Redfin- can they handle a $1M listing?

Question

House (in Brookhaven) has been on the market 26 days, and the open house last Saturday had ZERO shows along w/ ZERO tours in the last 14 days. I'm concerned b/c of the lower commission w/ redfin, the agent is merely relying on the website and not doing anything to generate leads. Heck, I'd generate leads if I knew how. The only other option I know of is to cut bait and go with another real estate company. Thoughts/suggestions?

Details: 1.2M asking, 4,300 sq. ft, 3bd/3.5 bath in great neighborhood.

Details: 1.2M asking, 4,300 sq. ft, 3bd/3.5 bath in great neighborhood.

Dan H. · Answer

I am assuming a $1.2m price is a luxury home (in the area I live it would be a starter home).   In my market luxury homes are harder to sell and sit on market longer than more median homes or starter homes.  The open houses have lower rate of attenance.

Using your terminology, So I question if you are comparing Gucci criteria (DOM, attendees yo open house, inquiries, viewings) to Walmart criteria?  An acquaintance recently sold a beautiful home.   It took 9 months.   Entry level homes were selling in about 2 months.   But she ended up getting close to her $3.5m asking price.   There are less buyers qualified to buy Gucci than Walmart.

it is possible that your biggest issue is your expectations.  I would try to determine what is average and median DOM for a $1.2m property in your market.  See if you expectations are accurate.

good luck

Josh Bowser · Answer

Scott - buyer's agents do not want to deal with the discount brokerages (Redfin, Opendoor, Entera, Mainstay, 1% list, Beycome ect) or FSBOs (even if listed by brokerage where the seller is the point of contact). The service sucks, it takes days to hear back, you can't get anyone on the phone, and most of the time the seller's are overpriced. There is a stigma about that sellers that list with these services as well - particularly in this market.

Michael Dumler · Answer

@Scott R., Based on the property criteria and filters you provided, I searched the listing on FMLS but wasn’t able to locate it. If the details you shared are accurate, this might be the root of the issue. Some listing agents choose to market properties only on GAMLS to avoid paying FMLS fees. I recommend reviewing the Exclusive Seller Brokerage Agreement you signed—specifically section 3—to see whether FMLS marketing is included. Many agents, myself included, prefer to search properties on FMLS over GAMLS, which could be why the listing isn't showing up in certain searches and isn't generating the traction/activity you desire. Very curious to know if this is the issue. Let me know.

Chris Seveney · Answer

What is the average days on market?

Did you review the comps to see if it is priced right.

Tough to tell but as many say - you get what you paid for and in a market that was on fire yes you could get away with 1% commission as properties were flying off the market - real estate is shifting and shifting pretty quickly - now there are not 10 buyers lined up so I would ask the agent "what are you doing to market this"

If you were paying 3% I would expect it to be in some local ads online and paper copies and spending money on marketing. At 1% you are not going to get that.

Ying Tang · Answer

@Scott R. I looked up the listing and it seems to be a very nice house. However, I do have a concern with the property. It is a house over 4000 sqft, but there are only 3 bedrooms. Are there any offices that can be used as a bedroom? It's not written on the listing so I don't know. When I do my primary house search, I put "over 4000 sqft" and "4+ bedrooms" in my search criteria, as I want larger house as well as more rooms. I would think that most people with a large family would appreciate more rooms, definitely more than 3. But I don't know if that's the same case for people just want a luxurious living. If there are more rooms can be used as bedrooms, I would definitely write that in the listing. Also, I noticed a lot of pictures of the exterior, than the details of the interior. It's a great exterior I have to admit, but as a house buyer, I would appreciate more pictures for interior.

Scott R. · Answer

Hi Ying! Thx for your suggestion. I agree, and I'm going to talk to the agent about listing the basement as a 4th bedroom option.

Michael Dumler · Answer

@Scott R., Confirmed—my initial search was within the City of Brookhaven, but it looks like the subject property falls under an Atlanta ZIP code. You're all set regarding active FMLS status and visibility in the search.

Russell Brazil · Answer

I looked up your listing. There is definitely things Id have done differently in the listing. Ask questions on their strategy for selling. The reality though, is Redfin typically just puts it on the MLS and doesnt have a strategy to sell.

Scott R. · Answer

Hi Chris, thanks for your reply, especially w/ regard to what to ask the agent. Avg. days on market in Atlanta is 45 days. I'm not sure how to specifically see days on market on Redfin. In fact, I'm curious if I'm able to see avg. house PRICE listing on Redfin, or specifically, what percent of their listings are above $1M b/c I'm getting the feeling I have a Gucci product for sale in Walmart. I'd add that on Zillow, the public listing says it's likely to sell faster than 96% of properties.

I've gone over a lot of comps to get to 1.2M and from feedback both from my general contractor (spent a year remodeling it!) and the listing agent. It's priced fair, not over, not under.

Redfin- can they handle a $1M listing?

Most Popular Reply