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Originally Posted by Bagor
Yeah, I'm more than happy what we sold for. But I would say that!  Seriously though ... yes.
And I've heard this 2% for open houses figure before which begs a couple of questions. Is this 2% based on an offer at the actual open house that leads to a deal or return viewings that then lead to an offer. And secondly is this data is true and so low .... why bother? Is there an actual official statistical report to back up these statements? |
To be honest, I don't know if it's exactly 2% but it's very low. The reason people bother with open houses:
-Sellers still expect them and think it's part of your job as the Realtor
-Realtors will try to pick up new business through them if the people coming in aren't already working with an agent
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Which leads onto another question. Say I'm selling for 400k with agents at 1.5% and you contact me looking for my listing. If I say sure provided there is something written into the contract that you MUST sell for at least 415k to earn your commission (therefore I get the same coin in my pocket) would you have this clause written into your contract?
i.e. Are realtors prepared to back up their claims in the form of flexible contracts or are they rigid? Also is the 6 months a rigid pre-requisite for a contract.
If a realtor is claiming that they can sell my house for x dollars in 2 months max can I turn around and say .... fine, I'll sign up with you for 2 months?
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Yes, Realtors can be flexible and set up different tailor made arrangements. In your example, I would have to see if 415K is reasonable before making my decision.
If the house is only going to be sellable at 400K, I would likely respectfully decline the listing. It's not part of my "claims" that I will sell your home for 15K over what it's worth, and that's not what my listing presentation or values as a Realtor are based on.
This is just me personally though, as there are lots of agents out there who seem to take any listing at any price.
I would caution you to ask why they are willing to take on a listing they likely won't sell; and is a desperate agent really your best bet to hire?
If you're main 2 criteria for choosing an agent become: who says they'll sell if for the most & who says they'll take the lowest commission, you're not likely hiring very good Realtors.
As for 6 months, there's no restriction but 2 months is the minimum for a listing to be put on MLS.
Depending on the market and realistic timelines needed in it, the term of the listing contract is usually adjusted. I know in the slow market Calgary had last year, many agents I talked to would not take on listings at under 3 months.