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Kristin616
Member since 8/06 3595 total posts
Name:
Kris
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Are real estate agents allowed to do this?
can they tell you they are going to stop open houses if you do not lower your asking price?
Our REA told us it's pointless for her to be there every weekend if we do not have a good turn out. We've had our place on the market for a month, and last week no one came. The two times before that, we had a good turn out. Is it listed in comparison with the other co-ops in our area so it's not like we are overpriced. I feel like she is pressuring us to lower our price so we can purchase the home that we've been keeping an eye on for the past few weeks (she's the listing agent for that house also. Therefore it will really benefit her if we buy that house)
Is that allowed?
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Posted 2/8/08 10:00 PM  |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Are real estate agents allowed to do this?
 I'm really not sure, but it doesn't sound right to me.
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| Posted 2/8/08 10:04 PM |
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MrsERod
Praying for Everyone.
Member since 5/05 26170 total posts
Name:
MrsERod™®
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Re: Are real estate agents allowed to do this?
Posted by Kristin616
can they tell you they are going to stop open houses if you do not lower your asking price?
Our REA told us it's pointless for her to be there every weekend if we do not have a good turn out. We've had our place on the market for a month, and last week no one came. The two times before that, we had a good turn out. Is it listed in comparison with the other co-ops in our area so it's not like we are overpriced. I feel like she is pressuring us to lower our price so we can purchase the home that we've been keeping an eye on for the past few weeks (she's the listing agent for that house also. Therefore it will really benefit her if we buy that house)
Is that allowed?
i don't think it's "not allowed" - meaning there's no rule that she's supposed to hold open houses every weekend, BUT, to basically threaten to reduce her services if you don't lower your price, seems to defeat the purpose of why you hired her in the first place! which is to SELL your home...
i would venture to guess that your asking price is fair - seeing as how you had a good turn out at previous OH's and it's in line with other units in your area...
sounds like she's anxious to make the sale on your house, because that would mean she gets a double deal (the purchase as well)
stand your ground - she works for you, not the other way around!  
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| Posted 2/8/08 10:14 PM |
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lilacwine
only love...
Member since 5/05 2034 total posts
Name:
<3
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Re: Are real estate agents allowed to do this?
One month seems like a really short time to lower your price. Another thing to consider is that by having open houses every weekend, you're going to attract the same people and that could be why your turnout has gone down. Maybe you could take two weeks or so "off" from holding an open house, so that maybe there will be some new potential buyers then.
good luck!
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| Posted 2/8/08 10:20 PM |
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leese
Sarge!
Member since 5/05 1965 total posts
Name:
Leese
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Re: Are real estate agents allowed to do this?
Not really.
Why don't you ask her instead to up her marketing of your open houses and your mls listing? How are your photos? Where does she place ads?
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| Posted 2/8/08 11:52 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Are real estate agents allowed to do this?
was your open house sunday??
bc if it was, im sure people were going to super bowl parties and not househunting
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| Posted 2/9/08 8:50 AM |
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Kristin616
Member since 8/06 3595 total posts
Name:
Kris
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Re: Are real estate agents allowed to do this?
Posted by leese
Not really.
Why don't you ask her instead to up her marketing of your open houses and your mls listing? How are your photos? Where does she place ads?
Message edited 4/10/2008 10:11:52 PM.
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| Posted 2/9/08 9:32 AM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Are real estate agents allowed to do this?
Posted by Meaghan729
was your open house sunday??
bc if it was, im sure people were going to super bowl parties and not househunting
good point!!!
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| Posted 2/9/08 10:30 AM |
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igottabeme
Its peanut butter jelly time!
Member since 1/08 2340 total posts
Name:
Wouldnt you like to know! ;)
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Re: Are real estate agents allowed to do this?
Posted by Kristin616
Our REA told us it's pointless for her to be there every weekend if we do not have a good turn out.
on one hand i'd have to agree with this. if no ones showing up then there's no reason to keep having open houses. HOWEVER, she should be doing more proactive things to make sure she gets a good attendance at her OH's. sending out bulletins and flyers to local REA's, having broker open houses, etc.
i know you said in comparison to other homes in your area, you are priced right. would you consider maybe reducing the price minimally, by maybe $2500? this way, it may move your listing to a different area on MLS when people search and if you're priced the same as everyone else in your complex, the $2500 will make you the front runner on being the lowest priced. in the long run the $2500 is virtually nothing when you're negotiating. just a thought. good luck!
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| Posted 2/9/08 11:27 AM |
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anjerandunder
Positive thoughts worked!!!
Member since 6/06 1909 total posts
Name:
J
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Re: Are real estate agents allowed to do this?
IMO: get rid of her if its only been a month. it was only 1 OH that didn't have anyone come and what on earth is she doing for her commission if not open houses. i have found over the last two years that you get a RE that either wants to work for their commission or the ones who just want a quick sale. if this was 6 months from now i might consider lowering the price but ONE MONTH?? no way. i would get out of the contract with her and find someone willing to work.
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| Posted 2/9/08 12:41 PM |
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jones
LIF Zygote
Member since 1/08 3 total posts
Name:
John
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Re: Are real estate agents allowed to do this?
Posted by Kristin616
Is it listed in comparison with the other co-ops in our area so it's not like we are overpriced.
Is that allowed?
Those co-ops are probably over-priced as well. Nothing is selling on the market and the real estate agent knows it. Lowering the price by $2500 is not going to do anything for you. The best thing to do is knock 20% off the price and stay ahead of the curve. This may sound drastic, but the way the market is going, and what they are forecasting, you will probably make out better doing that now then waiting several months when everyone else has to do the same. The prices people are asking for now are only a little less than they were when they were giving out mortgages to people only if you could fog a mirror. Now, with lending getting stricter, there are a lot less people that are going to be able to afford to buy.
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| Posted 2/10/08 3:56 PM |
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batm16
LIF Zygote
Member since 2/08 10 total posts
Name:
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Re: Are real estate agents allowed to do this?
Every weekend might be a bit much, i would suggest every other week on different days and different times. For example sat 12-3 then skip a week then go sunday 12-3. Then skip a week and try 1-4 or even try 11-3. Different times on different days might attract a different crowd of people. You also have to watch things going on in the community how many are held open on that day. Always better if another company is holding one in the complex you might want to run yours 15 min before during and 15 min after you might get some run off from the other open house. Marketing a property for sale is like fishing the bait you throw out the more fish you catch open homes are just a piece of bait you can use among others like flyers, neighbors, local bussiness'.
Message edited 2/18/2008 7:30:02 PM.
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| Posted 2/18/08 7:28 PM |
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Re: Are real estate agents allowed to do this?
Did you do a broker's OH? When we sold our first REA had 2 of them but they didn't offer food or anything and only a few came. The REA that sold our home had it durning lunch hours and offered pizza and drinks. We had a great turnout and we had some REA's come back with clients.
You obvilously want the house to be appealing to the buyers but if an REA really loves your house they will push it. Another thing is how the commission is split an outside buyer. If their is no incentive their they won't show (I learned that the hard way).
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| Posted 2/19/08 9:13 AM |
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