Orange County Home Sellers - Do You Know How Your Property Is Being Marketed On The MLS?

By
Real Estate Agent with Village Real Estate Services, Inc.

Today, while researching properties for a buyer I came across a listing that piqued my interest.  The reason I decided to look further at this particular property is that it was priced at nearly double the asking price of any property in the development.  The description suggests that the property is "A Must See" and that needs to be taken literally rather than figuratively...Why?  Sadly, after 34 days on the Multiple Listing Service there is "No picture available".  Here's what prospective buyers of this property saw on MLS:

GREAT REMODELED UNIT; NEW KITCHEN, BOTH BATHROOMS, NEW FLOORING, NEW PAINT, NEW WINDOWS, --- A MUST SEE !!!!!!! 3 LARGE BEDROOMS, MASTER BEDROOM WITH PRIVATE BATHROOMS, 2 BATHROOMS, PRIVATE PATIO, ---------------------- A MUST SEE !!!!!!

In today's market, people rarely sell because they want to.  There is typically a need that causes them to put their property on the market.  It may very well be that this seller needs the price they are asking.  But it would be very surprising that anyone would even look at this property that appears to be so overpriced.  Even if someone decided to look at it and make a full price offer (pretty much a long shot, but let's just say it happened) the buyer would need to be prepared to pay cash or pretty close to all cash to get it to close escrow.  There simply is no loan available for overpriced properties.  The buyer would need to come in with cash to cover the gap between the loan amount and the purchase price.

The simple truth of the matter is when hiring a real estate agent, which would you prefer?

  • Are you looking for an agent who tells you what you want to hear or a real estate agent who knows the current market and tells you the truth about what your home should sell for?
  • Are you looking for a real estate agent who will actually market your home or a real estate agent who does the minimum and of just placing a sign on your property and a cursory job of putting your property on MLS?

The agent you choose to represent you is a critical factor in how quickly your home is going to sell.  The speed of the sale becomes one of the most important factors to consider when home prices are in a downward trend.  To avoid becoming an example of what not to do when hiring a real estate agent ask good questions during the interview with your prospective agent.  For a list of questions to ask your real estate agent during the interview, email me and I'd be happy to email you a great set of questions to ask your prospective agent.

If you or someone you know is thinking about buying or selling a home in Orange County California it would be my pleasure to work alongside to help.  Helping you achieve your goals and dreams is what I get to do...it's my profession and my joy...I'm here to help!

Marlene Bridges, REALTOR®

800 777-1775 - Toll Free  ~ or ~  Text Me 714 745-2592

Orange County Real Estate Website

Orange County Seniors Lifestyles Blog

SRES - Seniors Real Estate Specialist®

CRS-Certified Residential Specialist®

President - Laguna Hills/Laguna Woods Chamber of Commerce 2007-2009

President Elect - Southern California Chapter Certified Residential Specialists® 2008 - 2009

Marlene is an experienced and respected South Orange County CA REALTOR® specializing in residential Real Estate and the sale of Homes and Condos in South Orange County, California and Saddleback Valley cities of: Laguna Woods (formerly Leisure World), Laguna Hills, Laguna Niguel, Laguna Beach, Rancho Santa Margarita, Lake Forest, Dana Point, San Juan Capistrano, San Clemente, Aliso Viejo, and Mission Viejo.

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Rainmaker
1,948,385
Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Marlene

I am seeing a lot more of phantom real estate agents more everyday. Glad to see things are going good for you.

Tom

Apr 27, 2009 07:41 AM #1
Rainmaker
238,196
Marlene Bridges
Village Real Estate Services, Inc. - Laguna Hills, CA
Laguna Homes|Laguna Condos|Laguna Real Estate

Hi Tom - We do get our share of listings without photos, but this one was even more of a problem because there were no photos to indicate any reason why the property was priced this way.  I've been busy working with some great first-time buyers.  They sure make it fun.  Some are newlyweds, some planning to get married, some just getting ready to start a family.  How wonderful to be able to help them to find the home to build therir lives and create their memories in.

Apr 27, 2009 07:49 AM #2
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William Johnson
Retired - La Jolla, CA
Retired Real Estate Professional

One would think that the agent gets the Seller to sign off on the content of the listing, which includes a copy of it. It is also a requirement in our regional to have at least one photo, not sure what other MLS's do. But is sure doesn't help anyone. Perhaps an inquiry to the MLS will remedy the issue ( hopefully with a nice big fat fine to that person for representing themselves as a professional. NOT !)

Apr 27, 2009 10:47 AM #3
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Sheldon Neal
Bergen County, NJ - RE/MAX Real Estate Limited - Maywood, NJ
That British Agent Bergen County NJ

Marlene this is absolutelyone of my biggest hugest massivest PET PEEVES !!!

In this day an age with digital cameras, there is NO reason not to have at least one shot with the initial listing.

And if they dont have a digi camera or know how to use it, then they are not a worthy Realtor for the year 2009 in my book.

... that sloppiness just scalds my dog !!!

Have a nice evening Marlene !

Sheldon :o)

Apr 27, 2009 12:04 PM #4
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Jeff Dowler, CRS
eXp Realty of California - Carlsbad, CA
The Southern California Relocation Dude

Marlene - like Sheldon, the lack of a photo is my BIGGEST gripe, and that is tru for many buyers. I just don't get it. And the MLS seems to not enforce the poilcy about requiring a photo. But the larger point you made about sellers needing to know how their home is being marketed is right on target. But given what we often see, clearly many sellers do not know, or don't care. We are hired to do a job adn we should try to do it as well as we can, adn sellers deserve to know WHAT we are doing, WHERE, and HOW. My opinion.

Jeff

Apr 27, 2009 12:58 PM #5
Rainmaker
552,472
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Marlene

Double-ditto with the others on the photo issue, we see it all the time, don't we?

And stupidity...there is just no excuse. Today I saw a listing that said "priced below market" and I though there is no way that's true, but then I looked at days on market, it was 804! Maybe it was over 2 years ago when it first went on the market!

Apr 28, 2009 01:36 PM #6
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Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Marlene, I know I am a bit late with this, LOL, but this is a very good post. You have hit the nail right on the head. Very sad business. Honesty is really the best policy.

May 17, 2009 12:39 PM #7
Rainmaker
238,196
Marlene Bridges
Village Real Estate Services, Inc. - Laguna Hills, CA
Laguna Homes|Laguna Condos|Laguna Real Estate

Hi Andrea - thanks so much for stopping by to read this.  It just frustrates me when I see listings like the one in this post.

Jun 10, 2009 10:55 AM #8
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Sharon Paxson
Compass - Newport Beach, CA
Newport Beach Real Estate

Marlene - I see this way too often, and the home sellers probably do not even know it. It frustrates me also when they have been on the market for a while and there is no photos.

Jul 01, 2009 10:23 AM #9
Rainmaker
1,544,483
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

I saw one today that was 221 days on market, with only 1 picture.... and guess what?  It was listor owned!  How hard is it to take pictures of your own property?  I had to laugh.  We make it mandatory to upload at least one picture within a few days on input, or else a fine.  It has made a difference.

Oct 10, 2009 12:05 PM #10
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Rainmaker
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Marlene Bridges

Laguna Homes|Laguna Condos|Laguna Real Estate
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