My client decided to stop by and take a look a property that had an open house located in the Cupertino Casa De Anza townhouse development within the highly desired Monta Vista High School district. The listing agent told my client that the only way she could make an offer on this property was if my client made an offer with him or with an agent that works for this large real estate company (won’t name the name but rhymes with the name of a gas station). Fortunately for me, my clients are very loyal though this tactic didn’t surprise me. What did surprise me was that the seller chose to make the listing an exclusive listing and to pay a commission only to agents within their franchise.
Is this really the best listing strategy for the seller?
used the Internet to search for a home)
The seller bought the Cupertino townhouse in June 2008 for $650,000 ($20k over the asking price). Now, in a much slower market and in less than a year, they are asking $675,000. Do you sense the motivation?
I ask again, is this really the best listing strategy for the seller?
Would love to hear your comments below…
At my recent open house in downtown Mountain View, I was recently chatting with a real estate agent that earlier this year had been interested in joining my team, and she surprised me. I happened to ask whether she prepared brokers open houses for her two Mountain View listings, and she said, “What’s that?” Her answer was another reminder that not all real estate agents are the same.
A “brokers open,” as we Realtors call them, is an open house exclusively for brokers that takes place right after a home is listed but usually before buyers see the property. Brokers opens are an important first step in selling a home because they not only generate interest for a listing within the Realtor community, they’re also a great way to get feedback on listings.
Of course, brokers opens are useless unless brokers attend. I always have catered food at my brokers opens because the rumors are true—Realtors are always hungry, and they love free stuff. Sounds funny, but it works. I recently held a broker’s open in a great neighborhood in Mountain View bordering Los Altos area, and 30 agents come by. At another in a great downtown Mountain View location, 20 agents stopped in. And at a broker’s open in Sunnyvale, 10 agents attended. Those stats say something about which Silicon Valley markets are most active. Mountain View and Los Altos aren’t too affected by the economy, but some areas of Sunnyvale is seeing a slight slowdown in activity today.
The Washington Post has a great article commenting on how during a real estate downturn, the focus for selling homes shifts back to traditional marketing to brokers and real estate agents Dark Water on dvd
Once they’re there, real estate agents’ feedback at the brokers open house can be very helpful. I always ask, “What would you recommend with this listing?” I’ve had brokers suggest that I stage a certain room and even mention that the bathroom smelled funny (That was particularly helpful since I don’t have a great sense of smell).
I don’t change my marketing based on every suggestion. But if I get several remarks on an issue, it’s probably something I need to address. For example, if a few brokers tell me I’ve priced the property well, that reinforces my confidence. But if three or four tell me the listing is overpriced, I’ll discuss those comments with my sellers. avodart vs flomax
—It’s inevitable that you’ll chat with potential buyers, and in being friendly you may unwittingly reveal something that diminishes your negotiating power. Just saying your spouse got a new job and you can’t wait to relocate gives buyers negotiating leverage. Also, you may say something that seems innocent but violates the law—such as the Fair Housing Act—and gets you into hot water.
—When it’s your own dirt, it’s one thing. No one wants to move in and share space with someone else’s. Enough said.
Flight of Fury divx —You want people to come in to see the house and fall in love. If there’s a flier available, they may just grab it and run. Then you’ve missed a chance at a love connection.
—Getting advice and feedback from local agents during a brokers open house is priceless. Some typical questions to ask agents that come by are, “What do you think about the pricing?” and “How do you think it shows?”
—Need I say more?