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NCLaker

Home for Sale by Owner Help

34 posts in this topic

12 hours ago, delcecchi said:

The optimum for the agent is a quick sale.  

Simply not true. 

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I guess we will have to disagree on that.  

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You can disagree, but you are wrong.  Feel free to detail why you feel that way, and I'd be happy to consider it, but you seem to be content throwing out one sentence barstool generalizations as you've done throughout this post.    

 

For the last 2-3 years my team has implemented specific strategies to slow things down and keep the houses on the market longer.  These days any knucklehead can sell a house the day it hits the market, but I guarantee they are leaving seller $ on the table.  Doing our jobs properly and maximizing seller net means we need bodies and time, and the ability and confidence to communicate to the sellers exactly why their house may not have the sign and sold sign installed on the same day.  Personally, I'd prefer about 2 weeks on the market if I got to pick.  That gives our online and offline marketing time to work, an open house or two, and plenty of time for other agents to get their people through the door.  

 

I have a case study being published next month where we detailed this exact strategy on a house locally that netted the seller just shy of $25k over their neighbor who accepted the offer the first day their house hit the market.  Exact same house.  Then consider that in the 11 days the house was on the market we picked up two other buyers who have already purchased a home.  Do the math on that $25k extra the seller got, and add in two more sales for $270k and $350k at half your generalized commission rate, and tell me it is in the agents best interest to sell the house quickly.       

Moon Lake Refuge and Big Dave2 like this

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Selling the house quickly allows the agent to devote resources to the next property.   In a situation where there are limited properties then perhaps sitting on them is the best action, but in a situation where there are multiple properties, selling and moving on to the next property is a superior strategy. 

 

My experience is from watching my children putting in money to spiff up a property to enable a faster sale when the did not recover the value of the improvements.  

 

Which improvements produce a net positive return?   Paint and carpet, maybe. 

 

The commission on 25k is 1500 bucks split several ways.   You are telling me that some agent is going to flog the bushes for a few weeks to make an extra couple hundred, when they could be selling another property and making thousands?   

 

 

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15 hours ago, delcecchi said:

Selling the house quickly allows the agent to devote resources to the next property.   In a situation where there are limited properties then perhaps sitting on them is the best action, but in a situation where there are multiple properties, selling and moving on to the next property is a superior strategy. 

 

My experience is from watching my children putting in money to spiff up a property to enable a faster sale when the did not recover the value of the improvements.  

 

Which improvements produce a net positive return?   Paint and carpet, maybe. 

 

The commission on 25k is 1500 bucks split several ways.   You are telling me that some agent is going to flog the bushes for a few weeks to make an extra couple hundred, when they could be selling another property and making thousands?   

 

 

 

My point in the last post is that the (any) agent is actually shorting themselves (big picture) and their seller by the theory of "sell it quickly", which I laid out with the two additional sales that came from not jumping on the first offer.  

 

I definitely understand your points about the time, moving on to the next property, etc, but it just isn't reality for most.  Consider that the average agent sells 3 homes per year, and 90% last less than 2 years in the business.  They literally have no business plan, and certainly no true marketing plan for your house, it is just a futile attempt at their own survival.  Moving on to the next property isn't something they *need* to do (because of lack of time), or even can do.  The top tier of agents have more sales in the pipeline right now than 10 of those average agents will do in their entire career...they are looking for referrals and repeat business, rather than a quick buck.      

 

As far as updates, I hate to be vague, but it's a case by case basis.  Generally, if the carpet is something a buyer is going to need/want to replace before they move in, you'll get a solid return on investment by doing it before listing.  Paint should be in acceptable condition with modern colors, and without defects in the walls.  Most people are going to re-paint their new home regardless of your color choice/condition, so just have it good enough.  Some HGTV'ing of the kitchen and bathroom can be quite inexpensive (DIY), and combined with really good (professional) photography will often sell the buyers on the house before they even get there.

 

Most often I see lack of general maintenance costing sellers a pile of money when it comes to buyer inspection time.  Things that cost less than $20, or are simple DIY (furnace filters, caulk, gutter cleaning, proper routing of sump hoses, proper landscape drainage, etc).  You can very quickly destroy a $x,000 furnace or cause $20k in water damage by being lazy.  

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On 4/19/2017 at 10:08 AM, Lip_Ripper Guy said:

 

My point in the last post is that the (any) agent is actually shorting themselves (big picture) and their seller by the theory of "sell it quickly", which I laid out with the two additional sales that came from not jumping on the first offer.  

 

I definitely understand your points about the time, moving on to the next property, etc, but it just isn't reality for most.  Consider that the average agent sells 3 homes per year, and 90% last less than 2 years in the business.  They literally have no business plan, and certainly no true marketing plan for your house, it is just a futile attempt at their own survival.  Moving on to the next property isn't something they *need* to do (because of lack of time), or even can do.  The top tier of agents have more sales in the pipeline right now than 10 of those average agents will do in their entire career...they are looking for referrals and repeat business, rather than a quick buck.      

 

As far as updates, I hate to be vague, but it's a case by case basis.  Generally, if the carpet is something a buyer is going to need/want to replace before they move in, you'll get a solid return on investment by doing it before listing.  Paint should be in acceptable condition with modern colors, and without defects in the walls.  Most people are going to re-paint their new home regardless of your color choice/condition, so just have it good enough.  Some HGTV'ing of the kitchen and bathroom can be quite inexpensive (DIY), and combined with really good (professional) photography will often sell the buyers on the house before they even get there.

 

Most often I see lack of general maintenance costing sellers a pile of money when it comes to buyer inspection time.  Things that cost less than $20, or are simple DIY (furnace filters, caulk, gutter cleaning, proper routing of sump hoses, proper landscape drainage, etc).  You can very quickly destroy a $x,000 furnace or cause $20k in water damage by being lazy.  

 

I think you and Del are closer to being on the same page than it may seem but Del just likes to argue. ;)

 

After all, he is an expert at......well....everything. :D

 

 

Lip_Ripper Guy likes this

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1 hour ago, Big Dave2 said:

 

I think you and Del are closer to being on the same page than it may seem but Del just likes to argue. ;)

 

After all, he is an expert at......well....everything. :D

 

 

I've seen stuff a few times.  My kids, my parent's house, my aunt's house.  

 

I express my opinion.  

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2 hours ago, Big Dave2 said:

 

I think you and Del are closer to being on the same page than it may seem

 

 

 

Agreed.

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We have bought and sold three houses in the last 5 years.  We use the same agent every time because he took his time and ultimately marketed and sold each of our houses for more than what we were expecting.  Because he didn't just go for the quick sale on each, he got commission on two more houses due to us being so impressed with his work.  I sincerely hope we are in this new house for the rest of our lives, but I can promise you one thing, if we list again it will be with him for taking his time and getting it done right with our best interests in mind.  Alternatively, there is another agent trying to sell my grandmas house, who has done next to nothing and just wants to drop the price every 6 months until it sells.  He will be out of contract in a couple months and will be dropped immediately.  just my :2c:

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