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I'M A HOME SELLER...What Is Your Expert Advice?

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Education & Training with Inman News

As I sit here writing this blog, I realize I'm writing this as a HOME SELLER who is lucky enough to have this venue to get some real advice, collective wisdom, and who knows, perhaps your words will help others too. So thanks in advance for your time.

Here is the scoop. True Story as it unfolded today:

By husband and I took over my Mother-in-law's mortgage about 10 years ago, after she was widowed. She lived in the Central Valley of California, in Visalia. She recently passed away, and we will be selling the house in this gosh awful market.

So first step: we're on the hunt for an agent in Visalia. My husband calls two, gives them the scoop, and asks for comps and any information we could use, but mainly what type of marketing plan they offer that will give the home the extra push it needs.

We assure Agent #1 that we are being realistic about the market, the first step is correctly pricing the home, and luckily we have equity to play with, and nothing but time as our mortgage payment is already in the family budget.

My husband reports that Agent#1 "doesn't really have a marketing plan, because really its all about the price of the home" "We'll get your sign up, my wife will make up some flyers, perhaps we'll have an Open House or two"

My husband calls me after the meeting with Agent#1 and tells me this. I ask my husband, " Does he do Craigslist? Staging? What? he doesn't have a marketing plan...?"

Translation: I'm thinking this guy doesn't want to put out money for the marketing in this market, in case it doesn't sell before we get fed up and change agents when our contract expires. I'm turned off by the agent.

He may be willing to drop his commission a bit, he may look good and smell good, and drive a really nice truck. BUT, he doesn't have a marketing plan!

Times are tough in CA, especially in the Central Valley, but am I crazy not to expect some sort of a marketing plan? Is it too much to ask for a small investment on his part? OK, I'm in the biz, I'll make the flyers, I'll stage (the best I can...Stage-it Forward Crew, I may be calling you,) I'll post it everywhere in the nation if I have to, but that's the point...DO I have to do it?

So, do we move on from here, try for Agent #2 & #3 or do the marketing, staging, etc ourselves? Do I start watching Designed to Sell re-runs for a happy start to the home-selling process?

I'd love your advice. I see your lovely AR faces in my head and wonder....what would you say..?



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Comments(68)

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Stefan Scholl
Buyer's Broker of Northern Michigan, LLC - Petoskey, MI
Northern Michigan Real Estate
Please don't be like almost everyone else and hire the first agent you interview.  You should hire someone you feel will do a good job marketing your property for sale.  Lord knows that there are a lot of good, hard working agents out there.  Find one for your own good.
Jun 21, 2007 02:45 AM
Laura Monroe
Inman News - San Francisco, CA
Dir. of Industry Engagement & Social Media

Hi Everyone~ The advice and response I've received has been overwhelmingly helpful and kind, and is so much appreciated. I've been able to take these each of these responses, show them to my husband and we can move forward with clarity. I may do an update blog;)

Craig~ The dynamics of this situation has brought up quite a bit to think about, I agree with you.  As a home Seller there are a myriad of tangibles and intangibles to think about, and apply to your particular situation. The market in this particular area is so uncertain its hard to choose the what you may think will be the right combination of things that might be able to get the home sold. Had I not posted this ( my husband wouldn't have) we would not be armed with this information, and we may have ended up signing on the dotted line and wasted a lot of time. Staging is a very BIG Tangible for me, and a must.

 

 

 

Jun 21, 2007 04:32 AM
Tim Roche
Windermere Real Estate/West Sound, Inc. - Silverdale, WA

I agree with most of the responses above. My own feeling is that with any professional you are going to hire there must be a sense of trust in that the person understands your needs and will hold those needs in higher regard than the potential paycheck they may earn.

You are the client and should not be expected to do the job of your agent. No marketing plan means the agnet in question is flying by the three P's of fast real estate: Pick a price, Plant a sign, and Pray for an offer. That may have worked a year or two ago, but not today.

A good marketing plan will lay out the look and feel of how the home will be presented to the market, specify the targeted marketing involved to find a buyer, and a stragegy for the entire duration of market time(not just the first few weeks)

 

 

Jun 21, 2007 06:03 AM
Gary White~Grand Rapids Home Selling Pro Call: 616-821-9375
Flexit Realty "Flexible Home Selling Solutions" - Grand Rapids, MI
Real Estate Services You can Trust!

Laura, for the most part the results are unanimous, must have:

  1. Marketing plan designed for your property to attract buyers in the price range.
  2. Photos, lots more the better that focus on the high points of the property, if you have to say updating the bath wall paper, living room carpet will make this a real gem....then lead the buyers through to upgrades with photos....nothing hidden, get you higher offers and closer to the list price.
  3. Website with virtual tour, this can be a laced virtual tour or the real thing it does not matter but the photo tour here is key.  Over 80% of buyers start looking on the Internet first.  Make sure the agent has a hire profile website. Check it!
  4. Brochures....some agents do not like brochures...I do not put the actual sell price on the brochure I use a price like Under $300,000 this gives the buyer a range and developers a call if they are interested.
  5. 800 toll free call capture line with a 24 hr. recorded message on the property.  Buyers do not even have to get out of the car!  But the toll free number captures the lead for an agent call back.
  6. Price if you want to move your home fast...price 3 - 5 % below homes in the market.  You will generate a huge amount of traffic and sell fast.  Do NOT over price your home.  It will be used as an example to sell other homes in the area.
  7. Find an agent that will communicate with you and is honest.  If you do not feel comfortable it is a NO!
  8. Commission.....why ask an agent to reduce commissions...they will not give you 100% effort.  And if they offer because others are doing it, what are they going to reduce in the marketing plan?
  9. Written marketing plan is a must.
  10. Personal Brochure on the agent is also a good indicator of the Agents prowess with technology and self worth.  If you unsure of the agent technology worth ask!
  11. Open houses, when will host how often and how will they be promoted?  I hand out 200 brochures when I list, 200 open house brochures 3 days before the open house and if the location is correct I even put a lighted sign in the front yard 3 days before the open house.  I always have traffic.

Use some of the great materials offered by the people that posted and you will be well on your way to a sale.  Great question.

Jun 21, 2007 06:12 AM
Esko Kiuru
Bethesda, MD

Laura,

Two approaches come to mind. Sell now, but interview a few more Realtors and choose the one who has a solid marketing plan and understands the current soft market. Or, rent the property for a few years until the market improves and then sell it. How do you feel about being a landlord?

Jun 21, 2007 04:31 PM
Ron Hackett
Coldwell Banker Heart of the Hills - Kerrville, TX
CRS,GRI,ABR,SRES,e-Pro
Laura  Your getting lots advice, you should talk with 2 to 3 Realtors and look at their marketing plan and discuss market conditions, see if the agents have done their homework. A knowledgable agent is the one you need, place a property "in the market"  and not on the market. If an agent is ill prepared then choose someone else.
Jun 22, 2007 03:02 PM
Lori Kim Polk
Premiere Home Staging : Home Staging Services - Roseville, CA
Home Stager - Roseville, Sacramento

Ok... I can find you someone right away to go in and give you a report on how best that you can prepare the home for Sale. (or you can wait till I drive back down to Arcadia to de-Stage the monster house in a few weeks) You have some great Realtor advice here. Wow.  I wish you the best :)

When are we going to lunch? 

Jun 22, 2007 04:51 PM
Kathleen Lordbock
Keller Williams Realty Professionals - Baxter, MN
Keller Williams Realty Professionals

OK - as a Home Stager I'm voting for an agent that recognizes the benefits of Home staging as part of their team work  . Times are changing - the market is slow and don't you all want to be known as the agent that  utilizes great strategies to get their client the best price in the shortest amount of time.

Have a nice lunch with LKP! 

Jun 23, 2007 02:54 PM
Patricia Ebrahimi
SHOW SMART! HOME STAGING & Color Consultant - Rockville, MD
Home Staging the Washington DC Area from Rockville MD

Hi Laura,  I'm a Stager, past Real Estate Agent, past VP residential sales and marketing for a builder, and old enough to have been through the real estate cycle a couple of times.  So, my advice?  Everyone here is giving great advice.  Just pick that which fits. 

A.  Don't need to sell just now.  Don't.  Sellers WILL rule once again, maybe after next year.  Get a tenant for this year.

B.  Need to sell.  STAGE IT FIRST.  (General rule of retail:  Improve the product or lower the price.)            Then, interview at least five realtors, all  top producers in the area. And, really INTERVIEW them.                    Ask them what they can and will do for you that the others can't/ won't.                                                       Ask them at what price they would list the house.  (Most of them will offer a safe appraisal price)                Ask them to spell out their marketing model as it will be applied to your property.                                      Never mess with their commission.  Agents just don't make that much.                                                      Better, offer your chosen agent a premium for anything over a certain sales price.                                     Example, four of the five say the house is worth $400k.  The fifth says $450k, but tells you why and offers a great plan to accomplish getting this much.   She's a gamble, but super motivated if you say okay to her, but tell her list it at $400k and agree to give her 10% of anything over $400k.

This scenario has worked for me personally in the past as a seller in Virginia.  (Disclaimer:  I don't believe there's anything illegal in what I have suggested, but please someone tell me if there is someplace else. My example and advice are purely for the purpose of promoting the seller's taking more responsibility for the outcome in this situation.)

Jun 23, 2007 05:26 PM
"The Lovely Wife" The One And Only TLW.
President-Tutas Towne Realty, Inc. - Kissimmee, FL

Hey...

I came all the way over to your blog to reciprocate the comment and then thought to myself "This looks familiar"

And sure enough ... It's not de ja vu ... I 'have' been here before :)

TLW...ROAR!

Jun 29, 2007 12:03 PM
"The Lovely Wife" The One And Only TLW.
President-Tutas Towne Realty, Inc. - Kissimmee, FL

Bummer...

There's nothing in here to break. Yawn. LOL.

TLW...ROAR!

Jun 29, 2007 12:05 PM
Laura Monroe
Inman News - San Francisco, CA
Dir. of Industry Engagement & Social Media
Your too funny TLW~  STEP AWAY FROM THE WIDGETS! Thanks for swinging by again, you're the best, kick-ass commenter around.
Jun 29, 2007 12:32 PM
"The Lovely Wife" The One And Only TLW.
President-Tutas Towne Realty, Inc. - Kissimmee, FL
You left a couple boogers on my bag :)
Jul 08, 2007 08:58 AM
"The Lovely Wife" The One And Only TLW.
President-Tutas Towne Realty, Inc. - Kissimmee, FL
:)
Jul 09, 2007 12:00 PM
"The Lovely Wife" The One And Only TLW.
President-Tutas Towne Realty, Inc. - Kissimmee, FL

LOL. I almost went through with that phone call :)

Jul 09, 2007 12:01 PM
Patricia Ebrahimi
SHOW SMART! HOME STAGING & Color Consultant - Rockville, MD
Home Staging the Washington DC Area from Rockville MD
So, Laura, it's been two weeks since I stopped by.  What's happening?  What have you done?
Jul 09, 2007 01:09 PM
Laura Monroe
Inman News - San Francisco, CA
Dir. of Industry Engagement & Social Media
Hi Patricia~ You are so kind for asking! We have not signed with agent #1, and have interviewed 2 other agents. One from a smaller agency, and one from Remax. I was impressed with the ReMax agent and we will probably try it out for a bit, and see what transpires. We've had some other issues pop up with a tenant that is still living there, so it has dragged out our plans:(
Jul 11, 2007 06:27 PM
Anthea Click
Fresh Perspectives - www.InsideNashvilleHomes.com - Franklin, TN
Nashville Home Stager - Selling Nashville, TN homes quickly!

Laura,

I second Ginger's suggestion of contacting Sheron Cardin. She is fabulous and close to Visalia. I'm originally from Fresno and understand how drastically your market has changed over the last couple of years. Best of luck!

Jul 12, 2007 03:56 AM
Mesa, Arizona Real Estate Mesa Arizona Realtor
Homes Arizona Real Estate LLC - Mesa, AZ
AzLadyInRed

Laura wow! Selling in this market and having so many wonderful suggestions from all of the great people on AR. I LOVE Visalia! Used to travel through there from Kings Canyon and Three Rivers. I see you received lots of referrals...another reason to be on AR.

 Pepper http://www.GlitterMaker.com/ - Glitter Graphics





Jul 12, 2007 08:35 AM
Patricia Ebrahimi
SHOW SMART! HOME STAGING & Color Consultant - Rockville, MD
Home Staging the Washington DC Area from Rockville MD
Ah, tenants...well, do keep us informed.  We're watching to see how you make out.
Jul 13, 2007 12:37 AM