BiggerPockets

Some areas are extremely difficult to sell retail because of competition from REO properties. Other areas are not a problem if you price it right. Where is the property located?

:cool:

Yes, Listings are much more costly to an agent than working with a buyer. The marketing cost is much more than the general public give us credit for.

Why would you want to only deal with buyers? Well, that is simple. Before you ever show a single home to a buyer, you get them pre-qualified for a mortgage. So, you know that they can purchase a home.

Right now, many people are needing to sell. This means that there are much more sellers on the than buyers. So, if you have a qualified buyer you have a much higher chance of making a deal happen.

If you can hold/rent the proerty until the market starts to turn, you will get more for your home. As Richard said, with all of the Foreclosures on the market right now, it is very hard to pull a retail price.

Originally posted by Blaine Wimberly

Listings are much more costly to an agent than working with a buyer. The marketing cost is much more than the general public give us credit for.

I did not understand that until I heard it from the agents I interviewed. Several sent me a list of steps they take to advertise and sell a property. THEN I realized there was much more to it than a seller signing a listing agreememt, and an agent submitting it to the multiple listing agency. People DO NOT know. I didn't. After having read that, I don't know that I do even now. :roll:

If you can hold/rent the property until the market starts to turn, you will get more for your home. As Richard said, with all of the Foreclosures on the market right now, it is very hard to pull a retail price.

I do not have to sell that house now, but I really want to. Would be doing a range listing, 1031. There are foreclosures in the area of course, but also some not reos. If it doesn't sell, I have alternatives. But, my timing is bad. I terminated a good tenant in August because he didn't want to sign a short term lease.

Find another agent, price it right given local conditions, and you should be able to move it.

Yes. The interviews turned up 3 others that I could work with, one of which has the experience and is willing to do lots of written low ball offers. I hope to trade one for two.
ofgift

While it is true that listings cost money to market properly, I will not turn one down IF it is priced properly. The cost of marketing is a part of the business. If the agent cannot afford to list because of marketing expenses, can they afford to be in the business? Or are they going to be in the business for much longer anyway? You list to last.

I agree with Blaine, I spend about $1000.00 on every listing before it ever hits the market. In my market, Charlotte, NC, we are seeing more properties come on the market than ever before. Even if you have your home priced right there are usually 10 more that are in the similiar condition,price and location. I have been in the business for 11 years and do not agree with Mark

Originally posted by Mark Brian

While it is true that listings cost money to market properly, I will not turn one down IF it is priced properly. The cost of marketing is a part of the business. If the agent cannot afford to list because of marketing expenses, can they afford to be in the business? Or are they going to be in the business for much longer anyway? You list to last.

about if someone should be in the business if they cannot afford the marketing. It should be a sound business decesion if you decide to take a listing. You do list to last in this business but I am turning down 3 to 5 listing a week because I do not feel I can market them and get them sold in a reasonable amount of time. So it has given me the opportunity to "cherry pick" the best listings and spend my money on properties that make me money.

Just my thoughts.

Jon, where are you spending $1000 before the property hits the market? I understand you are in commercial, and not usually dealing with residential like the original poster was referring to. Or maybe because I do alot of things myself, I do not have these costs.

If a property is priced right, it means it does not matter how many other properties are priced in the same range. Priced right refers to price versus condition, location, curb appeal, local market conditions, etc, etc. What do the other properties in that price range offer to a buyer that the subject property does not and vice versa.

I have heard many old agents say they turn down listings. But this goes against what I what I was taught by a retired broker and family friend that owned his own highly successful real estate company in the Upstate for over 40 years before retiring. I talked for many hours to him when I first got into the business and so far it has worked for me.

List to last. Period. If you cannot take on marketing a property because you are scared of the competition in that price range, then it is not priced right. List to last does not mean listing anything you can at any price, just to get the listing.

Maybe the friend/agent did not have the heart to tell you your price is too high for the market. Or they are like many agents in todays market-hurting and unable to afford to keep up the marketing they did in the past. I have seen it in my market, some companies are not advertising like they used to.

But why are we not suggesting you also check out the other forums here on BP on creative methods you could use to make extra money selling the home. Plus it gives you a leg up on the competition by offering financing to more potential buyers.

If your realtor does not want to list, they are not willing to try. Approach is the key to the market right now, and either your realtor is lazy or sucks at his/her job. A qualified realtor would never turn down a listing...

Over priced listings are a waste of time and money for the agent. There's no other way to say it.

If a potential seller wants to list with me I show them the sold comps and the active competition. If they want to be on the mark by pricing it to be competitive, I'll take the listing. Otherwise, I simply tell them "no thanks" and politely ask they call me back when their asking price is more in line with the comps and active competition.

It's in Tucson. And _I_ didn't choose the price range, SHE did, and still refused to list!
LOL.
I talked to a few other agents, and most suggested the same price range.
I'm preparing to do a sale on it myself, using most of the strategies of a "5 Day Sale"
In fact, I finally got an ad onto one site this morning, and hope to get it on others over the next few days.
I hope to have notice of it on BP by Friday.

I'm tweaking the technique a bit: advertising it for about 3 weeks, rather than 5 days, advertising it nationwide, rather than just the local area (we do get snow birds), and offering separate inspection periods for people with EI/MCS, because of their needs.
Otherwise the sale will be the same for everybody.
Interested People out of the area will get emailed a file with all the paperwork and photos the Sat of the inspection date. Those folks can call or email a bid, and that name will go on the bid sheet along with everyone else's, for the round robin bidding on Sunday night.
Ofgift