Which Listing Agent Should This Seller Choose... ?

By
Real Estate Agent with New Home Hunters of Fort Worth and Tarrant County

Mr and Ms Home Seller have decided to sell their home. They have a fairly good idea of what they think their home is worth. After doing their own homework online with some of the automated pricing web sites, The Sellers, being very sensible sellers, schedule appointments with three local Listing Agents who've been hanging stuff on their front doorknob for years.

Each Agent comes prepared with a "Competitive Market Analysis" (called a CMA). It is on fancy paper, and two of the three even have "professionally done" flip charts as part of their presentations. Each of the three Listing Agents recommends a specific sales price.

Amazingly, a couple of the Listing Agents have come up with prices that are lower than the Sellers expected. Although they back up their recommendations with recent sales data of comparable homes, The Sellers remain convinced their house is worth more.

When the third Listing Agent arrives, The Sellers find his pricing numbers are much more in line with the Listing Price they had hoped for, or maybe even higher. Suddenly, they are two very happy and very excited home sellers, already counting their money.

Which Listing Agent Should The Sellers Choose ?

If they're like many people, they pick Listing Agent Number Three. They feel that this is an agent who seems willing to listen to their input and work with them. This is an agent who cares about putting the most money in the Seller's pockets. This is an agent who is willing to start out at The Seller's price, and if they need to drop their price later, they can do that easily, right ? After all, everyone else does it.

The truth is... that The Sellers may have just met a Listing Agent using an unfair listing practice called "buying a listing."  He "bought" the listing by suggesting that The Sellers might be able to get a much higher sales price than the other agents CMA's recommended. Most likely, he is quite doubtful that their home will actually sell at that price. The intention from the beginning is to eventually talk The Sellers into lowering their price.

Why do some Listing Agents "buy" listings ?

There are basically two reasons. A well-meaning and hard working agent can feel pressure from homeowners who have an inflated idea of their home's value. On the other hand, there are some agents who engage in this unfair sales practice routinely.

Which makes more sense ?  Which Listing Agent should the Sellers choose ?

It depends on whether The Sellers just want "to list" their home... or if they really want "to sell" their home.

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Location:
Texas Tarrant County Fort Worth
Tags:
selling my home
selling my house
tarrant county real estate
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Rainmaker
995,711
Karen Anne Stone
Fort Worth Real Estate
New Home Hunters of Fort Worth and Tarrant County

Brian:  Along with my comment to Adam above, in the same vein, it may be the Listing Agent who has that critical need... a need to get a listing... that is part of the problem.  Thanks for your comment.

September 19, 2007 12:19 PM
Rainmaker
995,711
Karen Anne Stone
Fort Worth Real Estate
New Home Hunters of Fort Worth and Tarrant County
Keith and Robin:  In targeting expired listings, you could be met by sellers who are either reeeealy angry because they may now know they got "snookered..." or reeeely glad to see a Listing Agent who is finally honest with them.  Good Luck on your expireds, and thanks for commenting.
September 19, 2007 12:22 PM
Rainmaker
995,711
Karen Anne Stone
Fort Worth Real Estate
New Home Hunters of Fort Worth and Tarrant County

Hi Susie:  Yes, "need" does not determine value.  When my sellers start to go into telling me how they need to get a certain price for some unconnected reason,  I often tell the story about my Great Aunt Brenda, who needed to sell her home for $50,000 over what it was worth so she could buy a new Corvette.

I had the unpleasant task of telling her it wasn't going to happen, and that she needed to invest in a skateboard.  LOL  Thanks for your comment.  Hope to see you in November.

September 19, 2007 12:29 PM
Rainer
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Marshall Enterprises
Antiques, Lawn Care, and Trashouts
Marshall Enterprises

I came back this far, Karen Anne, to find a post to reblog.  This one is excellent.  But, I can't reblog it!

December 27, 2012 03:13 PM
Ambassador
1,064,520
Joni Staples
Your Huntsville / Lake Livingston Area REALTOR®
Berkshire Hathaway Home Services - Anderson Properties

I looked for posts to reblog, as well, Marshall. If I could, I would be reblogging a ton of her posts!

October 17, 2013 12:15 PM
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Rainmaker
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Karen Anne Stone

Fort Worth Real Estate
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Additional Information

The Real Estate Market in Fort Worth and Tarrant County offers such a great value to both "first time" and "move up" buyers. Karen Anne's blog gives you up-to-date market news, and features many of the great homes available at great prices !