For many years, there were not a lot of "second agents" here in Washington. You stuck a sign in the ground, took a couple of breaths, and voila! You would have a bunch of agents rushing to your office bearing perfect offers - of course all above the outrageous asking price you put on the place.
Times have changed.
We're actually seeing expired listings, and even though I don't prospect this part of the market, I sometimes get calls from the sellers asking me to come by and talk. And I view this as real estate's version on Monday Morning Quarterbacking.
Actually, I'm really good at it.
A lot of the time, I'm telling people the exact same thing their first agent told them. But unlike the first agent, I think it's easier for the second one to convince the sellers to actually do the stuff the first agent recommended.
And over the years, I've learned that often, it's the price. And often it's something else that the previous agent addressed with price reductions.
Here are what I think are the major issues with houses that haven't sold that do not involved the price:
Condition: this is sort of a no-brainer. If the house is cluttered and smells like cats, and if it is up for the Excellence in Deferred Maintenance Award, I try to address these issues first. Of course, if the sellers are not willing to deal with peeling paint, rumbling appliances and male cat spray, they will have to reduce the price by a whole lot to compensate.
Staging: was it done by a professional? Was the house neutralized in terms of religion and politics (here in DC we have to lose lots of photos of our clients with current or ex-presidents).
Access: if the showing instructions are as complicated as the rules governing some airline discount fares, that's a huge issue. If it could only be shown every other Thursday between 6 and 8 in the morning with the listing agent present at all showings, it won't sell at any price!
Marketing: customs are different around the country, but I'd check to see what, if any, marketing the first agent did. How was the virtual tour? Was it professionally photographed? What did the information packet look like? Was it a stack of MLS printouts? Or were there nicely done flyers that would help prospective buyers remember the place?
Other Stuff: did the sellers leave when the house was being shown, or did they follow the agents and buyers around like they were worried someone would steal the silverware? Was there a Realtor-eating dog who made the showings an adventure? Did the place smell like an all-night poker game?
Price is a the bottom of my list, unless it's obviously way outside of the zone of reasonableness. I do a careful market analysis that either confirms the price is right or tells us what it should be.
Usually, there is some combination of factors that kept the house from selling, and I think it's important to address them all. If, for example, you are over-priced and bring it down, you won't sell if you doggy, Fang, is humping legs and otherwise harassing people who are coming through. If you pay a fortune to have the house decluttered and staged, that will not attract buyers if your price is way high (especially if Fang is running loose and humping legs).
When I've had sellers who wouldn't do what I asked of them, I've suggested that they might need a second agent, and that the most important quality that person should possess is the ability to get them to carry out my recommendations!
That tends to get their attention. When it doesn't , I fire myself.
I like being the 2nd agent too as long as the sellers will listen. I have a couple of listings that are on Round 2.
1. The 1st has done everything I suggested and is getting a fantastic response.
2. The 2nd thinks he/she knows it all.
Unless the sellers are motivated and willing you are still stuck trying to move the ball forward.
Poor Fang; the Realtor eating dog.... You always pick on him! :-P
I once heard - It is best to be "The First Love; the second wife ; and the 3rd Realtor." But it sounds like you know exactly what to do - so I think you can pull off being the 2nd Realtor.
Also - I want to 2nd and 3rd - the point about showing instructions. I have (had) a place I wanted to show last weekend - we are still trying to negotiate a "time" to see it. My client doesn't even want to see it anymore. He feels if they are this difficult at gettting a showing a time that works - how will the negotiation be? I tend to agree.
It's puzzling to me that the second agent will come in, request the wallpaper to be removed or the price to be lowered, and get the seller to make those changes. Sometimes the first agent suggested all these things but the seller resisted. I wonder if the sellers sometimes feel that they have "egg on their face" for not listening to the first agent, so decide to hire a different agent so they don't have to admit they were wrong?
Pat...On Saturday I am going to list a house. I'll be the 2nd agent. It has been off the market for three months now so, as you know, in MRIS it will show as new. The price will be lower than it was the originally. When I interviewed the first time my suggested price was lower than the agent that got the listing. Of course it is even lower now.
I agree with Kelly also. There have been listings I've gotten after another very good agent has had it. And, I have told the seller the agent was good.
Kathleen
Yes, coming in as the second team is a good position to be in. Sellers are a lot more willing to listen and follow advice.
Tracy, sometimes when you know the first agent, and when she's a great agent, I have to wonder about the sellers and the wisdome of taking the listing.
Kay, hopefully they'll listen, and I agree that they hear more of what Agent Number 2 says.
Colleen, so would I unless the sellers want to overprice and under fix up.
Norma, sometimes a new agent can bring great energy to an old listing.
Krista, in a faster market you do want to be first.
Carol, niche listings really do need good marketing that's targeted to whatever the limited market is.
Joseph, and if the first agent had bothered to listen, it might still be listed with that agent.
Linda, you said it better than I did!
I have to admit it is fun being the the 2nd agent and it is even more satisfying when they passed you up the first time or you passed them up because they were not really ready to sell. But, when you are the second agent they are really motivated and it is a lot easier sale and they are a lot more willing to listen since you were truthful at the first meeting, they just were not ready to hear the truth!