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Archive for November, 2015

Cons to watch out for

J. Andrew English J. Andrew English
Tuesday, November 17th, 2015

Our goal is to help property owners sell real estate w/out paying high fees. Many properties that we list, sell quickly, however, the reality is that not every property sells in the first 30 days. Over the years, we have seen a pretty clear trend with other full priced Realtors(R) soliciting our property owners. The most common example is as follows:

 

Homeowner list the property with Congress Realty. The property sits on the market for one reason or another. The full priced Realtor approaches the homeowner and tries to develop a relationship. The Realtor(R) begins to plant the seed with the owner that the problem is with the listing, not the property. Slowly but surely the full priced Realtor(R) convinces the seller to cancel the listing with our firm and to list with the full priced Realtor(R). The new Realtor(R) takes the listing and makes all sorts of promises to the home owner. Eventually, after a few weeks, the Realtor(R) begins to push the seller down on price…. Typically, at about this point in time, the seller realizes they’ve been conned by the Realtor(R).

 

If you’re asking yourself how often this happens… the answer is… all of the time. It is the # 1 feedback we receive from sellers who have previously cancelled with our firm and went to another Realtor(R). I went back and tracked in the Phx market all of our previous listings who cancelled and listed with a full service Realtor(R) for the last 12 months. Of these listings, not 1 single listing sold with the new Realtor(R) at the most recent price the seller had listed with our firm. Every single sale that occurred could be directly tied to a substantial price reduction.

 

Do not be conned by a Realtor(R) into thinking they have a magic solution to get your home sold. They rely upon the same MLS system and buyer agents that Congress Realty relies upon.

 

One more con to watch out for…  This recently happened in Austin, TX. A high end Westlake listing cancelled with our firm and listed the property with a Realtor(R) who had convinced him that all high end Real Estate had to be sold through her firm in the Westlake area. The seller was initially impressed by the amount of traffic he had from “local Realtors(R)” over the first 30-45 days of the listing. After about 45 days, the agent demanded the seller reduce the price. This agent based this recommendation upon the feedback she had received from the ‘showings”… It took about 90 days for the seller to realize what had happened. The agent simply had other agents from her office walk through the property to give the appearance of actual showings and previews. While in reality, the agent had produced little to zero legitimate buyer traffic. The agent had simply placed the property in the MLS and hoped someone else would sell the listing.