Frustrated with realtor

  1. You have chosen to ignore posts from nanat. Show nanat's posts

    Frustrated with realtor

    We've had our house on the market now for over 2 years with not much action.    Our realtor doesn't feel that open houses sell houses so it takes a lot of proding on our part to get them to do one.   What is the general consensus regarding open houses - do they sell or not??  How often should a realtor have an open house?  What are some strategies that seem to work?   Is it time to find a different realtor?   
     
  2. You have chosen to ignore posts from ShannonLavin. Show ShannonLavin's posts

    Re: Frustrated with realtor

    Hi Nanat,
    I am a realtor with William Raveis and each agent has their own opinion on open houses, in my opinion I believe they are beneficial. While you may attract alot of "curious" neighbors you should get alteast a few serious buyers through there. For my clients I prepare a mareting calendar so they can see when and where there house will be marketed at all times and this includes open houses. This is done prior to the listing of the home and will be continued one month in advance throughout the life of the listing. You mentioned your house has been on the market for two years, have you asked you're realtor what the average days on market is for your town and your price point? It may not be an open house issue but perhaps condition of the home, it's marketing, or price (or a combination of these things). I'd recommend scheduling an appointment with your realtor to find out why the house isn't selling. Are you atleast getting showings, what has the feedback been? Perhaps discuss what else is being done to market you home to the correct target audience and the most qualified buyers.

    ~Shannon

    In Response to Frustrated with realtor:
    [QUOTE]We've had our house on the market now for over 2 years with not much action.    Our realtor doesn't feel that open houses sell houses so it takes a lot of proding on our part to get them to do one.   What is the general consensus regarding open houses - do they sell or not??  How often should a realtor have an open house?  What are some strategies that seem to work?   Is it time to find a different realtor?   
    Posted by nanat[/QUOTE]
     
  3. You have chosen to ignore posts from rodman75. Show rodman75's posts

    Re: Frustrated with realtor

    Nanat, if you are not satisfied with this realtor then do not resign with them when the contract expires.  I'm assuming that since your home has not sold in two years that you resigned at least once before.   Have you received any offers?  I'd suggest moving on to another realtor.  As already stated by Shannon, there are many reasons why homes don't sell.  No matter what your reason is (and there is a reason) it doesn't appear that your current realtor is doing anything or pleading with you to do anything to get the home sold.  Meet with a few new realtors and get their take.  Just make sure you don't violate the terms of the current contract (provided it hasn't already expired).  Good luck!
     
  4. You have chosen to ignore posts from MarieZorn. Show MarieZorn's posts

    Re: Frustrated with realtor

    Wow! Frustrated !!! Hard to believe you haven't interviewed others. Time to move on. I have OH all the time on listings. This year alone, parties that have come into 2 have purchased the home. OH are definitely worth it for you. And who cares about nosy neighbors? Nosy neighbors know people who like their n'hood!! Go to: www.MedfieldtoMedwayHomes .com I blog about this issue and more. It could help you. Start going to OH yourself and getting to know others you click with.  Good luck....In Response to Frustrated with realtor:
    [QUOTE]We've had our house on the market now for over 2 years with not much action.    Our realtor doesn't feel that open houses sell houses so it takes a lot of proding on our part to get them to do one.   What is the general consensus regarding open houses - do they sell or not??  How often should a realtor have an open house?  What are some strategies that seem to work?   Is it time to find a different realtor?   
    Posted by nanat[/QUOTE]
     
  5. You have chosen to ignore posts from tibird. Show tibird's posts

    Re: Frustrated with realtor

    Nanat,
     I just wanted to chime in as a non-realtor.  We had our place on the market and our realtor's policy was an OH when it was listed and with every price change.  I don't know how much good it did since our realtor was unprofessional and could not be trusted.
    We are interviewing new realtors this week and will be asking about marketing.  I will most definately be interested in open houses being held and a blunt refusal would take them out of the running.
    As buyers, we are not working with an agent and will buy from an open house viewing (most likely).  We do our research on-line and look at open houses that meet our needs.  We are pre-approved and intend to make an offer on a house just after we accept one on ours, but we don't know just when that will be.  I imagine that there are others out there in the same boat.
    Good luck! 
     
  6. You have chosen to ignore posts from BrokerMike. Show BrokerMike's posts

    Re: Frustrated with realtor

    Open houses are mostly a hold over from last century's real estate marketing, which was no more than an untargeted shotgun approach to selling a home. Whenever a listing agent goes on a listing appointment and pulls out the canned listing presentation which entails all of our so-called "marketing", open houses as a method is way down on the list. Even the NAR listed open houses as one of the 3 least likely methods to sell a home.

    The main reasons open houses are used is #1. The sellers don't know any better and that was the way their parents had their home sold in the pre-Internet days.

    #2 is that agents - such as the listing agent - have the opportunity to represent a buyer going to an open house and that buyer does not have currently have an agent they are working with and/or have not signed a "buyer broker agreement". If the listing agent at the open house can represent the buyer, he/she will make 5% or 6% of the commission, instead of only 2.5% or 3%.

    #3 is that agents - the listing agent or the agent "sitting in on the open house" - use the open house as an inexpensive method to meet new buyers, new sellers and all the neighbors. This is vital, as meeting the public at an open house is non-threatening and a perfect way to engage in all of our "canned" reasons to buy or sell real estate and to use our "canned" objection handling" techniques.

    #4 The bottom line. In real estate, we practice the 3 P's of marketing, which is "put a sign in the ground, place the listing in MLS and pray it sells". As there are millions of agents - way too many, so that we have become a commodity - so marketing has to be both dumbed down to the lowest level in order that everyone can participate.

    #5 We brokers - who manage agents - push our agents to do open houses, so that when the public are driving around on a Sunday, they'll notice our open house signs. It doesn't matter if they're in the market to buy or sell a home, at some point they will and the more of our signs out there, the more they'll remember the agency. They may even remember the agent, but as there is so much turnover, they generally won't - but they'll remember the color of the agency signs!

     
  7. You have chosen to ignore posts from RonnieRealtor. Show RonnieRealtor's posts

    Re: Frustrated with realtor

    I don't know why you would post your frustration and not be discussing it with your Realtor.  You are the home owner and the Realtor is working for you.  You should sit down with your Realtor and discuss your frustrations and discuss what YOU want!  Having open houses is very important to maximize exposure of your home.  Pricing is always the key to having a house sold.  If a potential Buyer does not see value in the price of your home, they are not only not going to Buy it, they are not going to come view it!  I am a full time Realtor and believe honesty and communication is the key to a good working relationship with a Realtor.  If they are not willing to provide the key elements, communication, honesty, exposure, etc., then perhaps you do not have the right Realtor for you!
    Ronnie Northrop
    www.

    ronnienorthroprealestate.com
     
  8. This post has been removed.

     
  9. You have chosen to ignore posts from BostonAreaRealtor. Show BostonAreaRealtor's posts

    Re: Frustrated with realtor

    Hopefully, you've sold your house by now or found a new agent.  As a real estate agent who sells a lot of houses, here's my take on Open Houses:
    1.  Open houses don't work.  According to the national association of realtors, open houses account for less than 2% of home sales.
    2.  The purpose of an open house is for real estate agents to pick up new buyers (to sell them something else) and to meet the neighbors to try to list their homes.  The media makes it sound like open houses is the only way that real estate agents sell homes because that is the only time the community sees us working in the field.
    3.  A listing generates buyer leads.  An overpriced home sits on the market for a long time and will continue to generate buyer leads.  If a seller is unreasonable in their price, the agent will use that property as a goldmine to find new buyers and sell them something else.  This happens mainly through open houses and internet ads.  How many other homes has your agent sold as a result of your listing?
    4.  Unqualified buyers come through open houses.  I would prefer to show the property to individuals who are fully qualified. 

    Bottom line is a professional agent who understands the market and has a good marketing plan will get the job done.  I would rather give good advise to the seller about the price and actively look for buyers every day than sitting at an open houses.  I hope this sheds some light on the situation.   
     
  10. You have chosen to ignore posts from wsmboston. Show wsmboston's posts

    Re: Frustrated with realtor

    Are you really a real estate broker?

    [QUOTE]Open houses are mostly a hold over from last century's real estate marketing, which was no more than an untargeted shotgun approach to selling a home. Whenever a listing agent goes on a listing appointment and pulls out the canned listing presentation which entails all of our so-called "marketing", open houses as a method is way down on the list. Even the NAR listed open houses as one of the 3 least likely methods to sell a home. The main reasons open houses are used is #1. The sellers don't know any better and that was the way their parents had their home sold in the pre-Internet days. #2 is that agents - such as the listing agent - have the opportunity to represent a buyer going to an open house and that buyer does not have currently have an agent they are working with and/or have not signed a "buyer broker agreement". If the listing agent at the open house can represent the buyer, he/she will make 5% or 6% of the commission, instead of only 2.5% or 3%. #3 is that agents - the listing agent or the agent "sitting in on the open house" - use the open house as an inexpensive method to meet new buyers, new sellers and all the neighbors. This is vital, as meeting the public at an open house is non-threatening and a perfect way to engage in all of our "canned" reasons to buy or sell real estate and to use our "canned" objection handling" techniques. #4 The bottom line. In real estate, we practice the 3 P's of marketing, which is "put a sign in the ground, place the listing in MLS and pray it sells". As there are millions of agents - way too many, so that we have become a commodity - so marketing has to be both dumbed down to the lowest level in order that everyone can participate. #5 We brokers - who manage agents - push our agents to do open houses, so that when the public are driving around on a Sunday, they'll notice our open house signs. It doesn't matter if they're in the market to buy or sell a home, at some point they will and the more of our signs out there, the more they'll remember the agency. They may even remember the agent, but as there is so much turnover, they generally won't - but they'll remember the color of the agency signs!
    Posted by BrokerMike[/QUOTE]
     
  11. You have chosen to ignore posts from BrokerMike. Show BrokerMike's posts

    Re: Frustrated with realtor

    www.boston.com/community/persona.html?UID=1f8f18d3cf6c47b320e3fe0be60a1254&plckUserId=1f8f18d3cf6c47b320e3fe0be60a1254" target="_parent">wsmboston asked Broker Mike: “Are you really a real estate broker”? Answer: Obviously yes, as I couldn’t write about all the skeletons in the real estate selling closet if I wasn’t a Broker.  I was an agent for many years and have been a Broker for the past several years in the Bay Area. Being a Broker means that I recruit and hire real estate agents. We Brokers also hold the listing contract with the seller, even though it is the listing agent who works for a Broker who signs up the seller.  If the seller wants out of their listing agreement prior to the expiration date of the listing agreement, it is up to the listing agent’s Broker to release them – not the agent. We Brokers know why we do everything in our power to get our agents to hold open houses, or why we charge the desk fees we do, or why we still use newspaper advertising and why some agents are on a 50/50% commission split and others are on a 90/10% commission split, etc. You may be surprised that it not always due to sales volume of the individual agent.  

    We Brokers know the real reasons for everything which goes on behind the scenes in the industry, which the public is mainly clueless about, just as we’re usually clueless about many skeletons in the closets of other industries which our buyers and sellers work in.  

     
  12. You have chosen to ignore posts from ronrsr14. Show ronrsr14's posts

    Re: Frustrated with realtor

    How did  it take so long to get sick of this agent?

    I have to agree with REMaven - mostly they're a waste of time.  The only person who benefits is the broker who sits there and prospects for new customers.  There's so much more to marketing a property well than Open Houses.

    bests,
    -rsr-
    Ron Rothenberg
    Exclusive Buyer Broker
    4Buyers RE
    ronrsr@4buyersre.com
     
  13. You have chosen to ignore posts from Aziara2008. Show Aziara2008's posts

    Re: Frustrated with realtor

    In Response to Re: Frustrated with realtor:
    [QUOTE]www.boston.com/community/persona.html?UID=1f8f18d3cf6c47b320e3fe0be60a1254&plckUserId=1f8f18d3cf6c47b320e3fe0be60a1254 " target="_parent" /> wsmboston asked Broker Mike: “ Are you really a real estate broker”?   Answer: Obviously yes, as I couldn’t write about all the skeletons in the real estate selling closet if I wasn’t a Broker.   I was an agent for many years and have been a Broker for the past several years in the Bay Area. Being a Broker means that I recruit and hire real estate agents. We Brokers also hold the listing contract with the seller, even though it is the listing agent who works for a Broker who signs up the seller.   If the seller wants out of their listing agreement prior to the expiration date of the listing agreement, it is up to the listing agent’s Broker to release them – not the agent. We Brokers know why we do everything in our power to get our agents to hold open houses, or why we charge the desk fees we do, or why we still use newspaper advertising and why some agents are on a 50/50% commission split and others are on a 90/10% commission split, etc. You may be surprised that it not always due to sales volume of the individual agent.   We Brokers know the real reasons for everything which goes on behind the scenes in the industry, which the public is mainly clueless about, just as we’re usually clueless about many skeletons in the closets of other industries which our buyers and sellers work in.  
    Posted by BrokerMike[/QUOTE]
     
  14. You have chosen to ignore posts from Aziara2008. Show Aziara2008's posts

    Re: Frustrated with realtor

    BrokerMike - Are you kidding?  You're a broker in Massachusetts?  Most of the intelligent public can figure out or ask to find answers to all the things you seem to brag about knowing from behind the scenes.  My broker discourages on-going open houses; they are a waste of time for successful listing agents.  And as far as your 3Ps - I'm an active agent, I don't sit back and pray.  I make phone calls to market my listings and keep in touch with all my clients to find buyers; and I use all the techniques I can think of to get my listings in front of other agents with buyers.  I constantly check to see my listings are correctly posted on the various online websites, and craigslist.  Perhaps you should brush up on marketing ideas for the 21st century.
     
  15. You have chosen to ignore posts from BrokerMike. Show BrokerMike's posts

    Re: Frustrated with realtor

    1. I am not a broker in MA. I am a broker in the Bay Area, where my agents AVERAGE listing is $1.75M. What's yours, even in Wellesley or in the City, if you work that area? I have one agent who sells $30M yr. in and yr. out, only selling part time and with 2, sometimes 3, sales. I have other agents doing over $100M and I know quite a few others who do a multiple of that at other agencies.
    2. You are only an agent. Anyone who is not currently in prison has or can very easily get a real estate agent license! Some States have just "upped the requirement to become an Agent" by requiring all agents to have a High School diploma, which is a first.
    3. Craig's List? We use that only for rentals - which my firm does not do - or for homes under $500K, which are only in outlying areas and those we don't service either. Those are for the smaller brokerages - usually the franchise and mom and pop operations, many with dubious reputations.
    Your listings are on various websites? You mean all the default sites which a property is automatically sent to by the MLS? 
    4. One of my agents just spent $40,000 - that's right, $40,000 - to market a home in Portola Valley. Granted, the home was $10M and he split the listing with an associate broker who has been selling for several decades, but in the numbers we play in, what we do and what is expected is not what you're used to.
    5. Another agent I know spends 1% of his commission on marketing the home! Do the math on that one. 
    6. I cruise the "marketing" you do in your area and with the exception of Manhattan, how you market is very last century - with one or two exceptions. It reminds me of the "new collar on an old dog" marketing, which you can easily figure out what it means.
    7. Most of the intelligent public can figure out or ask to find answers to all the things you seem to brag about knowing from behind the scenes. Really? Real estate is an emotional business and agents sell to this emotion and on building superficial relationships. Some do last the passing of time, but most do not, as this business is (nearly always) a SINGLE transaction business, populated by ex-retail clerks or stay at home parents who stumbled into the business. We are not selling to a Fortune 100 corporation, where they would see and deal with us on nearly a daily basis.
     
  16. You have chosen to ignore posts from AgentWest. Show AgentWest's posts

    Re: Frustrated with realtor

    BrokerMike from the Bay Area is TOTALLY CORRECT about the "3 P's of Real Estate Marketing"!

     

    The reason is that it is a joke in our industry and has been used as such in real estate marketing classes for the past several decades. The marketing instructor always uses the "3 P's" as an illustration of the vapid and nearly always embarrassing drivel which passes for "marketing" by real estate agents. 

     

    We've all seen the Xerox copy of a Xerox copy of a MLS print out being used as "marketing" at open houses, rather than the agent using brochures with color pictures - taken by professional photographer - on heavy stock paper. Or the agent using out of focus or too dark pictures taken with their cell phones of million dollar homes, as they are too cheap to hire a pro. 

     

    The reason this will never change is that agents don't get paid until we sell something and since the house may not sell - for multiple reasons - agents don't want to spend their own money, or much of their own money, to sell a home. 

     

    I don't know the statistics, but from my 25 years of selling real estate, of the many, many thousands of agents I've met, only a couple had a marketing degree or had worked as a marketing manager for a respectable company. Most of the agents who had worked in sales prior to real estate had sold cars, insurance, bottled water or retail office supplies. One or two were "heavy hitters" working for a Fortune 1000 company and decided to leave the corporate grind behind, but nearly all of them had no where else to go, so they went into real estate sales.

     

    Marketing is not sales, though I see agents day in and day out confuse the two, usually on purpose, but mainly out of ignorance. Marketing departments are to support the direct or indirect sales force of the company, but since agents are independent contractors and not salaried employees, that duty and cost gets pawned off onto real estate agents, who follow what their broker tells them. 

     

    The problem is that many brokers - who agents work for - started their real estate careers a decade or multiple decades ago and are usually computer illiterate, so all they know about marketing is newspaper ads, postcards and the all important "personal relationship". Craig's List is huge step forward, mainly because it is free and easy to use.

     

    The 3 P’s of Real Estate marketing will always be part and parcel of our industry, as marketing is done by agents and agents are on a budget - their own personal budget - so most “marketing” is on vanity marketing by the agent telling the world how they are Number 1, etc. The seller and the consumer are secondary to needs of the agent.

     

Share