PREVIEW, PREVIEW & PREVIEW SOME MORE!

By
Industry Observer

Well, today marks my first blog post on AR and I felt quite motivated to write today as earlier I was enjoying lunch with some fellow Agents and discussing the market and local happenings - there were newbies and senior Agents in attendance and I was quite surprised at where our conversation went but to a house down my street!

The Agents were commenting on how this other veteran Agent listed a home but did not remember one of the cardinal rules we all are taught in our rookie years - Get out there and PREVIEW HOMES!

 

This house in my neighborhood is listed with an Agent and *WOWAH* it came on the market WAY over priced for what our neighborhood can command; even in this crazy Denver Seller's market!

The buzz around the neighborhood was that the Agent justified the price by using comps from local homes in some neighboring HOAs and my goodness, did that hurt the Seller in this situation.

Our neighborhood is tucked in between million dollar neighborhoods, high 700's and then the more exclusive gated communities of patio homes and other million dollar homes - hard to justify comps when you're not familiar with the inventory. 

Unfortunately, after 45+ days and x3 price reductions, the house is still a bit overpriced and (sigh...) still sitting available.

 

Moral of the story:

THE AGENT SHOULD HAVE PREVIEWED THE HOMES AND NEIGHBORHOODS THAT WERE USED FOR THE COMPS!

 

It is so easy to just get in the car and preview homes ~ but why don't agents do this?

I guess it is just the age of the Internet where we can research and sit at our computers and calculate price per square foot and believe we have a hold on the market from the photos captured by the MLS ~ but seriously, nothing compares to getting out there and actually viewing the competition!

 

Grab a coffee and plot your directions and go drive by the houses you are using in your comps ~ could one of the homes you are using be the ugly duckling in a fabulous neighborhood ~ or is it the diamond in the rough shining in an up and coming neighborhood ~ know what you are comparing your listing to and you will never regret it!

 

This was a fabulous learning experience for me ~ although I am PREVIEW QUEEN as my husband calls me.  Any new neighborhood we are planning to visit, I'll usually pop in and see a house or two close to our destination, because I never know who we might run into at the party or BBQ that has a question about the house around the corner! 

 

~ Happy Previewing! ~

 

 

Katie B. Cullum

Broker Associate, Realtor, CDREP

Equity Colorado Real Estate

Direct 303.549.6111

www.katiesellscolorado.com

 

 

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Ginger Harper 08/17/2017 10:22 AM
Topic:
Real Estate Best Practices

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Rainmaker
2,436,791
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Katie "hands on" Cullum

Aug 17, 2017 06:38 AM #14
Rainmaker
560,620
Nathan Gesner
American West Realty and Management - Cody, WY
Broker / Property Manager

Great advice, Katie. I think some agents look for what they want to see rather than looking at facts objectively.

Aug 17, 2017 06:47 AM #15
Rainmaker
1,067,567
Margaret Goss
Baird & Warner Real Estate - Winnetka, IL
Chicago's North Shore & Winnetka Real Estate

I owuldn't miss preview days in my market -particularly because we are not an area of subdivisions and all the homes are very different.  Too bad that agent didn't have the basics down - now the sellers are paying for it.

Aug 17, 2017 09:32 AM #16
Rainmaker
472,839
Colleen Fischesser Northwest Property Shop
RE/MAX Advantage | Managing Broker - Chelan, WA
A Tradition of Trust in the Pacific NW since 1990!

When managing, I preached this often. I personally feel it should be part of the weekly, if not daily "to-dos" in our personal practices. 

Aug 17, 2017 10:27 AM #17
Ambassador
1,823,062
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Congrats Katie - welcome to AR and you're off with a big bang. :) 

Aug 17, 2017 10:27 AM #18
Rainmaker
2,101,566
Sharon Tara
Sharon Tara Transformations - Portsmouth, NH
New Hampshire Home Stager

Very impressive first post! Welcome and congrats on your feature!

I have to add that I love your profile picture. You look so happy and so friendly! Great shot!

Aug 17, 2017 02:05 PM #19
Rainmaker
751,086
Nick Vandekar, 610-203-4543
Long & Foster Real Estate Inc 610-225-7400 - Devon, PA
Tredyffrin Easttown Realtor, Philly Main Line

Excellent advice and congrats on your very first post. Well done it was well written, included some humor and made a great point any agent should remember in whatever market they work in.

Aug 17, 2017 02:34 PM #20
Rainmaker
1,470,311
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Thanks for following my blog, and I hope to read more from you too!

Aug 17, 2017 05:18 PM #21
Rainmaker
938,593
Brigita McKelvie, Associate Broker
Cindy Stys Equestrian and Country Properties, Ltd. - Lehigh Valley, PA
The Broker with horse sense and no horsing around

Good morning, Katie!

Welcome to AR community!  Excellent post!  We should all be familiar with the neighborhoods that we do business in.  We must realize that every neighborhood is different.

Brigita

Aug 18, 2017 06:30 AM #22
Rainer
115,240
Christine Kankowski North SD and Temecula
House Match Inc - Poway, CA
Excellent Sales and Property Management

Great post and excellent points made.   Absolutely it is important to know your market when listing a property.

Aug 18, 2017 07:23 AM #23
Rainer
297,235
AndreaBFerreira CRS - SRS - CLHMS
Keyes Co. - Davie, FL
Miami Dade, Broward and Palm Beach County in FL

Welcome to AR blog, great post to remind us how important it is the basic steps. Sucess in you way

Aug 19, 2017 04:11 AM #24
Rainmaker
222,336
Janice Zaltman Realtor, LEED AP
United Realty Group - Boca Raton, FL

Good Morning and welcome to Active Rain: You are so right and previewing is very important especially where you are showing buyers or taking a listing. We need to know what the inventory looks it.

Aug 19, 2017 06:50 AM #25
Ambassador
4,298,652
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Welcome to ActiveRain, Katie B. Cullum.

This is The Best place to learn, share and build relationships with like-minded professionals.

Aug 19, 2017 11:21 PM #26
Ambassador
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Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Katie B. Cullum - excellent advice. What we see online does not do justice to our job! It is important to preview the homes for Market Analysis!

Aug 19, 2017 11:23 PM #27
Rainmaker
1,523,577
Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

Hi Katie B. Cullum, Welcome to Active Rain and congrats on your first blog post.  This is a great place to meet and interact with awesome professionals.

Aug 20, 2017 02:52 PM #28
Rainmaker
528,414
Karen Feltman
Cedar Rapids/Iowa City, IA KW Legacy Group - Cedar Rapids, IA
Relocation Specialist in Cedar Rapids, Iowa

This is great advice.  Nothing can take the place of previewing and walking through the house or seeing the house in the neighborhood.  Thank you for sharing.

Aug 22, 2017 01:07 PM #29
Rainmaker
4,042,231
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Katie, great post, and you are right, if a home is sitting it more than likely is overpriced.  Will have to see what home you are referring to!   Since MLS has 35 photos now (or mostly) I don't preview as often.  Great first post, and Welcome to ActiveRain!  

Aug 23, 2017 07:56 AM #30
Ambassador
3,764,111
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Katie B. Cullum welcome to ActiveRain and on successfully posting your first blog on this site.

Aug 24, 2017 02:48 PM #31
Rainmaker
972,779
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Welcome to ActiveRain! A great first post and good advice.  Photography can hide defects and unless you preview those other comps, you'd never know it! 

Aug 26, 2017 09:18 AM #32
Ambassador
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Thanks Katie, wise advice that my coach asks about all the time.

Welcome to Active Rain, looking forward to reading many more of your posts, let me know if there is anything that I can do to help as you get started here.
All the best of success to you.
Bob

Sep 04, 2017 08:09 PM #33
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