Bad Agents are accelerating the incoming Housing Collapse

By
Real Estate Broker/Owner with Localist Realty 01383456

Bad Agents are accelerating the incoming Housing Collapse

In the Spring (Jan - Apr), any agent with a license and a computer with internet access could list a home for sale. And regardless of how terrible their marketing efforts were, the home would still sell in hours for 5-10% over the ask.

Fast forward to today, where rates have since doubled and inventory more than tripled, and that is no longer the case. I am finding homes marketed incorrectly by out of area inexperienced agents are pulling down our numbers even faster than they are already declining (our market is down 7-8% since March). 

Case in point... I came across a listing today for a home that was just reduced to $520,000. It originally was listed 39 days ago at $560,000, but has since had 2 reductions and is now priced $50,000 below the last model match comp that closed just 45 days earlier. 

Now has the market dropped 10% in a little under 45 days? Of course not! This agent did the bare minimum, including blurry cell phone photos, a shoddy description and a "text me, I'm too busy for calls" private remark for other agents.

I see this time and time again. They made it far too easy to get your license to begin with. And I think if there were added requirements for classes in marketing, advertising, minimum expectations it would go a long way. 

I will also never understand why homeowners themselves allow this. You hired an out of area / unqualified agent to sell the largest asset you likely own. Because it was easier to use your cousin who sold it to you 8 years ago vs. a qualified local professional!?

In Closing: If you are a licensed agent and can't even afford to shell out a few hundred dollars for professional photography then FIND A DIFFERENT CAREER. As you're making it a lot worse for all of us, agents & homeowners alike. 

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The Bashe Team

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Comments (1)

Bill Salvatore - East Valley
Arizona Elite Properties - Chandler, AZ
Realtor - 602-999-0952 / em: golfArizona@cox.net

Hi,

Enjoyed your blog page, and I added you as a friend. I would love the follow back. Bill

Sep 29, 2022 01:18 PM