Is Your Real Estate Broker Making These 5 Deadly Sins?

Education & Training with Mike Perl's Ultimate Apprentice Program
I'm guilty of it and so are you, we all are.
In the beginning of my real estate investing career (before I became the 
Renegade Master of investing), when I needed to sell one of my properties,
I would list it with a friend who had their real estate license.  Or better yet, I would often offer to list it with a pretty Realtor that I was hoping to take out one 
night for cocktails.
That's real smart...NOT!
Since I've fired more Realtors than the Miami Dolphins had losses this
2007 season; I know a thing or two about the 7 deadly sins Realtors make
when trying to sell your property...
(If anyone want my season tickets HALF OFF, Call me)
And in this article, besides telling you how great I am, I'm going to 
enlighten you about their sins so you only work with realtors who don't
commit  these sins, and you get your property sold.
Sin #1: Not having an absolute REAL LIFE marketing plan to sell your home.
Maybe, 5% of realtors truly understand marketing, and can get your property sold. 
Sticking a sign on the front lawn, open house and a listing on the MLS 
(Multiple Listing Service), 'aint going to cut it. Especially, during this changing 
Sin #2: Listing with a realtor who is a "One MAN or One WOMAN Show".
Nobody can do everything themselves, no-one.  The problem is that their job is to
get other listings, aside from your's.  After all, that's how they put food on their table.
Unless they want their children going to school with holes in their socks, they need to marketing more houses than JUST YOUR'S!
They need to prove to you, they have systems and team members in place to manage the traffic of prospects, and the selling of your property.
Sin #3: Listing your home with a realtor who does NOT specialize in your 

Yes, this might just be your fault, not their's.  I know. 
But it's still a sin.
My best success with realtors has been when I've listed with ones who
farm and specialize in the specific area where my home or property  is.
They should know all the competing listings and have a list of families
looking to move to my area.
Sin #4: Not requiring your realtor to check up with you at least once a week.

And no, it's not to make small talk and blow smoke up your butt, it's to
keep your realtor accountable, and more importantly, they need to  keep
you abreast of the most recent comps.  This will ensure that your home is priced
correctly to sell.
Sin #5: Employing a Realtor who Tells you what you WANT to hear, Not what           You NEED to Hear.
During my real estate career, I cannot tell you how many times I've 
witnessed a Realtor tell their prospect that they could sell their house for  some bologna price, just to get the listing.
They'd have a better chance of getting John Mcain to beat Hillary Clinton in the democratic primaries election. (God help us)
Here's their trick:  They tell the prospect a ridiculous price that they know
the house will never sell for.  The prospect is so happy, he signs a 6 month  listing
agreement right away...period.
Then when the seller(you) gets tired and frustrated enough because  nothing
is happening on your home, the realtor will suggest listing it at an appropriate
price to sell in the next 30 days.
When interviewing your prospective realtors, ask them if they HAD TO - Absolutely MUST, sell your home in less than 30 days, what price would they suggest asking for their property.

Sin #6:  VERIFY, that your broker is utilizing MANY different methods of 

You must ask your Realtor what kind of marketing budget do they have for 
the month and the year, to advertise their properties.
Remember in Sin #1, I said most realtors don't understand marketing, because
they don't.
They'll tell you, "Newspapers don't work.  Now it's all about the Internet". 
The problem is, that's only half the truth.  Your realtor MUST be advertising, on the
internet, as well as newspapers (last I checked people still buy newspapers, especially the Sunday Paper),  direct mail, chambers, co-operative advertising (working with Welcome Centers, mortgage brokers), pay per click ads, publicity. 
If they tell you their only advertising on the internet, it's because they 
can't afford anything else, and you don't want that broker selling your home because  they probably can't!
Yes, you can use this article on your website, ezine, blog posting, etc (don't steal it punk).  However, you post my reference box below.
Written by Mike "The Renegade Investor" Perl.  When he's not being featured
in Forbes, Wall Street Journal, or National TV, he's helping investors, navigate through all the BS ebooks, and courses, and dispensing his NO BS, Rock Star, Cash Making Advice for wholesaling properties, with out  costing you even a $10 Dollar bill.
To find out more and get a Fr#$ book and  audio course, go to

Comments (3)

Vicky Poe
Good Ole Rocky Top - Crossville, TN
Realtor/ Auctioneer
Good post.  You make some very valid points.
Nov 02, 2007 01:31 PM
Nancy Brenner
Referral Associates of Georgia, Inc. - Roswell, GA
Roswell Georgia Real Estate Agent

Thanks for showing us what NOT to do to our clients!
Don't give up those tickets!  Be loyal to your clients and your fish!  ;-)


Nov 02, 2007 02:11 PM
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS
Great points - as we get into tougher markets, with the "undedicated" wanna be agents leaving, the remaining professionals need to know what to do to get the well-priced, well-presented properties sold.
Nov 03, 2007 01:06 AM