Real Estate Agent: What should I expect?

[firstdown]

Originally Posted by mredskins

Honestly if the rental market is good in your area I rent it out.

I have multiply rental properties and I have done very well by it. Just be very selective about who you choose. Then at the end of the lease re-evaluate your market and decide if you should sell or rent again.

I agree with the above. Have you checked to see what the rentals are going for in that area and would it cover enough or all of the mortgage? If that would work it would probably be a good idea to list the home as For Sale or rental. There is a good chance that your home in the country will be the next best thing from living in the city down the road. Also remember the listing agent is the one who does the advertising so how is the home advertised? If you have only had two people look at the home in the past 3 months your agent might not be pushing the sale, its over priced, or your location is not desired. My guess is a combination of the first two and the agent knows that so they are not spending the time need to try and sell your home (they like the easy sales first then give attention to the tougher sales). My guess is if you pulled the listing from her she will not care because she knows its a tougher deal and if she finds a buyer she would still make a commision and not have to put in the extra effort.

[NC_Skins]

It very well may be a location issue. Not everybody wants to live out in the country. Nice location and view though.

[SmootSmack]

I don't really have any sound advice to be honest...but damn, you must have some kick ass football games on your lawn there

[mredskins]

Originally Posted by NC_Skins

It very well may be a location issue. Not everybody wants to live out in the country. Nice location and view though.

It could be but there is got be a price to make it desirable.

Here off the top of my head make it a bit undesirable (no offense to OP)

Location
to far out from town; no real neighborhood (family's with kids); 2 acres (which is nice but lots of maint.)
I am assuming septic and well water

I think the ideal client for this home is a recent empty Nester. They want down size but don't want be in neighborhood with a bunch of kids or a HOA. Another plus for them is everything is on the first floor. They got be old enough to have adult children but young enough to still maintain the land.

[TheMalcolmConnection]

Originally Posted by mredskins

Honestly if the rental market is good in your area I rent it out.

I have multiply rental properties and I have done very well by it. Just be very selective about who you choose. Then at the end of the lease re-evaluate your market and decide if you should sell or rent again.

We actually can't rent it out. The university I work at does our mortgages and if we rent it, they say we either have to refinance with someone else or pay them back, so that's not an option unfortunately. I really like the idea of pulling it for a while and going back with someone else. We've started lining up agents we like and are going to interview them soon because our contract with our current agent runs out in a month. Is it in bad taste to go with someone in the same firm?

[TheMalcolmConnection]

Originally Posted by SmootSmack

I don't really have any sound advice to be honest...but damn, you must have some kick ass football games on your lawn there

Many, many of them. Definitely going to miss being out where it's quiet. That's really the only thing I miss about the old house (besides the fact it was our first).

I guess my problem is, I don't know why WE'RE the ones feeling bad for thinking about considering someone else. I just feel bad because I really don't know if she was the problem or not and I just think it would be shitty of us to ditch someone for possibly no good reason.

[TheMalcolmConnection]

Originally Posted by mredskins

It could be but there is got be a price to make it desirable.

Here off the top of my head make it a bit undesirable (no offense to OP)

Location
to far out from town; no real neighborhood (family's with kids); 2 acres (which is nice but lots of maint.)
I am assuming septic and well water

I think the ideal client for this home is a recent empty Nester. They want down size but don't want be in neighborhood with a bunch of kids or a HOA. Another plus for them is everything is on the first floor. They got be old enough to have adult children but young enough to still maintain the land.

I thought it was going to be an empty-nester or another first-time home buyer. One kink in this plan is that we absolutely cannot accept a contigent deal ourselves because my work is basically making an exception by letting us own two homes and wants that money back ASAP. In the beginning they said, "This isn't your primary house anymore? Then you owe us the balance in 30 days." I had to have a long meeting with the VP about our circumstances (even though it doesn't say anywhere in the fine print about being a primary residence).

[mredskins]

Originally Posted by TheMalcolmConnection

We actually can't rent it out. The university I work at does our mortgages and if we rent it, they say we either have to refinance with someone else or pay them back, so that's not an option unfortunately. I really like the idea of pulling it for a while and going back with someone else. We've started lining up agents we like and are going to interview them soon because our contract with our current agent runs out in a month. Is it in bad taste to go with someone in the same firm?

Nope not at all real Estate is cut thoart. Just make sure you keep your contract short with them. I say give them 30 days at best and you will revisit at the end of 30 days. I think part of your problem with your current REA is you gave her too much time so basically she said Iwill just sit on it and hope osmosis gets it sold. Also during the interview process talk about their commission ask them if they are flexible to get the deal done.

Also ask them what price will take this property off the market the quickest and work from there. Listen to what they say but don't commit to anyone until you have heard all your candidates and you and your wife decide on someone then.

Once you pick your person go back to them and say we want sell it for this $X and we are giving you 30 days to do so. If at the end of 30 days it is not sold we will revisit the price and your contract with us.

[mredskins]

Originally Posted by TheMalcolmConnection

I thought it was going to be an empty-nester or another first-time home buyer. One kink in this plan is that we absolutely cannot accept a contigent deal ourselves because my work is basically making an exception by letting us own two homes and wants that money back ASAP. In the beginning they said, "This isn't your primary house anymore? Then you owe us the balance in 30 days." I had to have a long meeting with the VP about our circumstances (even though it doesn't say anywhere in the fine print about being a primary residence).

I suggest quickly deleting this line as if anyone did a Google search on your home you just completely showed your hand.

[mredskins]

Originally Posted by TheMalcolmConnection

Many, many of them. Definitely going to miss being out where it's quiet. That's really the only thing I miss about the old house (besides the fact it was our first).

I guess my problem is, I don't know why WE'RE the ones feeling bad for thinking about considering someone else. I just feel bad because I really don't know if she was the problem or not and I just think it would be shitty of us to ditch someone for possibly no good reason.

To be honest you got be a dick in real Estate to be successful. Any of the big REA in my area are hated by other REA because well they are dicks and they get done no matter what.

I would not feel bad at all you gave her to long of a contract and she basically sat there doing nothing waiting for buyer vs. hunting one done.

[TheMalcolmConnection]

Thanks for all the advice. MUCH appreciated. So I think we're going to do what many of you have suggested. We're just going to line up other agents and give them a month and just say if we actually start having showings, then we'll go from there.

And I did delete the line, but they also might find out the bottom line we were willing to take (which would have been TOTALLY fine by me, lol )

[mredskins]

The part that really sucks for you is that your job controls your mortgage. It is like you are dealing with Mr. Potter.

[TheMalcolmConnection]

It actually is nice the way they do it, they give you a full point off your interest rate (based on the lowest in town) if you go through them and they take it right out of your check.

[mredskins]

Originally Posted by TheMalcolmConnection

It actually is nice the way they do it, they give you a full point off your interest rate (based on the lowest in town) if you go through them and they take it right out of your check.

IMO it is too many eggs in one basket. Plus taking right out of check that is conveint for them not me; less control of my money.

But the point of the mortgage is sweet.

Plus you are handcuffed a bit in the transaction to sell your home and you can't rent it.

[over the mountain]

I am listing my house next week. So far I couldnt be happier with my agent team.

We are doing a "pocket listing" so my agents can have other agents come and take a look at the home to get a gauge on whether our listing price is too high and see if any agents have clients who would love the house.

We are then doing an open house. After that, it basically just being listed on zillow and trulia, etc.

We are doing 6%. Listing price is 284,900. We looked at the comparables in my neighborhood and this puts us right in the middle (and I think our home is better then the comparables).

Houses move very quickly in my neighborhood of locust point. avg listing time is 30-45 days. my agents say you want action on the house right away and get it sold w/in 45 days. otherwise it sits and sits and you have to lower the price substantially to get new action going.

Past 2 weeks we have moved a ton of furniture out, done touch ups etc.

I write this to say - DONT WORRY ABOUT YOUR AGENT's FEELINGS. its your money going out the window bc she isnt getting your house shown and out there. 3 months and only 2 showings?

we are moving to new orleans for 6 months starting sept 1st.