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Think a large real estate company will bring more buyers to your house than a small, boutique real estate company? Think again!

By
Real Estate Broker/Owner with HERMAN & CO REAL ESTATE LIC#10491202518

“I think a large real estate company will bring more buyers to my house than a small boutique real estate company, such as yourself.”

Really?

Almost 2 years ago, Michael J. Guglielmo, an agent here at HERMAN & CO REALTORS®, signed up a listing at 231 Shotwell Ave Staten Island, NY 10312.  The seller didn’t heed Michael’s advice on price, and priced the property at $495,000, approximately $75,000 higher than EVERY recent comparable sale in the area.  About 5 months into the listing agreement (and several price reductions later), Michael finally got it priced closer to market value at $434,999.  With that price, the showings increased and shortly after, an offer was presented to the home owner.   After some negotiating, the buyer’s final offer was $405,000.  The home owner countered close to asking price and the buyer walked away and purchased something else.

The listing expired about a month later and they listed with NEUHAUS Realty, the second largest real estate company in Staten Island.  They listed the property at $429,900 and within their 12 month listing contract, they slowly reduced the price to $399,900.  No deal occurred because the home owner continued to “chase” the market down instead of getting ahead of the curve by pricing it properly.  After a 12 month listing agreement, it expired.

The home owner then listed their home for $389,900, with ROBERT DEFALCO Realty, the largest real estate company in Staten Island.  After 2 months on the market, the property had an offer and just last week the property closed for $360,000.  But ROBERT DEFALCO Realty didn’t bring the buyer.

Sheri Aruch, an agent here at HERMAN & CO REALTORS® brought the buyer.  If the homeowner would have heeded Michael’s advice, they would have closed well over a year ago and walked away with an additional $45,000!

The point is that a potential buyer can come from any source.  As a matter of fact, according to the NATIONAL ASSOCIATION OF REALTORS®, 98% of homes sold are not sold by the listing agent!  Another agent brings the buyer.  Not to belittle the listing agent…the listing agent handles negotiations for the seller as well as a myriad of other functions throughout the sale of a home.   They need to be well versed in situations that could create havoc throughout a deal such as inspection negotiations, contract negotiations, and municipal issues as well as other things of that nature.

I always try to explain to home owners that the most important factor is to find the right agent that you feel comfortable with because you will be dealing entirely with the agent and not the agency.  I can’t stress that enough.  I also let them know that all REALTORS have the same tools at our disposal and that in this market, price is the single most important factor in selling a house.

You have to let your REALTOR guide you through the home selling/buying process by trusting them…the same way you trust a doctor to operate on you or a pilot to fly you to your destination.  In the same manner that you get second opinions from Doctors, you should interview several REALTORS before you sign a listing contract.  Do your homework, be comfortable, and hire the right REALTOR.