What is Your Definition of a Full Service Listing?

By
Managing Real Estate Broker with eXp Realty RB-19250

In the world of real estate you see terms used with various meanings. 

 

One that I come across regularly is what agents consider a full service listing.

 

Here is a comparison of a couple of listings, yet both claim to be full service.

 

Example #1 (one of ours)

  •  Pre listing consultation with listing agent and professional home stager at home
  •  Professional pictures and video tour in the MLS.
  • Color flyers
  • Custom web page for the home
  • Nice sign in front of the home w/ web address of home
  • Social media ads
  • Open house, with licensed agent
  •  Broker’s open house
  • Electronic lock box on front door

 

Example #2 (area agent advertising as Full Service)

  • No photos
  • No flyers
  • No open houses
  • No website or social media
  • Old rusty sign leaning against the side of the house
  • $25 lock box with worn off numbers  on water spigot

 

Our market is hot.  Listings are selling fast if marketed properly. 

 

The example #2 languished on the market and eventually sold after a longer than normal time on the market, for less than comparable homes in the area.  To add pain to the seller’s misery the listing agent was terrible at returning phone calls from agents trying to show the property.  The home may have sold sooner and for more money if buyer could have seen it.

 

I run into these listings regularly.  The reason it may feel like there are so many of them is that they are not selling and stay on the market. 

 

Sellers are looking for a few basic things.

  1. To sell their home
  2. To get as much money as possible.
  3. To have their interests protected and to remove as much stress as possible.
  4. Minimize their time and money.  Time on the market means they are paying mortgage, taxes, etc.  Time on the market means prepping their home over and over for more showings etc.

 

The agent from example #2 advertises the same full service as other agents, but for a substantial savings in commission.  After calculating all costs to the seller and the difference in commission the seller really took a hit on this one.  They netted out several thousands of dollars less and took an extended period of time to get that.

 

In example #1 the home had multiple offers and went into escrow immediately following the public open house.  They also set the new high price for the neighborhood, netting the seller several thousands of dollars more; while removing the stress of not being able to plan their move and to continually prep their home for showings.

 

 

The sad thing is that the seller in example #2 thought he was getting full service.

Posted by

 

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Randy L. Prothero, REALTOR®

Broker-in-Charge, ABR, AHWD, CRB, CRS, e-PRO, GRI, MRP, SFR

eXp Realty

Team Leader - "The Prothero Group"

Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers.  His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.  His luxury home listings sell faster and for more money.

Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) Performs mediations and ombudsman services for the Board of Realtors.  To improve overall professionalism in his area Randy also offers classes for real estate agents. 

www.HawaiiRandy.comOahu (Honolulu County) Property Search  Hawaii Military Relocations

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Rainmaker
668,322
Bill Reddington
Re/max By The Sea - Destin, FL
Destin Florida Real Estate

Don't think you will be in the business long if you are an example 2 Realtor. Have to do most of your list as example 1 just to survive.

Jun 07, 2014 01:21 AM #1
Ambassador
1,517,019
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Good morning Randy.  Full service means just that.  If you snooze or just too lazy to provide good and real "True Service" then you're going to loose.

Jun 07, 2014 01:24 AM #2
Ambassador
2,749,078
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

I have no problem with agents giving less than full service, as long as they are discounting the listing fee along with discounting the representation.

If an agent advertises "full service" then we know what that means.

Jun 07, 2014 02:47 AM #3
Rainmaker
660,460
Randy Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Bill - There are poeple out there that have been giving bad service for years.

John - The consumer loses too.

Lenn - I agree, it is ok to give discount service or fees, just be honest with the consumer.   Don't misrepresent what they get for the money.

Jun 07, 2014 04:33 AM #4
Rainmaker
1,341,965
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Excellent post...says it all.   Have suggested!

Jun 07, 2014 04:40 AM #5
Rainmaker
660,460
Randy Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Li - Thank you!

Jun 07, 2014 04:41 AM #6
Rainmaker
3,985,199
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Great list and I can't add a thing to it that I would do that you don'

Jun 07, 2014 12:21 PM #7
Rainmaker
660,460
Randy Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

William - Mahalo (Thank you in Hawaiian)

Jun 07, 2014 12:33 PM #8
Rainmaker
827,094
Chris Griffith
Downing-Frye Realty, Bonita Springs, FL - Bonita Springs, FL
Bonita Springs Listing Agent

... and to the fail list I would add "details listed in the MLS incorrectly" causing it not to be found when searching by location, neighborhood or building structure type.  See it all the time!  I saw one mislabled yesterday with 464 days on market. Never struck anyone, agent or owner,  as odd yet?

Jun 11, 2014 08:21 PM #9
Rainmaker
660,460
Randy Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Chris - Great point!  When a property is not selling, that may be the cause.

Jun 12, 2014 12:20 AM #10
Rainmaker
4,798,170
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

I see this around my area as well, Randy.  I don't understand sellers who don't at least make some effort to check on how their agent is marketing their home.

Sep 22, 2014 09:17 PM #11
Rainmaker
660,460
Randy Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

Gabe - You make a great point.  My clients are looking on the internet to see how their home is being presented.  I can't understand how they get away with that either.

Sep 23, 2014 11:17 AM #12
Rainmaker
806,667
Troy Erickson AZ Realtor (602) 295-6807
Good Company Real Estate www.ChandlerRealEstate.weebly.com - Chandler, AZ
Your Chandler, Ahwatukee, and East Valley Realtor

Randy - Just because someone says they offer full service doesn't mean they offer the kind of service you do. We need to know how to share those differences with our potential clients so they don't go with example #2, thinking they are going to get full service.

Jan 15, 2015 07:46 AM #13
Rainmaker
660,460
Randy Prothero
eXp Realty - Mililani, HI
Hawaii REALTOR, (808) 384-5645

I hear them on the radio claiming the same full service as other agents at a discount.  Definitely not my idea of full service.

Jan 15, 2015 01:14 PM #14
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Rainmaker
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Randy Prothero

Hawaii REALTOR, (808) 384-5645
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