While Westchester County has remained a sought after destination for home buyers and 450 single family homes closed in July, there were still an enormous number of homes that quietly came off the market this August, unsold. While it would be easy to dismiss the results on the poor market, even a casual examination of the homes that the public threw back reveals more than the seller might think they know.
If one were to compare the sales with the expired listings, I see trends too considerable to ignore. While success always leaves clues, so does failure. It isn't just Murphy at work- it is an unwitting conspiracy between agent and client that contributes to many of the duds.
- MLS Photos. The Westchester -Putnam MLS allows for a maximum of 30 photos for a listing. While you don't need to hire a pro, I see some regrettable blunders that I am amazed the sellers missed- out of season (snow/leaf covered) photos, no curb view shot, one crummy photo, and other fumbles. While I blame the agent, the client has the capacity to check this online and should have their agent accountable for good pictures.
- MLS Description. Of the 50 expired listings I surveyed, 2 had no marketing remarks at all. Many had one sentence, including one being sold by an agent selling their own house. The Westchester-Putnam MLS allows 500 characters, or a decent paragraph, to describe the property. I could get a 3-ring binder for a $35,000 car; a decent paragraph on a $500,000 house isn't too much to ask.
- Price goofs. Pricing is always a bone of contention with sellers and their agents, and I sympathize with sellers who don't want to lower their price into the 3rd ring of Hell. Point taken. But hanging out there at $504,900 while you fly under the radar of everyone who isn't looking at anything higher than $500,000 is a fatal mistake. Price points matter to the public.
- Ridiculous showing instructions. No showings Saturdays? No showings after 5pm? Really? Did your agent tell you than many Westchester buyers are Manhattan people up for the day or evening and they don't have much flexibility to accommodate you? There is no tomorrow if you live in another city and are only in town for a few hours.
- Overall neglect. Buyers gauge motivation, and spelling errors that remain for 6 months send a message you will regret.
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When selling your home, the TIME IS NOW...not tomorrow, not next week, not next month. To have a successful experience, you have to be ready & in the starting blocks from day one. Anything will spell disaster.
Phil, The same things you describe for Westchester are the same reasons they Expire here...well, except for the Manhattan part!
It really is unfortunate that so many listing agents and sellers don’t understand how important good photos and a good description are on the MLS. In today’s Internet-savvy market, your online image is most likely your only chance to make an impression... and you’d better make it a darn good one.
or the house could have a view of the hutchinson river parkway and the agent was doing their best al things considered.
So many great points, and all things that I've thought many times myself! There's a reason some agents base their entire business on expireds - there are some so obviously neglected that it's hard not to pursue them.
Sellers, look at your listing, your photos and marketing materials and your pricing. Check them against Phillip's list...there is no reason that your current agent should short change you in any of these areas. If he has...call J. Phillip.
Considering how hard an agent has to work to get a listing in the first place, it always amazes me how little work some put into the most important "advertisement" on the house--the MLS listing! Bad photos, bad spelling, and way too much white space are just plain laziness. Any seller that doesn't check up on their listing agent by at least requesting and reviewing the MLS sheet is doing HIMSELF a disservice.
The next worse thing is an incentive or remark with a DATE on it--and that date went by MONTHS AGO!
Philip: You're an agent after my own heart! Part of my business plan is to work Withdrawns and Expireds and more often than not, these properties suffer from at least one (generally all) of these same Listing Omissions! I truly find this to be so amazingly egregious.
As a former Managing Broker, I always reviewed the printout (required for the file) of every single listing and was quick to bring these same issues to the agents, affording them a window of opportunity to get everything up-to-speed.
I simply don't understand why any agent wouldn't want to give the best possible service to him/herself, the Brokerage and the Clients.
"But hanging out there at $504,900 while you fly under the radar of everyone who isn't looking at anything higher than $500,000 is a fatal mistake. Price points matter to the public."
GOOD GRIEF! Even if the seller doesn't understand how agents search the MLS and buyers search the IDX, the agent should certainly know.
That is a serious, serious rookie mistake.
These types of blunders happen all across the nation, so it's a good reminder for all SELLERS to check their listings. And you can put in that many photos. We only have 16, and STILL they don't take advantage of that.
Philip, I thoroughly enjoyed this post and it's especially important these days wen so much inventory is available!
This is a good list. Pay attention to the small stuff because it becomes big stuff!
Not all agents are created equal, you don't know what you're not getting until you don't !!!
Phil--excellent list and it applies to many areas beyond Westchester County, I'm sure! I LOLed at the "3rd Ring of Hell"...everyone knows that you only have to go to the second ring ;-)
Quite sad that a lot of this is going on since it seems so simple to fix...except of course the pricing one which is very challenging. But, great opportunity for someone to step in and save the day.
LOL. Stop it.
There is a listing in our MLS: "Day Sleeper - No Lockbox, Contact Agent to Show".
Hey LA, get them a motel room or something! You cannot be serious.
I have seen listings that have been totally neglected, sell -- the reason the price. Price is king, and even if the agent tries to razzle & dazzle with all 30 photo's giving a stellar description, the price did not appeal to the buying public. One cannot Feng-shui-a home that is over price to sell.
As they say -- seller @ this price you would be the highest bidder on your home.
I have seen listings that have been totally neglected, sell -- the reason the price. Price is king, and even if the agent tries to razzle & dazzle with all 30 photo's giving a stellar description, the price did not appeal to the buying public. One cannot Feng-shui-a home that is over price to sell.
As they say -- seller @ this price you would be the highest bidder on your home.
Phillip - I'm going to re-blog it. Very true. In this market it has got to be ready to move in and priced for the bargain hunters to come out with their wallets.
We either sell the home owners on our professional methods, or they sell us on their ideas based on their personal experience. People are people. Great post, Phil.
Good post to re-blog. Thanks for getting it out to us today.
Patricia\Seacoast NH
Good post to re-blog. Thanks for getting it out to us today.
Patricia\Seacoast NH
Phillip:
Right now is not the time to be guilty of any of these blunders. When I see things like these I wonder how that agent got the listing and why the seller is trusting them with their most valuable possession.
This very good advice for expireds to consider before re-listing.
Philip,
I don't know. Is it possible to teach professionalism? I think not.
Nice post Phil. I'm stunned when I see the lack of professionalism on some listings. You hit several points, although the lack of good pictures might very well be the worst. Especially since the majority of buyers began their search online.
You forgot the biggest culprit: THE HOUSES ARE WAY OVER PRICED
Why in the world would they not put a good comment in the description? That one just screams laziness or as my mother taught me if you don't have anything nice to say, don't say anything at all...
Are you interested in buying Air Jordan? Great post.
Phil, all valid reasons that contribute to a listing to expire. A successful sale requires both the seller and the agent to be diligent.
I agree that ridiculous showing instructions are a big reason here in Manhattan why some apartments remain unsold. Tenants in place can make it very difficult or simply an owner who has very specific times where they are willing to show.
...absolutely true... great post...
Jenna- Day ONE exactly...
Liz, I'd expect this to be the same almost anywhere.
Bill- ONE chance to make a good first impression
Miriam. Not sure where you're going with that one.
Shelley- you spelled lout my M.O.!!
Steve: Thanks!
Lisa- a June open house announcement would be bad this time of year!!
Tish- We are cut from the same cloth.
Lenn-It's malpractice.
Carla- it is everywhere, and it is bad.
Russell- it is hyper competitive and there's no excuse not to bring your A game!!
Cheryl- SO TRUE
Michael- these things are basics!
Kim- I was proud of the metaphor myself.
Debbie- that's my specialty
Laurie- love that new pic.
Fred- that person needs and education.
Lorraine- I say the same things.
Greg- thanks for the 25 points!
Kathryn that is a great way to put it.
Patricia- reblog away!!!
Claudette- many sellers learn the hard way.
Tammie- it is how I make my living.
Terry- I doubt it.
Scott- it is an industry wide problem, but I use it to my advantage.
Cat- true
Darrell- I'm with you
Eileen- I was thinking the same thing ;-)
Michael- the seller needs to watch the details too, and hold the agent accountable.
Mitchell-Tenants suck sometimes.
Phyllis- Thanks!!!
Don't you just love Ridiculous showing instructions? I had a client who desperately wanted to see a house that was only available between 1-3 every other Sunday--no exceptions. My client worked Sundays.
At the end of the day the price will be the most important factor. Though this market is unlike anything we've experienced the question always comes down to what someone is willing to pay.
Showing instructions are the worse. I had one earlier this summer that said no showings for 3 weeks because they had guests.