Did you ever go into a Atlanta neighborhood where you think the prices are astronomical, and yet when you check the listings for Actives everything is either "Under Contract or "Pending Sale" except one listing? The listing that hasn't sold seems to be priced right, clean, has OK curb appeal but it is listed for sale month after month? When you finally get into the home, everything seems in order, nothing spectacular but priced right! It may even be priced way below market. A few months pass, and now you see more major price reductions, the Atlanta MLS has a note that says "Seller Desperate!" "Bring All Offers!" And for the life of you cannot figure out why?
Co-oping agents can tell you why it hasn't sold. More often than not the listing agents' calls go unanswered for days. Seller's property disclosures or plats, condo docs or HOA covenants Rules and Restrictions are not faxed after repeated request from other agents. Whatever happened to "time is of the essence" or providing enough information to a potential buyer that has narrowed the search to two homes! Except they never get the answers from the part time agent! Perhaps the flier box outside the home has been empty for several weeks, and there are piles of agents previewing cards left all over the kitchen counter. Sound familiar? To full time real estate professionals it is all too familiar. The real estate industry has become a haven for extra income, and real estate fantasy. Disney money, vacation money, and a few dollars for the extras in life! It is very unfortunate that real estate viewed by many as the EZ way to riches... but what about working for the results? What about trust? The reality is the agent is working, but just not in real estate. They are working a full time 9-5 job and dabbling in real estate. Phone calls will be returned after 5 PM. Unfortunately, the seller chose the agent because the listing agent lives in their subdivision, is on their tennis team, and makes a mean margarita! Wow what a concept!
So when the home languishes on the market for a half a year or longer, and the only activity is price reductions and excuses...who is a seller to blame? They need not look further than themselves! They have entrusted an agent with the largest amount of money they will ever invest without qualifying the person for any business acumen! Consequently there is no accountability to perform and sell the home. Nada! The friend need not perform or demonstrate experience, abilities, or provide any testimonials that will assure the home seller that they are hiring a professional, and they are in good hands. The seller has given their friend a "Pass GO" and "Get out of Jail FREE! card! So just because your neighbor has a real estate license it doesn't mean they've ever sold a single property, or that they have any marketing abilities. Atlanta home sellers should think twice before they list with a friend...unless the friend is willing to pay the mortgage for all the months the home goes unsold! With friends like this, who needs enemies?
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Hi Jim - good points made about hiring only full-time agents. I have tried to work with agents who have another full-time job and cannot answer calls until after 5-530pm. It is tedious at best.
It gets old! Thank God we don't own the homes and can't sell them!
Friends don't list with friends because when the home doesn't sell then many times the real loss is a friendhip. More brokers ought to refer out this type of business in my opinion.
Michael, friends don't let friend drink, and list with friends!
Hi Jim,
I understand your frustration. It gets really old when you have to pick up the slack.
Dan, It is a more and more common occurance!
I agree about the frustrations of working with part-time agents. Everything is pushed to evening and weekends. You are right about it should not be looked as a "get rich quick" or "extra money" type of business. It should be taken more serious than that. But are you also discouraging sellers to list with a new agent also? Everyone had to start somewhere and build their expertise. I think the bottom line is the commitment of the real estate agent to his/her business and the service they provide to clients and other real estate agents.
No, I am not discouraging sellers from listing with new agents. We all start off with "0"! Part of salesmanship is marketing ones abilities, and in turn having those same abilities and enthusiasm sell the property they are listing. You are right, it is about committment, but more important it is all about results!
I agree that listing with a friend or any agent who happens to be a "part time" Realtor is a huge mistake on the part of a seller. However...all Realtors, including myself, hope to gain business from our sphere of influence and to receive referrals from our sphere as well. I like to think that I provide the same (or even better) excellent customer service to my family and friends as I do to all of my clients.
I would rather not list a friend's house and keep the friendship! Especially in this market!!
Cheryl A part time friend with little or no experience in a changing market could be a fatal mistake. What qualifies a friend with a minimum of hours required for licensure to sell a home? I recently went into a subdivision in Atlanta where the seasoned agents are listing in the $299K's and the new agents are listing at 350K. The homes that have sold in the last year have been at 292K.
Bill & Barbara Jo I love your comment! "I would rather not list a friend's house and keep the friendship! Especially in this market!! "