Feeling Like the Bad News Bears of Real Estate Listings

[bsm3703]

Alright, I wasn't quite sure where to put this post.  I have been in Real Estate for approximately 3 years, but I do it part time, so....in some respects, I'm sort of a newbie.  A lot of Real Estate practices, I have taught myself or learned by watching others so to speak.

I have recently started taking more listings.  During my illustrious 3 year career, I have listed 7 properties and sold NONE!!!  Zippo, Nada and I am staring to feel like I am the Bad News Bears of Real Estate Listings. 

Now, granted, my first listings were overpriced and I made a lot of costly mistakes, but I chalked it up to inexperience and basically not knowing what the heck I was doing.  Of the four listings I have now, one is overpriced as I let the guy talk me into it.  I am looking at letting him go. 
However, the other three are really priced well and look great to boot.  The issue is, is that I am not getting any offers for these homes.  I feel frustrated and sad that these people put their trust in me to sell their homes and I can't seem to do it for them. 

I have re looked at the market for the area, I have redone CMAs just to make absolutely certain that we aren't over priced.  I have asked a Realtor friend to take a look at a couple of them to see if I am missing anything, haven't gotten anything yet on that, (still waiting).  I have previewed other homes and I think mine look great.

What other suggestions to you have for this not so new newbee that I may be missing?  I get so jealous every time some one lists a home and then 20 days later it sells.  I wish I knew what the heck I was doing wrong .   


I just know someone here at SWS can steer me in the right direction !



Thanks all, Brenda

[Jennifer Allan]

Brenda - I've been out of town the last few days and I really do want to get back to you on this... so... stay tuned while I catch up on STUFF!

[bsm3703]

Not a problem.  I was starting to feel a little silly for posting this.  I guess I am just a bit self conscious  . 
By the way, I have purchased the Mega Took Kit and saw the check lists and have gone through those.  I think my biggest issue is my confidence at being able to sell homes.  I didn't/don't have the same issues with Buyers, (although there are issues with them as well ). 
I just mainly feel like perhaps I shouldn't be doing listings.  An example, I listed a Great home, in a Great Neighboorhood which IMO is priced perfectly.  Right in the middle of the comps.  Had a potential offer the NEXT day!  I thought whoohoo!  Guess what, no offer.  It was weird.  One minute the Buyers agent said let's get this done and the next he was like ummm, I don't think we are going to put in an offer.  When I asked what the deal was, I received zippo feedback.  I know about client confidentiality, and I didn't expect anything to be told to me like that.  I just figured the other agent would clue me in about something. 
So that is kind of what I mean.  Great homes, no offers.  Hmmm, shakes up my confidence a little bit  .
Thank you!

Brenda

[Jennifer Allan]

Brenda - I'm really glad you posted this. It's a huge issue in our industry and one I'm passionate about - HOW do you sell those listings once you get them? Too many of "us" don't seem to care, but you do!

Okay, so let's break this down. Your first few listings were admittedly overpriced. So they didn't sell. No mystery there, although I'm adamant that price isn't always the answer to a non-selling listing. However, IF the house is indeed overpriced, and you don't do anything to improve the marketability of the house, it won't sell. Topic for a different day, but that explains at least half of your no=sales, right?

You say above that your current listing is right in the middle of the comps. "Priced Perfectly." Unfortunately, in many markets, that's also overpriced. "Priced Fine" doesn't sell a house when there aren't as many buyers as sellers. UNLESS the house is really really special and blows the competition away (without being priced higher than the competition). For example, a house with a great mountain view, or an extra large yard or a gourmet kitchen in a neighborhood where the other homes don't have these features... if the house is priced in line with the less-fabulous homes, it will sell. But it probably won't sell if it's "just as good as" the other (non-selling) listings.

But it's not all about price. Condition and accessibility also play a big part in whether or not a house will sell.

I'm putting together a little workbook on analyzing your non-selling listings - a step-by-step process to figuring out what the heck the problem is. Could be something simple or it might be something more complicated, but there IS a problem. I've had so many emails on this issue lately, I really should put this project back on the front-burner!

Anyway, of your current listings... play detective with them (which you've already done to some degree) and see if you can figure out why they aren't moving (outside of price). Are other houses in the neighborhood moving? Are you getting showings? Would you show these homes to your buyers? Stuff like that...

[bsm3703]

So, I wanted to give a little bit of an update.  Two of my listings have gone under contract.  Finally!! 
Apparently, I need to learn to exercise a bit of patience....go figure . 

One of the listings, turns out the problem was my seller.  I knew this, but kept at it anyway.  She declined 7 showings in an otherwise tough market, because she "has a life" and will not disrupt it to sell her home.  However, she must sell by 1 June and I need to work harder to make that happen, (her words, not mine) !  Not to mention, she has bright paint colors and a terrible crown molding issue that she will not spend any money to fix.  Well, the good Lord has sent me a buyer for this home and I am praying it works out.  Home is under option.

Another of my listings that is now pending was GREAT!!  The perfect buyers came for the home and I can certainly say that my seller was the PERFECT seller.  Did everything that was asked.  Showed her home all the time.  Left when they came to show.  Listened to ALL my advice!!  She was fantastic.  I was just having doubts about myself and my abilities, but as I said above, I just need to learn patience.  As long as I market my listings properly, price them right and present the home as a show piece, if it is meant to be, the buyer will buy !

 I have two more listings to sell.  I am pretty sure one of them won't because he is priced too high and I, like a fool let the man talk me into it.  Now, he refuses the drop the price...so...I will probably have to let that one expire.  The other is another great listing and if I just remain patient...I bet it will happen!  Thanks for the encouraging words Jennifer and I will be looking forward to that handly little booklet you will be making!

[arjlyn06]

Being a good real estate broker is not as easy as other source of income, especially if it is just your part time. There are actually two kinds of real estate agents- the residential and the commercial agents. Whatever your kind is, you just have to focus on your job and have lots and lots of self confidence because you will be socializing with lots of people.

[Bill Saunders]

It is so hard to sell a property that is difficult to show (and I have more than 2 myself). Yes, the seller has a life, but part of that life is to sell their home (this is a TEAM effort, NOT just the agent's job...it is exactly like expecting a school to be the only source of education and upbringing for children, but that's a loooong subject ). If sellers aren't cooperative, or cannot be cooperative due to situations beyond their control, I wouldn't waste a ton of resources on it. Keep it listed if you need to, but it will be an energy vampire for you, as you have indicated.

 Even a 2 hour notice means missed opportunity(ies). There IS a buyer for every property. The seller needs to open up and smooth the way to get people inside. There is NO replacement for actually standing inside the home...that is the only way a potential buyer will get the feel. Doesn't matter how great your marketing is, how wonderful your pictures are, even if you are as good as Rockin' Kim at writing copy, etc. If they can't stand in the home (unless they are investment/flip oriented), it's going to be very difficult IMHO. And it is NOT your fault...it IS your fault if you stick your head in the sand (like I have done occasionally) and let them have their way without voicing your opinion (and I do it in writing now as part of scheduled feedback).

One of the wonderful things about this forum, is that we try to help one another, and that is the spirit in which all of this is done... where are the rest of you guys?? Think of all the collective experience here in the membership, newish or more seasoned... come on, guys... . Luv 2 all...