Fired my broker yesterday. Still shaking my head over this guy. Heres a short scenario:
Broker works for 6% comm. stands to make $180,000 +-
I truly believe he is working his aze off trying to make a deal
Only request on my part after 2 years, is return my phone calls in timely fashion (1 to 2 business days). Not call you all week and talk to your voice mail.
So I tell him after repeated attempts to get him to return my calls, that I finally have reached end on rope.
Last conversation I tell him if no improvement on return calls from this day forward, your history.
Quess what I call Monday call again wednesday,call Friday, secartary says he will call back before 4:00, I say tell him its over if I don’t hear from him by 4:00 ……..no call.
The part I just can’t believe is he would (ship can) a very lucartive deal, over a courtesy call.
Quess I’am kicking myself a little for letting it go on for so long, time to move on.
Still shaking my head though, any suggestions out there on how to qualify new broker.
Replies
Qualify the new broker by how quickly he/she returns your first phonecall to meet....lol
Bob
lol their gun ho to get your listing, its after they get it is another scenario.
I am with you. Fired my doctor after 18 years for making me wait 45 minutes in the "holding" room. Let a roofer go for the same thing. There are more. DanT
Thats the thing I'am kicking myself for. I have never let a sub run me around that long. As for the doctor thing, just be late when they need a meeting to discuss a home improvement, and they will look at yea like do you realize how important I'am. Life goes on.
wow .
The last time I went to see my heart doctor , I waited four hours.
LOL, I bet that did your heart a lot of good!
Welcome to the Taunton University of Knowledge FHB Campus at Breaktime. where ... Excellence is its own reward!
You've got way more patience then me. One thing I won't tolerate is a blow off from anyone.
Long story short most here remember when I lost my license a year and some months ago. All because my bosses lawyer forgot the court date. I hammered him everyday for three weeks with an update phone call. If he couldn't talk to me when I called I gave his secretary a time that I wanted a return by. If he didn't make his time I called every five minutes untill he was on the phone. I rode him very hard. I had no choice but to use him since I was going through my boss. He was very happy to go to court when the time finally came.
Free Sancho!
$3 million pad, that must be some nice place. Swimming Pool , Movie Stars must be in Beverly Hills?
I see you know basic math, not a house, just raw dirt,commercial property I bought 20 yrs. ago been my 401 K.
Development is finally getting my way and I figure its time, to cash out and move on.
Heck I'am like most of the posters here living paycheck to paycheck, and hopeing I can finish the job on time cuz the house payment is due, insurance bill came yesterday and the van needs repairs, and the 6 kids love them as much as I do like to eat.
Hope it all works out for you! Its nice when the small guy wins Big!
Patience, patience, patience, its just a matter of time. Still would be nice to schedule that Alaskan hunting trip for this fall.
thanks for the encouragement
Development is finally getting my way and I figure its time, to cash out and move on.
I think your timing is impecable, hope it works just the way you want it, and that handsome family of yours gets a fine vacation -
"there's enough for everyone"
Yes a vacation will be definetly in order. Then I figure I'll buy a apple orchard and be able to relax all the time, don't want to work to hard lol
Did those people up in harbor springs or cross village ever get that cabin work done.
Next time your up this way get in touch, we'll have a couple of pops with the foam on top.
...we'll have a couple of pops with the foam on top.
yur on...
hopefully can make a trip that way in May, before strawberries start -
Aunt and Uncle talked cabin, then spent enough to build it (well, a lot of it) on a utility shed - I was shocked - I forgot to take a pict last trip - I mean, it's maybe 10'X14', PT skids, floor, swinging 'barn doors', three little vinyl windows - $10K !!! - gawd, they are sharp people that usually do a lot better than that - I don't even know how to talk to them about it...
I know Aunt wants a way to handle guests without opening the house, and they like our little 18'X20' cabin - - we'll see what's on their mind this year - -
oh well, better not to work for relatives anyway - -
apple orchards? - - it's a lifestyle - LOL -
"there's enough for everyone"
Its a lifestyle for sure, growing up had a friend whose family had approx.50-60 acres in apples and those small purple prune shaped plums. You growers work your butts off. They finally had to sell land to development, it was a bitter pill for the folks to swallow.
weather, lack of real capital, and all the other headaches that come with farming,just didn't make it feasible to keep it up. Financially they did better but they lost part of their soul when it came to the end.
I'll email you my phone# and let the local micro-brewer to keep the hops roasting in may
That's not a swimming pool, it's a ce-ment pond!
"I cut this piece four times and it's still too short."
screw them all. we build them and you CAN sell your own stuff. believe me if you can build it, you can sell it
Building it isn't a problem, just lack capital to do it myself. When the sale eventually happens I'll have the capital to do my own thing.
I'll keep working just won't be doing the 55-60 hr. work weeks, heck 40hrs. will feel like I'am working part time. Plus the young-uns have to know that you just don't go to the mailbox once a month.
You did the right thing for you... just not soon enough.
Had it listed for two years? Did you have any offers at all? Is it listed in an MLS?
If you answered YES - NO - YES.... your price is the problem.
Why didn't he want to return your phone calls? He had nothing to report because no one is interested in the property at the listed price. You could read several books on real estate and they'd all tell you the same thing... not that you'd want to hear it. Your broker probably did the right thing for him if your price is too high. How was the asking price arrived at?
Did you check to see if your broker has sold commercial/development property in that area? Has anyone sold such property in that area at the price you are asking? Did you get and check references? How many brokers did you interview? How did you decide who to list with?
If you hired a bozo on your crew without asking questions or checking references whose fault would it be when Mr. Bozo didn't work out?
I know that there are a lot of lousy brokers out there. I have to co-op sales with them on a regular basis. That doesn't make up for you not doing your homework, though.
I was in construction. Now in real estate the past nine years with construction only a part time side.
If you have general questions I'd be glad to answer them if I can, but you need to know answers to all the questions above in order to do a good job of getting you land sold. Remember, if the broker stands to make $180k and you stand to make a couple of million then you need to approach this sale from the same business like manner you use for closing a construction sale.
Good luck!
I'm thankful for the loyal opposition! It's hard to learn much from those who simply agree with you.
I smelled a problem in the wood pile too.
Here, a salesperson /agent would jump to cover that property unless it was hopeless for some reason. Theres a problem somewhere . .................... An agent dont screw off that kinda money.
Tim Mooney
Yes, Yes,& Yes Already have had a signed deal with a major retailer, couldn't get is box to fit. And had another developer/ investment company from down South that work strictly on locating properties for major retailers all over the country had a offer on the table that matched the first offer. So in answer to your question I don't feel that price is the determing factor.
Prices in this corridor run approx. $300,000 per arce.
The most recent incident occured when I spoke to him and major big time development co. was very interested and he assumed that a offer was forth coming in a few days. My calls to him 4 to 5 days after supposed offer was to be made and I hadn't heard anything from him, I was only looking for some feedback.
Yet I couldn't even get a return phonecall, if he hadn't heard anything thats fine with me, but a return phonecall I feel would have been appropiate.
Its not that I need to talk to him everyday, but I feel if your showing the property, and I call you the following day to get a heads-up on how the showing went, I should get a return call to see what the interest was and what the possibilties are for making a deal, this scenario played out way to often for me. I have some flexibilty in the price and I'am a movtivated seller.
And if he has nothing to report fine call me and tell me I've got nothing to report. But I also feel that it is totally unprofessional that I have to call you repeatedly just to get that answer.
The firm that I hired deals stirctly in commercial realestate and is a major player in that area. I chose that firm as they have most off the property in that area listed.
I just spoke with another comm. broker today that also works this area, and just recently put deal together for lowes which is 1.5 mi east of my property. And the home depot which is .5 mi. away. New meijiers is presently being constructed 2 mi. west
This property is a true corner piece and the only corner with a traffic lite for 10 miles in either direction.
Value has been determined by the broker using comps. for other properties sold in corridor.
I feel the lag in interest in the first 18mths was due to slow economy and uncertainity in market.
hopefully that gives you enough info. the big question is how does a average guy like me qualify a potential broker, don't want to get caught up in the same situation again. On a side note faxed out the letter today to broker to let him know that I wouldn't be needing his services, quess what still haven't heard from him. Don't know about you but I wouldn't let that kind of deal slip from my fingers, without trying to rectify situation. But I would have never let it go that far, I always return customers phonecalls even if I really don't want to talk to them. Just plain and simple good business practice.
Ouch! Sounds like the guy you're firing is terribly unprofessional. I HATE it when such folks don't call.
Sounds like you're on the right track. Can you communicate by e-mail with the new broker? Did they provide you with prompt service when you called? How long is the listing contract you're going to agree to? You might tell the new person that you recently got snubbed and won't put up with it. Tell them how often and in what response period you expect to hear from them. Tell them you won't sign a listing for longer than 3 or 4 months so they can show you how well they'll do. If they do well, still don't sign on for more than 6 months. You can always re-up, you'll just have the choice.
Best of luck to you!
(There is some of that involved in every deal!)I'm thankful for the loyal opposition! It's hard to learn much from those who simply agree with you.
I wonder if when you called he was getting his Lexus serviced, or maybe a pedicure / manicure? For 180K I would be licking your boots!
In my past life I went & got the license because it got old building $200k homes & paying out $10K-$14K to some housewife that happen to be in the right place @ the right time. Took 14 weeks & $500 & I was in the inner circle. Little different now but!
Education, A mind is a terrible thing to waste!
Hire yourself as a broker. You can do as good a job, probably better than someone who has just an 'interest' in you. Sell, Sell, Sell. You might have to get someone else involved, If your wife is a stay at home likes to do stuff type person, she can take the 'busy' stuff. Just a thought.
Good luck,
GB
Yes, anyone can sell there own property. Just like anyone can build there own home. No sweat. It's easy. Those brokers and builders make loads of easy money doing what anyone could do.
Except.... statistics don't bear out what you are recommending.
Take you for instance. How would you go about promoting a piece of development land? Where would you advertise, and how? I'm sure you are trained to pre-qualify buyers, that you understand the tax, environmental, lending, title insurance and other things that it takes to deal with property sales, especially development property (the hardest of all types).I'm thankful for the loyal opposition! It's hard to learn much from those who simply agree with you.
Here's a question for you would-be real estate tycoons:
Why do brokers advertise properties for sale in newspapers?
Take a whack at answering that and I'll let you all in on a little secret.I'm thankful for the loyal opposition! It's hard to learn much from those who simply agree with you.
Because it's mandatory to meet certain specs?
be a question
edited to say I am not a would-be re tycoon
Edited 3/8/2005 3:36 pm ET by the razzman
Because it works.
blueJust because you can, doesn't mean you should!
Warning! Be cautious when taking any framing advice from me. There are some in here who think I'm a hackmeister...they might be right! Of course, they might be wrong too!
Keep trying. Not even close so far.I'm thankful for the loyal opposition! It's hard to learn much from those who simply agree with you.
Now, you've got my curiosity.
Why would anyone spend money on ads if they didn't work? Buyers think they found a house, so they call, then end up being shown a dozen more. Sellers demand that the ads be put in. Without them, the realtors don't get listings.
It sounds like money well spent..in essence, they work!
blueJust because you can, doesn't mean you should!
Warning! Be cautious when taking any framing advice from me. There are some in here who think I'm a hackmeister...they might be right! Of course, they might be wrong too!
Congratulations, Blue!!!
>> Sellers demand that the ads be put in. Without them, the realtors don't get listings.
That is the primary reason. To impress sellers who don't actually know how property gets sold.
You'd get two doggie biscuits for that answer if you hadn't stuck to the idea that those property ads sell property. Not that that never happens, it's just not very common.
Here's the secret guys: Over 80% of property sold sells due to the word of mouth connections of active real estate brokers and salespeople. That's from long term research by the National Association of Realtors.
I know most of you don't care (and that's the primary reason that I'm a broker and not a Realtor), but "Realtor" is a trademark name of the National Association of Realtors. There are thousands of real estate brokers who do not belong to said organization, me included.
While I don't support any national trade organization which spends most of it's money on advertising itself (also from NAR's own research), I do know that the real estate business is as fast as it is in selling most properties because of communication between brokers, buyers and sellers. Sure, newspaper ads are a form of communication, but they don't sell property well. It's the "knowing who to know" for each property that gets most property sold. That includes other brokers, buyers and sellers. Most of the best buyers (who've bought the most properties) I've worked with didn't live here when they were buying and they didn't read our papers.
Research also shows that the most effective advertising for RE folks is to advertise themselves, and not their listings. Take a good look at the ads in your newspapers. The most successful advertise themselves.
Next time you get ready to sell a property, if you list with a broker and s/he tells you how s/he'll advertise you'll know something they don't expect you to know. Something they may themselves not know.
The real estate business is changing fast in some ways, folks. Websites and e-mail have completely altered real estate marketing, but nothing has dented good old word of mouth. Our primary competitor spends many times what we spend on newspaper ads and has more than twice as many people. We're the top selling office in our town because, just like in construction, we focus on excellent service and competent work to get the best reputation in town.
No amount of money can buy you a good reputation.
I'll bet most of the regulars here at BT know that from experience.
I'm thankful for the loyal opposition! It's hard to learn much from those who simply agree with you.
Basically the same reason that they do open houses. To get leads on potential buyers or sellers that want to work with them.
You're sniffing in the right direction, but haven't quite got the trail.I'm thankful for the loyal opposition! It's hard to learn much from those who simply agree with you.
I would hope it's to attract buyer's to the property. If this isn't it, I'm real curious !!
GB
That happens sometimes and we love it, but it's not the primary reason.I'm thankful for the loyal opposition! It's hard to learn much from those who simply agree with you.
Realtors have really gotten out of control lately. Inflated property prices and respectively huge commissions got them all thinking they're entitled to our hard earned money.
I dont mind paying a fair commission for services rendered but what the hell are we getting for our money these days? Any shmuck who can read 3 books and take a test inside of a months time doesnt qualify as a professional IMO and subsequently be entitled to 6% of my propertys equity for doing nearly nothing!
You have a choice . Truth is that the real point is net working your property. The beginner book learner you mention has little chance of selling your property. Once your property hits the MLS , all agents are looking at your property trying to find a butt to fit that seat. They spend hours looking at the listings and thats how your home shakes hands with all of them.
The best way to sell your house quick is list it for the shortest amount of time a realtor will agree to. The day the listing runs out every realtor in the area will call you to get the listing. Tell them you're not interested in listing it but if they have a hot buyer you will honor their commission.