I ran into a good friend from out of state last week who shared with me her most recent real estate transaction/experience. She needed to help her daughter sell her daughter’s condo in Colorado. None of the Realtors she knew responded to her emails requesting they contact her…..I didn’t press to find out how many Realtors she emailed or if she called any of them…….but she shared that her next step was to complain to another friend about how none of the Realtors wanted to help her sell her daughters condo because none of them responded to her emails (shame on them)……..so the friend recommended a Realtor to help.
The Realtor referred to her was young, innovative, aggressive and had an idea that she had never heard of…..he would sell the condo for only 3.5%! He told her to think of ALL the money she would save by only paying 3.5%! He also told her that if he sold it himself….he was only going to take THREE percent! AMAZINGLY…..he sold it himself in just a few months…..so “THEY SAVED TONS OF MONEY by only paying 3 PERCENT”!
What this “innovative, aggressive and young” agent did to sell her daughter’s condo wasn’t anything new….but I didn’t burst her bubble by explaining. She is a friend and thinks she got a fantastic deal. It’s called a “pocket listing”….not a “new idea to sell a condo or home”.
MANY years ago….before the internet…..no one but the listing agent knew when a house was for sale unless you were the lucky agent that had the listing. People drove through neighborhoods looking for signs. Agents called other agents in other real estate offices asking if they knew of any homes or condos in certain areas for sale….and once a week a book was published with the latest homes for sale in San Antonio…….before the “world wide internet” began! With the “world wide internet” and MLS we can set up searches for buyers! Buyers get emails WHEN a new property hits the market…..which drives up the price because MORE people can compete to buy it! When a property doesn’t go into MLS I wonder…..would it have sold for more? If buyers ALL OVER THE WORLD knew about this property…..would more than one buyer want to buy it….and if more than one wanted to buy it…..could it sell for more? Who was this “young, aggressive, innovative agent” really representing? His paycheck….or the sellers bottom line?
The only time I recommend “pocket listings”?
- Celebrity owners…..lots of real estate agents wont be able to resist showing their friends and/or family homes of the rich and famous. Selling your home doesn’t mean part time agents or new, inexperienced agents should be allowed to waste your time and mine so they can have a fun day looking at a home that is magazine worthy and would normally only be seen in a TV show documentary.
- Luxury home owners….again…part time or new inexperienced agents might enjoy showing their friends and family a home that they might never be able to see in person in their lifetime…once again, wasting your time and mine.
My out of state friends daughter was NOT a celebrity nor was her condo considered a luxury property…..so I can’t help but think that it would have sold in less time and for more money if millions of buyers had viewed the photos and had an opportunity to buy the condo. Nothing drives a price up more than competition for a home! I know it sounded fantastic….less commission…..but worry about your bottom line first! Saving a few thousand dollars to put $20,000 in your pocket? Do the math!
If you are a celebrity or have a home that would be considered a “luxury” property….you can count on me to keep your information private and get it sold quickly and for top dollar. But if you have a home in San Antonio under $1,000,000….do the math first. Maybe you should get top dollar and sell quickly…..that’s what this great Realtor wants for you! YOUR bottom line is more important than my bottom line!