I just wrote a blog criticizing a couple of real estate agents in my local market. The criticism was based on actual experiences and it was interesting the response I received from some of the real estate agents that contribute to this ActiveRain community. It does seem that when any agent is criticized then the rest of the agents come to their rescue. I was a little disappointed in the responses, because I clearly thought that they'd be better responses as to how they personally market a clients home. Was the lack of response based on fear that trade secrets would be released to the general public, or is there some mysterious rule that keeps real estate agents from performing basic sales techniques in their efforts to sell homes.
So far it's been established that the following sells home. 1) Market, 2) MLS and good photo's, 3) Staging, I didn't see one real estate agent step up and state that they personally had any responsibility in selling the home. Now that is startling! Perhaps it's because there are too many real estate guru's who claim the #1 task of any aspiring agent is to gather listings. Perhaps the acquiring of listings is paramount to the actual sales of real estate!
I know, I know, some of you are now fuming. How in the world can some mortgage guy dare claim that we don't do anything but acquire listing and pray they sell. BECAUSE IN ALLOT OF CASES I'M 100% RIGHT ON THE MONEY.
Okay Mr Wise Guy Mortgage guy, then how would you sell the home.....Don't ask the question unless you want an honest answer, because your not going to like it.
#1 When you initially meet your client, don't attempt to undersell your clients home based on your comparative market analysis, but don't attempt to be to eager to please if the client is way over the market value. Bottom line your wasting both parties time if your not even in the ball game. I personally as a mortgage officer am not an idiot when looking at comparative sales data, so my home was priced at market value, not at actual appraisal value which is usually much higher.
#2 Present the seller with your game plan. Let them know a time schedule or estimated schedule of how you think the sales process will go. No, I don't expect you to anticipate every problem, but bottom line you should understand your market, and if you do your homework on the sellers home, you should know how long it takes to sell that type of home.
#3 Take the nice picture, let your client know what they need to do to prepare their home for sale, etc...(This actually is done well by most real estate agents).
#4 When the first buyer wants to view the home, then the following should be done. A) Qualify the buyer....If their just looking and not serious about buying then why waste your sellers time having them view the home. If they are looking for someone else, then find out whom and if it would be Okay to contact that person to set up a appointment to view the home. Allot of times the "lookie lou" will then back out of looking at the home because they really didn't have any intent of making an offer on a home. If they want a brochure then send them one, but don't waste your seller's or your own time with a non-qualified buyer. I'd also ask to see a copy of the pre-qualification letter from their lender, that alone will tell you they're serious about making an offer on a home.
#5 When the perspective buyer views the home and their agent leaves their nice card on my counter, then the selling agent NEEDS TO CALL THE BUYING AGENT AND FOLLOW UP. The follow up better not be, "Oh high, just calling to see if your client liked the home", how lame is that! BUT AGENTS DO IT ALL THE TIME, most of the time they don't even call the buying agent! I know that it's an adversarial situation, and I know that buyers are not always wanting to tell you anything, but you need to try. I know of several deals that have gone through if the selling agent would have just called the buyer's agent and found out what the buyer was really looking to purchase. One good way to look at it is the next time your buying a new car, try getting out of the sales office with a simple brush off after test driving a new vehicle at a car dealership. And I don't want to hear that "MY GOSH HE JUST SAID WE'RE LIKE USED CAR SALESMEN!", bottom line is that used car salesmen receive far less commission and could outsell 90% of the real estate agents in most markets. ( some of the best real estate agents I know got their start in the car industry). So follow up and do it aggressively with a buyer agent. If they're going to take the time to look up the home on the MLS, travel to the home, view the home, then WHY NOT take some time and find out what their hot buttons are.
#6 BE AT THE HOME when the other agent comes through with their client. Who say's that you cannot be there? I don't care if it makes the other agent and their buyer uncomfortable. It allows you to take care of any issues before they arrive in case your selller forgot something. Some of the nice touches that I've seen by agents at open houses could be employed. The home is guaranteed to be staged correctly, and amazingly enough you'll get instant feedback, both non verbal and verbal from the buyer and their agent. I can't believe how many selling agents that don't attend a scheduled viewing. Don't tell me that your that busy, cuz your really not if your honest with yourself. (I know in some cases its impossible, but why not if it's possible to be at the viewing)
#7 Have a monthly review with your seller. Give him a copy of your viewing questionnaire's that were filled out by you when you interviewed the buying agent after viewing the home. If their is a prevailing complaint about the home, then address it at this point with the client (IN PERSON). Let them see for themselves what others are saying about their house. If any changes in price or the homes condition are required, then set up a new advertisement with the changes, and send out a email campaign or card to each of the previous buying agents and let them know that their buyer's complaint has been addressed by the seller and that your still interested in receiving an offer from their client.
LOOK EVERYONE, I'm not an agent, and I'm sure I missed a number of valuable services that you already provide your clients, but their are a number of agents who simply don't do what is needed to sell their clients home. You get a LARGE commission on average to sell a home. I see allot of real estate agents question the validity of mortgage cost's and what loan officers make. I personally think that GOOD agents earn their commission, but I am fed up with the agent's and those whom DEFEND THESE AGENTS.
So if your professional, then practice what you claim.
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