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May 14, 2007 at 7:34 AM in reply to: Here is your motivation TO WAIT!!!!! $200/sqft in Mission Viejo! #52751
SD Realtor
ParticipantAs you said, we don’t have a correlated method to test the means to which the sales contacts are created. Us “limited service guys” however are the ONLY reason that consumers have freedom of choice to pay or not to pay high commissions while still receiving representation. When people ask me what other marketing tools actually sell homes, I tell them they need to gather that data from an agent who provides that and that I do not know because all of mine is done 100% on line. Some say they asked that to other agents they interviewed but they do not ever get an exact answer.
Please note, I tell them I do not know. I tell them I believe additional marketing is absolutely helpful. I also tell them they should ask anyone offering that additional marketing for statistics to see how many sales are facilitated by it. Finally th cost of that additional marketing should be priced to see if it justifies the additional commission. So I am not discounting the value of additional marketing. I am sure that mailers, union tribune ads, and caravans help alot as well as other marketing means. I am also sure you can come up with lots of stats that show these were the absolute means of providing the initial contact with the buyer of your listing. Consequently I can come up with saying that 100% of my listings were sold without them. We can debate forever if my listings would have sold for more with the additional marketing or if yours would have sold for less without the additional marketing and if those differences would have covered the cost of the higher commission. Furthermore my personal belief is that the higher commission doesn’t match the dollar for dollar level of the additional marketing. Like I said, giving people choices is never a bad thing.
ParticipantYour point is well taken and I would absolutely agree with you about pricing it right, AND pricing it right at the right time. Many times my biggest obstacle is the other agents who my potential clients have already had listing appointments with. In just about every case these people tell me I am to pessimistic and that they wonder why my suggested pricing is less then these others. This happened the other day at the Crest at Del Mar listing I was at a few days ago. I routinely tell them I will list at the higher price that they (the client) wants to sell at. However I also tell them that this is well above my recommendation. Anyways I did only think that you took listings in your submarket, as I thought I had read that in other posts, my bad. So yes I would absolutely agree that it is more pricing then anything else. In fact the less desireable the sub market the MORE pricing becomes the dominant factor. I don’t have hard statistics on how many sales are due to marketing such as newspaper ads and such. Seems like we have had this chat before eh?
ParticipantYes you do have to disclose that you are licensed by the state no matter what size of the transaction you are on.
Like Rustico, I got my original license initially for my own purposes. In my case I was tired of paying my sister in law full commissions for my own transaction.
SD Realtor
ParticipantAs you know sdrealtor I don’t do much marketing at all in exchange for a lower commission. I find that pretty much every listing I have had in more desireable areas have sold. However listings that are not in desireable areas are much more difficult to sell. Also it is not just MY listings in less desireable areas that do not sell, many listings in those same areas had Coldwell Banker, Prudential, and other mainstream listing agents and they didn’t sell either.
So no it is not rocket science at all. I would absolutely agree with that. If your home is in good condition and it is priced correctly it will sell. Especially if you are in a place like Encinitas, Carlsbad, and other places. Lemon Grove and other similar neighborhoods may not have the same results.
SD Realtor
ParticipantAN thanks for posting this thread. This validates the stratedy that the lenders have been applying to short sales and foreclosures. I have been very curious as to why the lenders have been pretty much playing hardball with short sales and REo pricing and this answers the question.
What is sad is the boneheadedness of the buyers.
SD Realtor
ParticipantGot ya… sorry AN… btw Cobble Creek is right off of spring canyon… lots of noise.
SD Realtor
ParticipantDavelj it all depends. I am not entirely sure all of the sources that dataquick uses. If the REO was listed on the MLS then it absolutely would make it into the stats. When you say foreclosure do you mean when title reverted back to the lender because nobody bid at the trustee sale? Sorry for not knowing. Go to the dataquick website and I bet there is a contact number or send them email. I am sure they will tell ya.
SD Realtor
Participantfat and lazy – I said other SD Realtor because I am not the same sdrealtor you are currently debating with in this thread. Thank you for correcting me because the listing they have is the 2/2.5 floorplan. What my point was however, was to display the quick fall in pricing for these homes.
SD Realtor
Participantradelow it is not hard to change your agent. Have you signed a buyers representation agreement with them? I assume you are looking for a home, not selling a home. I was a little puzzled because you mentioned distressed buyers but I assume you mean distressed sellers. Anyways if you have not signed any representation agreement then you do not have to do a thing. If this agent has put in alot of work and showed you lots of homes, it would be courteous of you to be honest and let the agent know you are planning to move on. You can ask this agent to refer you to another agent who is more familiar with the neighborhoods you want to investigate. Don’t worry about the commissions, let the agents work it out themselves. If you are under a representation contract then simply ask the agent to cancel it. The cancellation document is a 1 page form. If the agent gives you grief be very nice to them but firm and let them know if need be, then you will forward your request to the broker. The most important aspect (IMO) about working with an agent is working with someone you trust and feel comfortable with. Don’t be afraid to interview many different agents. Ask them about the things that are important to you, the neighborhood, their skill level and experience, if you want a rebate or not, where they specialize in… etc… It seems to me by what you mentioned above, knowledge of the specific neighborhood is very important to you. So then drive out to the brokerages in that neighborhood and go into the offices there and ask for a dedicated buyers agent that is familiar with the area. Ask for references and call them up… I cannot urge you strongly enough to do this. If the agent is good, then the references will be the strongest asset for them. If you do your due diligence you will find someone out there you trust and like.
ParticipantAN haircut is a reference to a loss… Someone getting a haircut = someone losing alot of money…Once more this is new Scripps… Cobble Creek…Down further they will go!
SD Realtor
ParticipantIt is all a matter of taste. Some very nice people called me up and I met them over at Maybeck not long ago. They were going to put an offer down and they tried to negotiate with the sales staff but the salespeople were pretty intractable. The home appeared pretty nice inside. Personally I am a big yard type of guy so I am not really into any of the 4s stuff. Again though it is a matter of taste.
SD Realtor
ParticipantOther SD Realtor here. Funny you mention Crest at Del Mar. Had a listing appointment TODAY with an owner there. She bought back in 2004. She paid 495k and has the 3/2.5 floorplan, I think around 1271 sq feet or something like that. I showed her the chronology of what has happened there. By mid 2005 prices for her floorplan had shot up to the mid to higher 500’s. Then in 2006 they started coming down FAST. The last sale of her floorplan was 10/06 and it closed at 460k! She was still thinking she could get mid 500’s.
SD Realtor
Participant23109 – The fire burned from South of Pomerado to North. Old Scripps was hit hardest by the fire. These homes are all in North Scripps. I wouldn’t say that they are in a hill but basically they are all in that terrain that runs down hill, north of Spring Canyon and south of Scripps Poway Parkway. I rent in wine country as well and I like it alot. Older that 70s show homes but nice sized lots.. a couple of homes burned in that subdivision as well but not many.
I think newer homes like that have a ways to go, easily another 15-30% IMO before rock bottom.
SD Realtor
ParticipantFunny you say that bugs. A few weeks ago I received an email from someone who posts here asking about a foreclosure property. When I looked up the owner it was a mortgage broker!
SD Realtor
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