What Does a Seller Really Want?

 What Does a Seller Really Want?

 To sell their house for the best possible price and keep as much of the sales price as possible.

 One of the first questions that comes up with a  potential client is commission rate. There’s a belief- getting an agent to agree to a lower commission is always good for the seller.

Why agree to a  full commission rate?  After all, if the agent gets less, that means the seller gets more, right? Not necessarily!

What Does a Seller Really Want?

 To sell their house for the best possible price and keep as much of the sales price as possible.

That’s obvious. But how do you get the best possible price? By getting as many agents as possible to show and promote your house. And what makes an agent want to show your house? A well priced house, in good condition and a fair commission.

     (I know the agents reading this don't look at or think this way.)

 

So, if you were an agent with a choice of comparable homes  that were right for your buyerl... and one listing promised you a higher commission, and another substantially less, which one  might you take your buyers to?  Right – the one with the higher commission and which one might you skip if there was limited time?

 

       I repeat.." I know the agents reading this don't look at or think this way."

That makes sense for the Realtor ®, but what about the seller? Here’s a true story that says it all:

Many years ago, a client of mine decided to sell his home without the help of an agent. This is known as a FSBO, For Sale By Owner or an unrepresented seller.

 

His wife wanted me as their agent, but he was determined to do it on his own. Not surprisingly, nothing happened.  After a while with no action, the husband decided to take on an agent, one with a reduced fee.

He bargained hard and got a rock-bottom rate. And again, nothing happened…no sign, no advertising, no calls, and no showings. Finally, as their anniversary approached, his wife put her foot down. Her wish for an anniversary gift  “I want to sell my home with Margaret Rome.”  He had no choice but to hire me!

It actually took longer to list his home than to sell it. He had so many questions but when satisfied with my answers... signed with a bit of reluctance.

 

And then things started to happen. We talked about what they wanted to net out of the property, compared  other houses on the market as well as those sold.  We listed it at a price higher than the low cost agent had, but with a  full  commission.

 

Things started to happen when the house hit the Multiple Listing Service, signage was in place, and  I was making appointments.

 

Within the very first week, we had a full-price contract. The house, that wouldn’t sell as a FSBO or as a reduced service commission, suddenly became attractive to other real estate agents who were pleased to bring a buyer and to receive a fair commission.

Like they say, you really do get what you pay for!

 

What Does a Seller Really Want?

Yes I Still Make My Own Appointments!

Yes I Still Make My Own Appointments!
One reason....  It is my way of servicing my clients and staying in touch.

                                                          

Had an agent email me at 1:00 AM wanting to show one of my listings at 10AM, this same day!

When I checked the email...it was still  too early to call the seller. Before 8:00 am the agent calls, asking for the 10:00 AM showing.

I was able to reach the seller but could not arrange the showing until 12noon. That was not acceptable to this agent. "I have lot of  showings."

Out of curiosity, I asked how many. To my surprise...she said, " twenty". So today she will only show 19!

If this property was on central showings, neither the email or the phone would have been answered.

We have to be flexible..there are real people living in the homes I represent.
Some agents feel that properties need to be on a   Lockbox...and available 24/7.  We are NOT talking about vacant homes!

If an agent is showing 19 homes and has a very narrow window and doesn't  make her needs known until the last minute...yes the house may not be shown.
Common sense prevails....but common sense is not so common.
Yes I Still Make My Own Appointments!

                                                                      +++++++++++++++++
To search the MLS  either to buy a home or to keep an eye on your own neighborhood, I have made it easy to sign up and search the Multiple List System for All Active Maryland Listings  

It is...Like Having Your Own Electronic Agent! You can find all the active listings in Maryland plus the five surrounding states.        
Try it... a Free Service From HomeRome!
Search the MLS just like Realtors®    

Click to search All Active Maryland Listings
You can narrow the search down to number of bedrooms, lot size, price range, zip code, etc. Be sure to sign up with your email address to ensure daily updates of properties. These emails will include photos, address and price of the listed homes. This is a free service to make finding your special Baltimore home easier. I am available to answer any questions or concerns. mrome@HomeRome.com 410-530-2400

A Last Minute Appointment! To Show Or Not To Show!

 A Last Minute Appointment! To Show Or Not To Show!  

 If you have been following me, you know that I always make my own appointments.

This evening at 5:29 I receive a call from an agent requesting a showing for one of my listings.  No problem, what day and time would you like to make this appointment? 

The agent and the buyers are in front of the house and want to see it NOW!

Whoa! My delightful seller has two young children and may be in the middle of dinner and everything else that goes along with taking care of a family of four.

I ask the agent how much time can you give us?

While she is checking with her buyers...I have my seller on the other phone...saying "No Way, the house is not even close to showing condition."

The buyer's agent says they can give us 20 minutes. The agent apologized stating that she pulled the wrong listing and this is the house the buyers really want to see. Very legitimate explanation. 

So how do I advise my client who is an immaculate housekeeper and takes such pride in her home? She wanted to make a good impression.

    

TO SHOW

 OR NOT

TO  SHOW

So  I said..

''They may not make an offer if the house is not tidy....

However, they definitely will not make an offer if they don't see it!''

The house was shown and a call 15 minutes later from the agent thanking us for making it happen.

When I ask..'Do you have any questions?'  Her reply ...THEY LOVE IT!!

A Last Minute Appointment! To Show Or Not To Show!

I am emailing the disclosures right now. Stay tuned...

Automated Showings and Automated Follow-up? No Thanks! I Make My Own!

Automated Showings and Automated Follow-up? No Thanks! I Make My Own!

Last weekend I had a really good reminder of why I make my own appointments and do my own follow-up. Here's what happened.

I made an appointment with the showing desk of a large brokerage for Saturday at 2:00 pm. At the appointed time, we went and spent an hour or so at the property with the buyers and some family members. As we were leaving the seller came home, and the buyers and seller had a very nice conversation about the home, the neighborhood, some repairs that had been made, complimenting the seller on his care of property, and so forth.

On Sunday, the agent called me for feedback, and I requested the Seller Disclosures (which have to be submitted with any offer), and made an appointment directly with the agent for a 4:00 p.m. showing that afternoon.

Later on that same Sunday I got an email from the automated follow-up system asking for feedback on Saturday’s showing. I responded by email with "Please send me disclosures" even though I had already requested them by phone from agent.

In the afternoon we spent a couple hours at the property with the buyers - they brought friends this time - from 4:00 p.m. until it was so dark we had to go into the kitchen for some light. There was lots of discussion: Do we make an offer, what to offer, speaking with a lender, inclusions, settlement date, EMD, inspections etc., all pertinent information to writing an offer. Meanwhile, we were still waiting for disclosures.

The next morning, Monday, I received an automated confirmation for showing the house on Monday at 4:00 p.m. Nope, the showing already happened on Sunday! Once again I emailed the office and told them I was still waiting for the disclosures and had an offer to present.

Monday at 4:09 p.m. I got a phone call from the agent – the property is sold! The seller signed the contract 20 minutes ago, and "I guess you are at the house now." Um…not really…that was yesterday!

Less than half an hour later at 4:31 p.m. I got an email thanking me for showing at 4:00 today…and saying, "We would appreciate some feedback." Here is the feedback I sent:

"John, as you know I made two appointments, asked for disclosures twice, once from you, showed the property both times on Saturday and Sunday. Was asked by email twice and a call from you, the listing agent, for feedback. Wrote an offer, while still waiting for disclosures, and got a call from you yesterday stating that the property was sold.

Today I am being asked again what our opinion is.

How do you think I should answer? Wonder what the seller's opinion is? There must be a better system!"

Talk about wasted weekend time and not just mine, but the buyers', the buyers' parents', the lender, not to mention the emotional time spent for first time buyers.

Yes, I do, make all my own appointments, and this is a really good example of why I will not trust my clients and my business to an automated system!

Automated Showings and Automated Follow-up? No Thanks! I Make My Own!

It's Not Lockboxes...It's How Agents Use Them!

There's been a lot of discussion lately about the use of lockboxes, and whether it's a good thing or not. The back and forth among agents illustrates exactly why I wrote Real Estate the Rome Way. Two people - one an agent, one a trainer - approached the subject of lockboxes and showings from different perspectives and came to different conclusions about whether we should use them or not.

I am not at all opposed to the lockbox, in fact many of my listings have them. However, that does not mean there is a blanket invitation at ANY and ALL times to have access. You will not see "lockbox, show anytime" on any of my listings. That is NOT how you represent your seller.

I make my own appointments – I've written about this before (Appointments or Disappointments?), more than once (Appointments...Part 2).

As a listing agent, I need to do what is best for my clients. There are so many special situations that require me to be at a showing: the elderly, the frail, those with young children, family illness, special pet situations, caretakers, sellers who works and sleeps irregular shifts and many more.

Sure if all my homes were vacant, were short sales, or the owners were touring Europe for the year, it would be easy to slap a lockbox on and keep on going. But I list with real live people not properties. Buyer's agents call and speak to me. I answer my phone, I make appointments, I represent my sellers!

Why are expensive homes treated with listing agent's showings? Do only the wealthy get the "right" representation? Why not a lock box on these so-called exclusive listings, too? Sorry, but all my sellers are very special, and deserve the The Rome Way.