What communication to expect from listing realtor

Question

Happy Saturday!  I'm wondering what I should expect in terms of communication from a realtor listing a house for us.  And if you're a realtor, what do you think is normal/average/better than average.  By that I mostly mean how much communication.  How often - weekly for example?  And what would you communicate about - besides the obvious if an offer comes in.  For example, feedback, possible interest, etc.

Christopher Phillips · Answer

@Kathryn Bowden

Days on market is around 98 days for Brookings. So, 2 weeks in you should be okay.

In a town of 6,526 people, Brookings isn't "super" small. Trulia says there are 221 resale and new homes available.

So, you do have some competition. You should speak with your agent about next steps just to be prepared.

Only about 1% of homes are bought at open houses. So, it might not be worth the trouble. However, holding the open house can also help with the web traffic on the search sites. So, it's more of a marketing tool.

Christopher Phillips · Answer

@Kathryn Bowden

Did you get feedback from the agent on the open house/tours? Most agents are sending out email surveys theses days.

Has your agent contacted all the previously interested parties? Many don't.

I realize sometimes it's not easy to capture buyer information at open houses, but anyone that came in with an agent and left a business card should be contacted to see if they are still interested. Anyone that scheduled a private tour with an agent should be contacted.

If you had two offers, has the agent contacted the 2nd offer?

Sometimes people make full priced offers without seeing the property but they are just tying up things before someone else can see it.

Here's the issue you are going to have... Whenever a seller accepts an offer and it falls through, even if it's the fault of the buyer, then other potential buyers will think something is wrong with the house. I get that type of question from buyers all the time. So, it's important to keep showing and selling the property and be transparent with the other agents.

If you go another week without an offer, you need to start thinking about either holding another open house or lowering the price. The price change will re-position the house in the search engines and get people to interested again.

Christopher Phillips · Answer

@Kathryn Bowden

It's up to you. A summary once per week is usually fine for some people. Others want it daily.

You can ask for daily or weekly reporting (# calls, #tours, traffic at open houses, tour feedback, internet ad views, etc.)

Kathryn Bowden · Answer

@Christopher Phillips, all good advice.  I believe she has contacted everybody.  And on that second initial offer, we have left it that they will visit and then make another offer assuming the place was still available.  On that offer we accepted, we did not list it as pending and still showed the place.  Though I did wonder if that may have deterred another possible offer when a realtor or two inquired for clients in the interim.  I don't believe we've had an open house though - or I would think I would know about it!  This is a very small town, I don't know if there would be a different rule of thumb on open houses here, but doesn't seem like I see them like I did in the big city.  So you would consider lowering the price within 3-4 weeks?  Again on the small town thing - we had gone into this considering 30-45 days under contract would be good.  Things just don't move as fast here.  Your advice is helpful on what statistics/info I should specifically ask for.

Christopher Phillips · Answer

@Kathryn Bowden

oops. meant to type 3-4 week phase.

Kathryn Bowden · Answer

@Christopher Phillips, what is a 3-4 phase?  Showings were terrific in the first week, with a lot of interest.  This is a small town where the market is fairly strong, but nothing like you expect in the cities.  We received two full price offers in the first 12 hours, though both were contingent upon a visit as they were from out of the area.  The one we chose ended up falling through.  There are supposedly a few people out there that may make an offer, but they have not yet materialized.  So we feel like we could see an offer any time, but I feel like it's been very silent in the last week.  On Thursday the realtor said it was quite in last several days, but she said it had been in general in town.  I'm not sure if I'm just being impatient, but it is very important for me to always feel in the loop and informed.  For example, I had heard of a couple of interested parties only because I asked and felt a little surprised.

Christopher Phillips · Answer

@Kathryn Bowden

If no real updates, you're coming into the 3-4 phase when it's time to rethink the sales strategy.

How have the showings been going? Much traffic?

Kathryn Bowden · Answer

@Christopher Phillips, I guess I'm feeling like I'll be lucky to get a once a week update, which me would be a bare minimum of acceptable, just in terms of what I would want or am used to.  Our place has only been listed for two weeks though.

What communication to expect from listing realtor

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