Any realtors in the house?

[DaveS]

We have had our home on the market for about 8 weeks.

We get about one showing per week, which I understand is typical for this house's price range, and in this particular local market.

One thing that we just noticed, however, of the 8 showings we've had so far, all 8 were from the same realty company (Coldwell Banker).

Does this seem unusual, or am I just being paranoid?

[Ed62]

It sounds like the Coldwell Bankers are the go-getters in your area. Maybe they're just hungrier than the others, or the others are just giving up.

Ed

[cgallery]

When your contract expires I'd list with CB. When they get the entire 6% they'd double-down their efforts to sell it.

[DaveS]

Oh, I should have mentioned that we are listed with Coldwell Banker.

[justaguy]

I am about to put my house on the market and have been doing a bunch of research leading to picking a broker, agent, and setting the asking price. If my house was on the market for eight weeks and only had eight showings all from the listing company I would think that something is wrong.

Are you compfortable that you have your house priced appropriately? If so you might want to consider something I am going to do. I plan to offer an additional 1/2% commission to the buyer's agent. I have heard from a couple of sellers agents in my area that this tactic can move you house up on the showing list for agents.

[JSUPreston]

Are you listed in MLS? I didn't catch it in your description.

[JR]

That all the viewing have come from your realtor is ok. It means they are talking it up among themselves.

OTOH, there should be interest from other realtors. Has the house been put on the weekly tour where other realtors will get to see it? This practice is seen by some to be passe', but I believe it is still a good way to get interest by other local agencies.

As has been mentioned, the house must be on MLS. It also must be easily found on the internet throug MLS searches.

JR

[LCHIEN]

My take is that your broker is pushing the sales amonst its staff since they get the commission both ways (buying and selling). This is not necessarily bad, but not necessiarily good either.

One problem is that the broker is steering potential buyers preferentially to their listed properites as opposed to all properties listed by other cos.
If yours is the by far largest broker than thet may be good. But if your broker is one of many in the area with fractional market share, then it indicates a pattern of poor real estate practices where the the agents steer buying clients only to homes sold by that broker. Your exposure will be limited and only aggressive buyers who insist on lookin at and seeing houses in the MLS listings and not allow the agent to preselect houses for them to see based upon what they want.

Theoretically agents should be working for the client (buyer) and showing them the houses that best fit their criteria. But if this company is only showing houses filtered on criteria of the client AND sold by that broker, then the broker is looking out for #1 (themselves) first.
If a broker has a reputation for not showing other broker's homes, then its not too hard to believe that other brokers retailiate by not showing that broker's homes.

Your record of 8 of 8 seems to indcicate this might be happenening.

[cgallery]

I think it is fairly typical for the listing broker to do the majority of the showings. They're gong to take every chance they can get at that double dip. Plus they like to demonstrate activity to the seller.

Other brokers consider a fast sale their incentive. If you were to set a price below market value, you'd see plenty of action from these other brokers.

[JR]

Oh, I forgot mention: it is perfectly appropriate to ask your realtor what specific promotional efforts they have done. Talking it up at the internal office meetings is a good thing, but not enough.

These people are supposed to be working for you, and you probably have signed an exclusive contract for them to represent you.

JR

[Mr__Bill]

Another thing that is often done is to use a house as an intro to the house they want to sell. You want to ask the broker if the clients that saw you house made any offers on other houses. You then want to step back and ask yourself if there is anything wrong with your house. Are the realtors saying:

Here is a house just like the last one only;
it's less expensive...
it's in a better area....

or
Here is a house that is the same price only;
it has nothing that needs fixing
it is in a better area

well you get the idea.

I really hope that's not the case, but when we bought 5 years ago we ran into that sales technique.

Bill

[mineengineer]

what part of pittsburgh are you trying to sell

What neighborhood of the burgh are you located? Thats pretty good for the burgh since the housing market here is pretty steady. Coldwell banker and Howard Hannah are probably the biggest players in Pittsburgh, but I like Northwood the best. If your in the South Hills I might find a buyer for you, at work we have a few new guys house hunting right now.

[LCHIEN]

...
These people are supposed to be working for you, and you probably have signed an exclusive contract for them to represent you.

JR

they're really working for the commission and promotions/bonuses. You pay indirectly the commission.
They get bonuses and promotions when they meet quotas and help other company agents make sales and bring the buyers commission as well as the seller's commission to the company and their fellow employees.
Not to mention the other agents will be then willing to steer them sales or buyers on the next house.

[atgcpaul]

Are you compfortable that you have your house priced appropriately? If so you might want to consider something I am going to do. I plan to offer an additional 1/2% commission to the buyer's agent. I have heard from a couple of sellers agents in my area that this tactic can move you house up on the showing list for agents.

When we sold our first place in San Diego right before/start of the bust in
2006, this is a tactic we tried about 2 months in. We got a surge of people
coming in because the realtors were interested in the extra bonus, but after
that died down, no buyer. In the end we dropped our price $40K AND we
had to pay an extra 1/2%. 4 stressful months total to sell.

So I'm not convinced this tactic works too well. In retrospect, if we had been
more competively priced at the outset, I think we would have sold faster, made
more profit, and not had to pay that extra 1/2%.

Paul

[DaveS]

Thanks for all the input guys...

For you Pittsburgh residents, we live in the North Hills, near North Park.

I don't honestly know if we are priced correctly. It is hard to do your own research here in PA because the square footage of homes is not published.

We really went with the very knowledgeable, highly recommended, "top producer" agent's advice on this.

We did get 3 realtors to give us market analysis reports, and 2 of the 3 came to the same conclusion on price, (the third was much lower).

We did just reduce the price nearly 10%. I suppose we will lower it another 5% here in a couple weeks.

We completely renovated the place - all new flooring, wall paper removal, new high end mechanicals, new high end appliances, new kitchen, new master bathroom, new 50 year roof, etc.

Here is some pictures of the house, and some of the remodel progress, in case anyone is interested.

Outside pics:
http://picasaweb.google.com/seekins/...eat=directlink

Bathroom remodel:
http://picasaweb.google.com/seekins/...eat=directlink

New kitchen:
http://picasaweb.google.com/seekins/...eat=directlink

"Before" pictures of kitchen:
http://picasaweb.google.com/seekins/...eat=directlink

New wood floors:
http://picasaweb.google.com/seekins/...eat=directlink

Listing on Realtor.com:
http://www.realtor.com/realestateand...101_1107924432