I'd Rather Be Last on the List!

By
Real Estate Agent with The Property Shoppe, LLC

     A new agent presented a cma he did for a new customer and asked me to look it over before he presented it to the seller.  He's new to my office, but has been licensed a few years and worked previously with one of our competitors, so I was confident that the cma would be of professional quality and up to par. 

     A quick review and I noticed right away that something was missing -- there were no solds to be found -- only currently listed homes. 

   

     I thought, well, I must be missing a few pages, so I asked. Boy was I surprised by the answer --"that's the way I was told to do them," he told me, "then when it doesn't sell in 30 days, we tell the seller we need a price reduction and if it still doesn't sell, we ask for another reduction." 

     "Huh??" I said in disbelief. Why are you NOT showing the seller what homes are actually selling for in this market?  Isn't that the most important thing? 

 

     Yeah, I know that the other real estate company gets a lot of listings and I guess now I know why.  "I can't believe that not one of the sellers questions what are the actual sales prices," I questioned.  "Nope," he replied.

 

     "What happens after a few months and a few price reductions if the property still doesn't sell?" I asked him, "aren't the sellers upset with the agent? 

 

     "Well, sometimes, they go and list with someone else for less then," he said. 

      "Aren't they upset with you then?" I asked.

     "I dunno," he replied, "we never hear back from them."

 

     Now maybe I'm naieve, but that's NOT how I want to do business.  So my new agent and I had a talk. 

     "We've gonna provide the seller with useful information, " I said, "including an accurate picture of the real estate market, based on what has actually sold recently.  Then we're gonna show him what is on the market currently, what was on the market, but expired without selling, we're gonna show him how long the houses were on the market too.  Then, if the seller doesn't like our answer, he is free to go and list his house with that OTHER realtor for whatever he wants and when it doesn't sell and he is ready to be realistic about his home and the market and wants an agency that will work for him, we'll be here, " I said.  "After all, isn't it the last realtor who sells the house? 

 

 

 

Comments (80)

Kari Battaglia, PA
Veterans Realty Inc - Venice, FL
Love Where You Live

I feel sorry for this agent that was mislead by his previous broker.  Sounds like he made the right move to the new brokerage and has found you to show him how to be a successful agent and what true customer service is all about.

Jul 17, 2010 01:04 AM
Kathryn Maguire
GreatNorfolkHomes.com (757) 560-0881 - Chesapeake, VA
Serving Chesapeake, Norfolk, VA Beach

Kelly, that is a sad state of affairs indeed.  Thank goodness you cared enough to review his material, even though he had been an agent for a while.  Some brokers would have assumed he knew what he was doing.

Jul 17, 2010 01:11 AM
FN LN
Toronto, ON

The agent did not receive good training from his original brokererage.  It also appears that the agent did not attempt to receive training from other sources (e.g. courses, seminars, books or the internet).

Jul 17, 2010 01:17 AM
John Wojtasiak
eXp Realty - Chesapeake, VA

Wow! That was some bad training he received. Glad you can show him the correct way and help him out.

Jul 17, 2010 01:22 AM
Sara Kraemer
United Real Estate Lexington - Lexington, KY

I recently paid a good chunk of money to a nationally known company for a class that was supposed to gives agents great new ideas.  This was one of the things they taught!  I was astounded.  No sold comps...at all.  He laughed and poked fun at Agents who use "old data". 

Jul 17, 2010 01:30 AM
Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Savvy Realtor - Ann Arbor Real Estate

Well, it is somewhat better than the agents that list where the sellers want to. I've seen it in my area, they sell the company, then get price reductions. Terrible.

Jul 17, 2010 01:54 AM
Lee Ann Obenauer
Metro Roberts Realty - Buffalo, NY

Ah, the old buying the listing game. We have two large companies in my area that have a good majority of the listings.  Unfortunately, they will do anything and promise anything just to get their sign out front. 

Jul 17, 2010 02:37 AM
Mary Strang
Viroqua, WI

Amazing story... so that is how it is done??? I often wondered how some of our competitors can keep a home on the market for 1000 days and still can get price reductions instead of terminations.  

Jul 17, 2010 03:07 AM
Brian Bean
The Dream Big Team at Better Homes and Gardens Real Estate Champions - Riverside, CA
Homeowner Advocate, Dream Big Team, S.Calif

Unfortunately, following the wrong guru contributes to public's peception that all Realtors lack competence and professionalism. Send that guy a link to this discussion.

Jul 17, 2010 03:26 AM
Wendy Hayden
Photographer, Home Stager, ePRO - Richmond, VA
Chesterfield, Richmond & Powahatan
Scary that there are agents out there doing it that way, and brokers training them!
Jul 17, 2010 03:44 AM
Brian Madigan
RE/MAX West Realty Inc., Brokerage (Toronto) - Toronto, ON
LL.B., Broker

The interesting thing I find is that just about all the properties and businesses that I sell have been listed by someone else before.

It makes my job mich easier.

Jul 17, 2010 04:37 AM
Susan Gaieski
Water Pointe Realty Group - Jupiter, FL
Director for Social Media & Technology

Kelly, WOW, now that was a "WHACK ON THE SIDE OF THE HEAD".  I didn't know we could do that?  Show solds?  Wow, what a concept.  JUST KIDDING!...  GOTCHA....

We have to understand that our customers are becoming internet savvy what is the number now up to now - about 87% of sellers and buyers start their research on the internet?  It's amazing how prepared you can be going to a listing presentation and I'm amazed at what they "think they know".  And to have a percentage of sales associates not asking the right questions or delivering "all the pertinent information" when they go on listing presentations... is pretty scary.  Thanks for the service you provide to train and bring agents up to speed. 

Jul 17, 2010 04:47 AM
Karen Kruschka
RE/MAX Executives - Woodbridge, VA
- "My Experience Isn't Expensive - It's PRICELESS"

Kelly  That is a story that occurs more and more with each passing day - no meaningful training

Jul 17, 2010 08:13 AM
Patricia Aulson
BERKSHIRE HATHAWAY HOME SERVICES Verani Realty NH Real Estate - Exeter, NH
Realtor - Portsmouth NH Homes-Hampton NH Homes

Me too!   I want to be the last on in and leave the best impression.

Patricia

Jul 17, 2010 09:59 AM
Michael Ford
Coldwell Banker Heritage Homes - Marion, AR
Matching Families with Homes

I hope Brokers and Managers spend time training their agents.  However after 30 years I know they don't.  I'm amazed at the numbers that cannot write a contract much less a cma.

Jul 17, 2010 10:05 AM
The Somers Team
The Somers Team at KW Philadelphia - Philadelphia, PA
Delivering Real Estate Happiness

Kelly - It is always a pleasure being the 2nd or even 3rd Realtor as by that point, the seller is motivated and eager to sell.  And realized that they had an agent prior to that that just did not know the market or was afraid to tell the truth to them.

Jul 17, 2010 11:08 AM
Angela Bond
Keller Williams Realty - Los Angeles, CA
Los Angeles Real Estate | 310 666 5052

Wow, I have never heard of anyone doing this before. Even the fact that someone else told him this was the way to do things, I can't believe that he didn't question it - especially when it wasn't working.  No wonder we get a bad name as real estate agents.

Jul 17, 2010 11:22 AM
Anonymous
Kelly Fisher

Wow! I can't believe the response to my post -- luckily, I think this agent is now on the right track -- thanks all!

Jul 17, 2010 02:38 PM
#78
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

It doesn't make sense to only look at active listings.  How would you know what homes are actually selling for without looking at the solds?

It sounds like he's fortunate to be learning from you.

Jul 17, 2010 07:02 PM
Christa Ross
RE/MAX Select Realty - REALTOR and Green Homes Specialist - Pittsburgh, PA
Helping you buy and sell Pittsburgh's Best Homes

I think active listings are worthwile considering but only solds give valid pricing guidance. Homes that are on the market now could be equally overpriced.

Jul 21, 2010 02:34 PM