Flipper/Rehabber · Waldorf, MD · Member since 2019 · 11 posts · 16 votes
I have a challenge with my current realtor. My flip property has been on market for 70 days. Since it’s listing it’s drawn 2 site views, over 400 views online. At what point should I consider switching brokers to take on someone possibly more aggressive?
Rental Property Investor · Opelika, AL · Member since 2017 · 113 posts · 93 votes
7y
@Bryan McDonald I'm guessing that is not the normal DOM time for your area? Did you listen to your Realtor's pricing suggestions or is it overpriced? How many showings have there been? Also, what is the listing price is it considered "affordable" housing or is it a "luxury" home that is listed much higher than the average median income could afford?
@Jake Roland. That’s a major concern of mine. My Realtor doesn’t provide much feedback or suggestions. Most of the listing recommendations on where to list have been brought up by my partner and I.
We initiated priced it according to a identical comp which sold on the same street directly across. To become more agreesive I have dropped price twice anticipating an uptick in foot traffic. (Zero)
My Realtor is fairly new also. Am I being impatient here?
I don't believe you are impatient, it will help to ask your agent the right questions - since they are new and may not have the experience to do this proactively yet. How does your property compare, physically, to others being sold in the area? All 3 bed two bath? Two car garages? Do the characteristics line up? How much are they selling for and what are the average days on the market? Also communication is a huge deal. Tell them what you expect. Give them the assignment of gathering the data myself and others I'm sure have mentioned and set a deadline. Can you have this to me by this evening? Tomorrow? It would take me 15 minutes to send that over (in LA market)
Flipper/Rehabber · Indianapolis, IN · Member since 2013 · 61 posts · 43 votes
7y
ugh, 'won't last long' the kiss of death. lol. The photos are terrible (which always makes me extra sad on a flip), duplicate photo angles of the same room are a no no, the writeup is meh. I'm guessing that you negotiated a 'discounted" listing deal with this agent who is new and hungry. If so, now you're paying for it. If not, then you need to turn this around quickly with her; perhaps ask her to have her managing broker step in/advise? (if you want to give her a shot) or do a release and get a new agent. tick-tock tick-tock...
Real Estate Agent · Augusta, GA · Member since 2017 · 83 posts · 46 votes
7y
@Bryan McDonald
The truth of matter when it comes to selling a home is that qualified and motivated buyers that like your home will 1) Find it on Zillow, Realtor, Trulia and send it to their realtor to schedule a showing or 2) their realtor will send it to them if it fits the criteria their client told them (3+/2+ 1500+ in certain part of town under certain price). They’ll schedule a showing if they like it, they’ll make an offer.
The most important things are making sure your property is in the MLS, in which it automatically populates on tons of online sites. Make sure it's attractive (Professional Photography, good updated condition), it's priced competitively and it's available for showings at all times.
Open houses don’t sell homes, email blasts, drone videography (maybe to add to appeal), Social media marketing or anything else doesn’t sell it. Only:
MLS, Zillow, Realtor, Trulia advertisement
Price/concessions
Appearance
Availability
That’s it. The aggressiveness of your Realtor does not matter at all, only when it comes down to how many off-market deals they’re sourcing or how well they negotiate (and even that doesn’t matter sometimes). Don’t believe the hype most Realtors try to sell you. It’s a lie.
Real Estate Agent · Guilford, CT · Member since 2014 · 193 posts · 88 votes
7y
@Bryan McDonald A good realtor will set up a schedule with you to discuss the properties progress. At the listing appointment I recommend a price range and then tell my clients whatever price they choose, we will have a meeting once a week to discuss progress. If we haven't had one or two showings in the first week (depending on level of property - high end properties don't see as much traffic) then we discuss a price drop. My clients also get an open house the weekend after it's listed (and every 3 weeks after) and are put on the brokers open tour the next slot I can get. This gives us plenty of input from the public and brokers to re-assess our marketing plan. Every week we discuss showings and input so we can nail down what our hurdles are.
I had a gorgeous house get 5 showings a week but the input was "No back yard" and "Too many stairs". Both things can't be changed so we knew we'd need to adjust price until people were willing to overlook the 2 problems that other houses didn't face to save a bit of money. When we dropped $10k from the competition we got a buyer.
MAKE SURE YOU HAVE A PROACTIVE REALTOR THAT IS GIVING YOU UPDATES AND SOLUTIONS TO THE PROBLEMS YOU ARE FACING! GOOD LUCK!
Real Estate Broker · Chicago, IL · Member since 2016 · 23 posts · 7 votes
7y
I feel that its always good to confront your realtor and ask him/her what needs to be done to get the home sold. I would ask for a market analysis showing what houses are currently on the market, under contract, and sold in past 3-6 months depending on inventory. I also like to use a 12 month comparable analysis in additional so you can take out seasonality.
It's really hard to say what to do without more data. If your realtor has superb marketing and is working the listing then the listing can be over priced depending how active your market is at this time. If the realtor does not have the following then it might be priced right but the realtor isn't working the listing. You really don't know unless you do your homework and analyze the situation.
Long story short, step 1, ask your realtor for a new game plan and if they don't have a good one that sells you then step 2 find a better broker. When finding a broker its always good to do your research on who does the most sales in your neighborhood. Then meet with them and ask them to show you their listing presentation aka what they will do to sell your home. Also, keep in mind that you pay for what you get. Do not go with a discounted brokerage when selling real estate. Once you find the best broker then keep them for future flips and focus on building that relationship.
In this business its ALL about building relationships and how good your team is.