It’s Your Realtor’s Fault!
Published December 9th, 2006 in Beverly Hills MI Real Estate, Birmingham MI Real Estate, Dear Mr. and Mrs. Seller, Metro Detroit, Seller Information.
Today as I was was driving home I noticed a new sign up on a home in Beverly Hills that has been on the market for about 6 months or so. The owners had tried to sell by themselves before they listed with an agent, who is, by the way, an outstanding Realtor. Now a third sign is up in the front yard, that of an agent who claims to be the market specialist.
A few months ago the sellers had a big garage sale. Then the moving van came and packed up what was left in the house. Like many other homes here in Oakland County, the home is vacant, for sale, and the owner has moved on (and is anxious). Understandably anxious. It’s not fun to make mortgage, tax, utility and insurance payments on a home you don’t want, let alone do things like keep up with lawn care, snow removal and all of the other ‘fun’ aspects of home ownership. Many sellers mentally abandon their unsold homes, not accepting that they need to participate actively in preparing their vacant home for the market and keeping it in good showing shape. What is a seller to do?
At least once a week, we sit down with prospective home sellers and show them the market statistics. In many segments of our local market, we have a two year inventory of homes for sale today. I lay out the realities of the market. People freak out a bit, but they recognize that the data I am showing them is fairly well documented. We do EVERYTHING we can to beat the odds and make sure we position our listings to be ahead of the competition to find a buyer as quickly as possible. Real estate is how we support our family, so we are just as motivated as every seller we represent to get the home sold. We have mortgage payments of our own to make after all.
I know the questions that desperate sellers ask:
- “My friends told me their buddy’s house sold in 6 days after he discovered the mythological Fountain of Hidden Buyers, which is, by the way conveniently located right next to the Fountain of Youth. Can’t you just tap into that Fountain of Hidden Buyers for us?”
- “If we wait long enough, someone will want to pay our over market value price, won’t they?
- “Why isn’t anyone looking?”
As time goes on the seller becomes more frustrated. They stop seeing that the problem is the market around them, and they start blaming the person who is marketing their home. They tell their agent:
- “I need an agent who can …” (walk on water);
- “I need more …” (relief from my problems);
- “You don’t…” (make buyers fall from the sky):
- “Why don’t you…(waive your magic wand).
And then it is over. Because Realtors are not miracle workers. There is no magic bullet. No Santa Claus, Easter Bunny or Tooth Fairy to make this better. Realtors cannot CREATE enough buyers for all the home sellers in South East Michigan right now. Good jobs and a strong economy do that. Not Realtors.
I feel bad for those people who are trying to sell and have become desperate. They are grabbing for straws. But I don’t think that changing Realtors is the answer. Stick it out with your agent. Unless you are about to call me, of course. (That was an attempt at a joke. I really do not want you to switch agents.)
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______________________________________________________________Written by Maureen Francis
SKBK Sotheby's International Realty, 248.430.4450
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I know what you mean about just joking about wanting sellers to switch agents.
In this market, you want BUYERS to switch to you, not sellers.
Remember when it was the BUYERS who lived in la la land? A joke around our office was, “You want a huge house, for way less than market value that needs no work, in the nicest part of town for a payment less than you are paying for your studio apartment? … Would you like a garage large enough to park your unicorn, as well?â€
John, send me the BUYERS! Are they hanging out in CA?
Mariana, that unicorn thing truly killed me. I have not heard that one before.
We did have here of a buyer calling in this week asking to pay no more than $300 a month in payments for a home in our city. You could never have tax payments less than that if you bought a house here, let alone principle and interest on a mortgage. We needed the unicorn parking for them!
What makes it even more difficult for those of us who don’t purchase our listings is there always seems to be an agent around who will. Unfortunately, I can’t really tell these prospective sellers … “in spite of everything I tell you, Mr. and Mrs. Seller, you’re going to have someone walk in and lie to you to put a sign in your yard. Don’t listen to them, for your own sake.â€
Yep someone is always going to lie to them, we usually tell them to only sign a one month contract with whoever the agent is that bids for their listing with some insane price. Then come vack to us.
Great post, the mental abandonment of the property is a very valid point.
They’ll be hanging out in Michigan soon. Just keep doing what you’re doing.
Or better yet, come to California and do it for me so I won’t have to spend my darned life in the car.
By the way I love the makeover! About this house selling thing, on some level we don’t sell houses, buyers buy them. If there are fewer buyers than logically we have to have fewer sales.