Home of the Week
Friday, April 04, 2008
Home Of The Week
Recently, I attended an MLS tour of twelve homes in Gilbert, Arizona. At the end of the tour, the director had each agent vote for who would receive the sign rider 'Home Of The Week'. One lucky agent would put another shingle on their for sale sign. The agent that received the rider that week was elated. But, he confessed he was confused why his 'creampuff' was not attracting any offers.
It seems his seller was transferred into the area slightly over a year ago. In my opinion, they bought at the peak of the market, and paid 100k too much for the property. They recently put in a pool and received a transfer to another state. The property remained vacant and unsold. But, it was the home of the week.
Some agents put their listings on tour because they would like fellow Realtors to tell their sellers what they have been unable, or unwilling to convey. Usually the feedback is overpricing and poor staging. Other agents enjoy seeing the competition, gaining product knowledge, and industry insights.
A few years ago, I was on a tour and an agent boasted they had never had a listing expire. It reminded me of Mark Twain's quote, "It's better to be considered a fool, than to open your mouth and remove all doubt'. This agent was obviously new to the real estate business, or did not list many properties. An expired listing is like a purple heart for listing agents. It's only a matter of time before you are wounded and receive your badge of honor.
One pundit said the definition of a real estate tour is a group of agents driving from house to house, making fun of people's decorating. Today, many agents roll their eyes at the uncompetitive prices. The seasoned pros realize the goal is to receive a sold sign, not a home of the week rider.
Recently, I attended an MLS tour of twelve homes in Gilbert, Arizona. At the end of the tour, the director had each agent vote for who would receive the sign rider 'Home Of The Week'. One lucky agent would put another shingle on their for sale sign. The agent that received the rider that week was elated. But, he confessed he was confused why his 'creampuff' was not attracting any offers.
It seems his seller was transferred into the area slightly over a year ago. In my opinion, they bought at the peak of the market, and paid 100k too much for the property. They recently put in a pool and received a transfer to another state. The property remained vacant and unsold. But, it was the home of the week.
Some agents put their listings on tour because they would like fellow Realtors to tell their sellers what they have been unable, or unwilling to convey. Usually the feedback is overpricing and poor staging. Other agents enjoy seeing the competition, gaining product knowledge, and industry insights.
A few years ago, I was on a tour and an agent boasted they had never had a listing expire. It reminded me of Mark Twain's quote, "It's better to be considered a fool, than to open your mouth and remove all doubt'. This agent was obviously new to the real estate business, or did not list many properties. An expired listing is like a purple heart for listing agents. It's only a matter of time before you are wounded and receive your badge of honor.
One pundit said the definition of a real estate tour is a group of agents driving from house to house, making fun of people's decorating. Today, many agents roll their eyes at the uncompetitive prices. The seasoned pros realize the goal is to receive a sold sign, not a home of the week rider.
