes that ALL realtors worked hard for the clients and had their best interests at heart.....!............and .........ps.......love your waterfall custom backdrop...:-)

That, my friend, is the difference between a pro and am amateur. Way to make us all look good!

Wow that is a great story. It really does pay to do your homework and be on top of your game.

I hate seeing 1 picture when 12 are allowed and lack of info on mls for the property.... makes others look better but is an injustice to the client...

Todd: I work expireds and love when they pop up after being on the market for 180 days and still have NO MLS photos, like you said I can be the star very easily.

Todd,

Good for you.....stepping to the plate and delivering the sale.....

This sort of thing aggravates me as well. Just too bad that people lose business through laziness in this market, you know?

Todd - good for you! I recently did a CMA for a potential listing and noticed a comparable home without a picture in the MLS. Then I noticed the same comparable home on the expired list from 6 months prior, also without a picture. Turns out, that comparable home was beautiful - just had a lazy agent who let it fester for 9 months on the MLS without a picture!

Tina in Virginia

Great job Todd! Homework does pay off! So does using a good agent like yourself!

Wow! What a great success story! Just by doing a bit of investigating, you made a lot of people very happy! It also tells the buyers and sellers that there are good, hard-working agents out there. Good Job!

Well said! Thanks for the timely reminder.

One picture? One? Sorry - I find that almost indecent. No doubt that agent put a bad taste in the client's mouth about all agents. Good for you! I'm proud that you redeemed us all!!! What made you think about a multi unit housing development? Kudos, Todd!

P.S. - I'm loving your link buttons.

Great story Todd. I love it.

Great job! We also market ecpired listings. It makes our lives so much easier when the other agent did so little. It makes it easier to point out all the extra things we will do. Well congrats on the good work.

Congrats on the sale! Keep up the good work!

Now that is showing value to your client. More than asking price in this market WOW!

Wow, what a great story. Ver inspirational. I really appreciate your sharing that with us.

Todd- That's a great story and a perfect example of how to set yourself apart. I'm so glad that these people decided to work with you, if not, they would not have revised their thoughts on Realtors I'm sure. You did us all a great service:-) Thanks!

Todd Great post, keep on studying your books.

Great job! It all depends on the agent. As mentioned some agents place the listing in the MLS and never do anything else. We are pros and it's up to us to show the rest of the world there really are good agents out there. Rich Charlotte NC

Great post... keep up the good work

I've seen people locally that are brokers post only one or two pictures. Its so frusterating. As a broker you are supposed to be a leader. They say people will do about half of what you do, thus why some agents are posting one picture. To them perhaps it seems acceptable. Another thing that is annoying is 10-12 shots of the outside of the house. While curb appeal is important most of my clients don't live in the front yard.

Todd,

I think a lot of Realtors out there just got in the business because they thought it would be easy to sell houses and they could do it on a part time basis and make "lots of money". I too do most of my business thru referrals and chose when I started this business that is about them and not us. We happen to make a leaving out of closing deals, but it is their time.

Todd, great post. It takes a knowledge, experience and hard work to keep up in this business and there really are too many agents that don't take their work seriously. Awesome ending!

It pays to know your market. Excellent job.

Great story. How do those bad agents get listins? Sheesh.

Todd - what a great way for you to shine in your knowledge of your area! I have a client that knows the ins and outs of her area like the back of her hand and I am always amazed at how she puts deals together!!! (Diane - I'm talking about you!!!) As for lazy agents, I have had a few of those as clients also, it just seemed like they were throwing away business to me. I would take it upon myself to keep their listing expiration dates in my calendar and remind them to take care of it as needed...

Great Story! See what a little investiagtion work can bring to the table! That was certainly thinking outside the box. Good Job!

Great storey. It makes you wonder how many agents are out there that don't know anything about zoning. There's no substitute for homework and knowing your market place.

Good Job Todd, We all need to be doing everything we can to elevate the status of our profession. Too bad there are some lazy ones out there that give the rest a bad name. I like to ask the owners of expireds "Why do you think your home didn't sell?" Their answers often give me some great clues and I wonder why the previous agent didn't ask them that after a few months on the market.

Great job and great story too! It amazes me every day how "lazy" some Realtors are. I have a strict rule that if I have a client that inquires about an expired listing, I call the listing agent not the seller even though it's expired. I feel like they have put alot of work, time and money in advertising that property and if they can get paid and I can get paid, great. Well I had one yesterday early in the morning. I left a message with the listing agent and it's almost 400pm the next day and he hasn't called me back. I told him I was calling about his listing that just expired the end of October and had a interested buyer!!! Every day I hear Realtors wining and complaining they aren't making any money, yet when they have the opportunity they don't jump on it!! So frustrating. I guess I'm calling the seller directly when I finish this response. I tried!!

Todd - what a great success story!! You've got clients for life now. Way to GO !!

Great Success Story Todd. I just had one expire and they went with another agent. Unfortunately, I spent more time and effort on marketing this house than any other I sold during the time it was on the market that I had listed. No magic tricks for the property, just bad timing with the market.

Great job Todd! I love to hear that you went above and beyond for your client. I was becoming one of those agents whose listing was on a second six month contract. I finally convinced my seller to lease the property out because the activity in the complex shows that it's the best bet right now because of the decrease in prices. We just signed a three year lease in just over thirty days. Going above and beyond works with buyers too. I just put two offers in on two deals because I went out of my way to find the property the clients wanted at just the right price. Extra work does pay off.

Great job Todd! You are the man!!! and I do think you are very important!

I commend you for a great job - on your sale - and on your post! Gee I wish I had a property like that to list right now!

Debbie

Congratulations on your success! It certainly pays to do your homework. Your sellers were very lucky to have found you :).

I agree With the rest Todd. This is a great post. Many times it is because of a lazy agent

THanks

Don

You gotta love those kind. I have probably been guilty of not doing my homewor a time or two myself. It's good to be reminded of it.

Great post. I hope it will remind me to look under every rock to find the perfect tool to sell my listings.

This must be why 5% of licensed real estate agents will soon be doing 95% of the work! Great job and great post!

Great job Todd! I am happy you worked it out for your sellers. Way to look like a Rock Star!

Impressive Todd! Thank you for doing your homewook and making the rest of us (realtors) look good!

How wonderful! Congratulations. It's always worth taking the extra step.

Hey Todd - Great Post and you are reminding all of us to DO OUR HOMEWORK!!!! Thanks for the kick in the ----!

Have a Great Evening!!

What a great reminder that we need to look at the full potential of every home or property we are marketing. Great job and I will look forward to having a transaction with you in the future. I do most of my work on the SW side of Portland.

Good story here, Todd. I have seen agents miss stuff left and right. All agents are NOT stupid, just some of them.

I bet that Realtor will be kicking herself if she ever finds out what she missed on this property. Good for you!

I just have to ask .... how do you get your blogs to look like a website I've seen this lately but haven't been on here in a while. Thanks Candice Joyner

What a great story...thanks for sharing.

Good story -- just goes to show that if you do a good job then good things happen.

Wow what a great story. I think a picture is worth a thousand words and definetly doing your homework is always a good thing. It is way to easy for people to not do the job correctly especially when no one is looking over them. Good job on this one.

Gread story and good job!

Todd-Congrats to you for a job well done and it sure does pay off for taking the extra step to go above and beyond but thats what sets us apart from others that dont.

Todd, I think so many agents were spoiled when the market was hot and many agents don't care to do homework, let alone even know where to start. Good for you! That's the way to show them, isn't it? Don't you know the lazy agent was grinding their teeth when they saw it sell asap!

The other difference between you and a lazy agent is that lazy agents don't make any money, and you do. Congratulations on doing what every one of us should be doing.

Good job! Don't get upset about those expired listings - get excited! They're yours!!!

Great job! You make it sound so easy, rock star. Doing your homework definitely pays off and even though it requires a slight amount of work up front it usually saves oodles of time and effort in the long run, not to mention advertising dollars and time spent trying to get the listing sold. Great post!

Todd, great job! Wow, I know your clients were impressed. No wonder they are singing your praises to everyone. That little bit of extra work will pay dividends for some time in referrals. Kudos to you!

You deserve all the referrals they send your way.

Todd,

Great job. It just goes to show that when you think outisde the box things happen.

Congratualtions Todd on your listing and sale. Do the buyers intend to level and build a milti unit housing developement ?

NOV

2008

Thomas - I just wish I could have figured that out in high school or junior high (LOL)

Katerina - Wow, that is a great compliment! I've read up on some of Nestor's creative thinking and I am honored to be put in that category.

Liz - I just don't think agents always do what they are supposed to do, but I'm hoping with this market shift we will see some great agents make it and have a better business for it.

Jesse - I do hate the media sometimes, they do seem to make it hard for us.

Todd,

Nicely played. This is just an example of why you are so good at what you do.

Carol - I love being on top, especially when it was really so easy.

Caron - We are allowed 16, that sometimes is hard on a 800 foot bungalow, but I try.

Kelly - Easy pickings when they competition is so lazy.

Dan - Hey, like the baseball reference...hmmm add that to my slogan some how.

Larry - I have no problem with people like that losing business, they get all that they worked for.

Tina - I would watch that listing like a hawk and call them when it expires again and we all know it will. (Those digital cameras are so expensive - lol)

Tony or Darcy - Thank you, I see another quote on my listing presentation.

Emily - Despite what the media says!

That is great news.....you certainly are on the ball and these people are your fans now!

Li - It does seem we are seeing a lot more expired listings, there are a lot that expire just because of price and the market, but the ones that expire like this one make it easy for us to pick up a check that we all so desperately need right now.

June - I saw two other multi family properties about a block away on, one north, the other east and took a chance that this was the case and sure enough they had a lot big enough to divide and build.

Kenneth - Let us see how many other great stories we can get from the ranks, the more the better. Let us make the media realize that we are out here to help the public, not just take advantage of them as the media would have the public believe.

Van Dyk Group - Exactly, they are just so easy to sell when it is a great home and just had a bad agent behind it.

Integrity Mortgage - Always do, the more referrals, the better!

John - I try to do this for every client and it really was just a matter of marketing the home correctly and finding buyers looking for land in an area that doesn't have a lot to share.

Candice - If anyone ever says agents are worth their money, feel free to show them this post and ask my clients if they plan to use me again or tell others to use and agent.

Matt - I love it when the first met me they were mad that they were having to list with me and that they didn't want to use an agent, but the wife said "Let's just try it" Now, the husband hugs me every time he sees me.

Julie - If you know your market, it isn't all that hard sometimes. Hey banks, it would be easier if you lend some money.

Rich - No, they don't need to change. It makes it easy for me to find listings where the owners want to sell. (LOL)

Kacem - Thanks!

David - I have had a couple homes, that I'm afraid to post more than one picture, but I will still continue to do it, because we don't want a buyer made when they show up to a home.

Rocha Team - Hey, if they figure out how to make lots of money, maybe they can give some advice to me. (ROFL) I do love this business, but the lots of money part, I haven't gotten there yet.

Eva - I'm not sure they aren't taken their business seriously, I'm just not sure they were every taught anything different. I think it has a lot to do with who you have as your first or second broker.

Judi - Thank you!

Jane - They are good salesman. They sell themselves and forget to sell the house.

Todd,

Great post. This past summer I had a past client call me to list her Dad's home. It too had been listed for a very long time. (My client had been unable to locate me due to my change in companies so they listed with an agent who had a rental home in the neighborhood.)

I first looked it up on the mls and found that it only had 1 picture so, frankly, I expected that the house would be a mess when I walked inside. Much to my surprise and delight, the first floor had newer carpeting, and the second floor had hardwood floors and a 1/2bath. The half bath on the second floor was kind of a rarity, but definitely a bonus. I DID NOT REDUCE THE PRICE, but I did take about 8-10 pictures of the home and posted them quickly. Two days later I had an offer that we successfully closed. I was the hero and all because I took some pictures!

Good idea for success. There are always people who need service and attention in the business - we just have to find them and give them what they need. I Can see why you do well!

Great job on selling it, I love doing homework!!!

Christine - Diane wow, what a nice shout out! Ouch, that has to be hard to know from behind the scenes that the agents are lazy and know that they are getting away with it.

Steve - I've been told a do that a lot!

Bob - I think too many agents are given their license and told no go sell. They never are taught about what it takes to sell or become a better agent.

Marian - That was one of my first questions with this couple and they just thought it was the area. They had no idea the other agent only put one picture on the MLS and after I got the zoning on the listing they were amazed that no one else had looked in to that.

Edna - Hmmm...Not sure I could reward a lazy agent on an expired listing.

Christine - You bet I do! Let's just hope I live a long time now (LOL)

Kim - If there is no equity in the home and no where for wiggle room on price, sometimes it is just best to walk away.

Sherry - I've done that a few times where I just know it is best that the seller just rent it rather than lose money and let it sit on the market empty.

Judy - I'm glad and I do think you are important also, I should be posting that post that we talked about later this week.

Debbie - Check the expireds daily and I promise you will find one in rather short order.

Lisa - I thank my wife for that one, she knew the wife from church and heard about their situation.

Donald - That is was a combination of that and just not knowing the area.

Charles - Oh, don't admit that! You need to look in to the house and property every time!

Stuart - It is there, but finding it sometimes isn't always an option.

Leslie - My hair isn't that long is it? Where is my Flowbee? (LOL)

Kerry - I don't think some agents realize that it can be done if you just look everywhere for an answer.

Peggy - It was actually about 12 extra steps, it was on the 2^nd floor of the county building. (LOL)

Kathy - I can't do that, it might be considered sexual harassment.

Deborah - Which office is the SW Portland office? I know of the one at Lloyd Center and the one at Sunset, but I didn't realize there was another one.

Kris - I'm not sure stupid, just never taught how to do the right thing in this business.

Diane - Oh, I know she was told by the neighbor that I was relisting. I bet she was real upset when I sold it in 24 hours.

Candice - On your home page, to the left you will see "My Blog" and the POST, CUSTIMIZE... Click on Customize and pick and choose from there.

Bob or Carolin - I think most are just looking for the east dollar.

Adrian - I think we have seen that a lot more in the past couple of years with brokers just taking anyone and everyone, just to make a dollar.

Lisa - Thanks!

Barbara - I think we are the ones that will survive this market, it is the ones that don't that we will see doing what they were doing before.

Darla - They sure seemed to during 2005 and 2006, it really bugged me.

Mindy - Exactly!

NOV

2008

Jenn - What took me an hour, probably this other agent spent designing flyers that were never delivered.

Heather - I am hoping it will also and I know they will be getting a birthday card, Christmas card and heck even a ground hogs day card to remind them who helped them.

Brenda - I like my box. (LOL)

Roland - OH YEAH! The house was a fixer, even had the original electric from 1927 still in it.

Christine - How do I tell other people about this besides via my blog posts? Are we aloud to take past clients with us to listing appointments?

Sonja - Huge fans and I have to admit "I LOVE IT"

Barb - Sad how simple it really can be and that some agents just don't get it!

Bruce or Mary - It sometimes is just something simple, but people either aren't taught or are just too lazy to look.

Jon - When it gets me a paycheck, I do also!

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