“I’m totally stressed out because we’ve been on the market for 8 weeks and we haven’t even had an offer”.
This was what a lady calling in last week said to me as she was complaining about her Brentwood Real Estate Agent who led her to believe that she would have multiple offers after the first week.
She proceeded to say, “I’m really upset and want to fire my agent”.
After listening to her until sounding exhausted, she took a deep breath allowing me to say, “tell me what you think your agent should be doing that she has not?”
Her answer as expected was, “I have no idea?”
After speaking further, I learned that her Brentwood Real Estate Agent had not been communicating regularly with her, had not kept her informed about 3 recent new listings within a ¼ mile radius of her home, and had not informed her of two recent price reductions of homes similar to hers, putting her home at the highest price per foot among the 4 properties for sale in the neighborhood.
This Brentwood Real Estate Agent had been delegating the open houses to a new agent with less experience and not even personally reporting feedback from the open houses or the few but recent showings by appointment. In fact, the Brentwood Listing Agent had vanished, using a lock box for showings and never even scheduling a follow up caravan or twilight open house for agents who may have missed the first broker’s preview.
The open house signs being used were tattered and should have been long ago trashed. The level of care was obviously low priority, (not really very surprising), given that this Brentwood Listing Agent specializes in selling estate properties in the range above 4 million, with this home not even one third that price.
Surprisingly, one would think a Professional Brentwood Listing Agent selling $4 to $6 million-dollar properties would employee an outstanding photographer and videographer, but in this case the photos were substandard and at best, mediocre.
I never knock my competitors but here is a case that blatantly, the listing agent is at fault. Asking how the owner made contact with her Brentwood Listing Agent, I learned the agent had come recommended from a colleague at work who had owned and sold an estate property with the agent quite successfully, but in retrospect maybe slightly below the true market value.
Common sense tells me, that anyone can sell a property below value, but why would you hire a Brentwood Listing Agent to do that?
On the other hand, it is not always the agent’s fault. Sometimes an agent is very up front, and the owner just gets stubborn about starting overpriced, or not getting their home in showable condition.
An owner might be defensive or unwilling to acknowledge and price accordingly, making adjustments for things such as:
A poor floor plan
Lack of usable yard
Dysfunctional kitchen
Old and undersized bathrooms
Or lack of a master suite
Perhaps the home is on a busy traveled street, near a freeway, or backing to a three-story apartment building. Did the homeowner agree to make an adequate price adjustment for these things?
Perhaps they came to the market overpriced and then waited too long to reduce or reduced too little and then needed to do a second price reduction to cover the first two mistakes they made.
By then the home becomes stale and everyone starts to keep their distance, thinking there must be something wrong with the house. Maybe interest rates started jumping the week you came on the market or a big stock market blip followed just days after coming on the market.
That would be unfortunate timing, but things happen, and you never know when we may have an unexpected earthquake, or a Wall Street shake up. Not every house has multiple offers or sells in the first 10 days, but my advice is to do your homework in advance and find yourself an outstanding Brentwood Listing Agent.
Here are some additional guidelines to keep in mind:
Interview for a top Brentwood Listing Agent with experience in your neighborhood and in your price range.
Review all comparable sales and be realistic about how your property stacks up to the comparables, making proper adjustments to condition, floor place, upgrades, and location.
Price your home competitively.
Review every new listing, price reduction and sale nearby and stay totally informed.
Communicate regularly with your Brentwood Real Estate Agent.
Have a cancellation/escape clause in your contract if your agent fails to adequately perform.
Take your time making decisions and don’t allow yourself to be pushed.
Follow your intuition, because your intuition is generally right.
For further information or feedback, email me at ron@ronwynn.com