What I Wish I’d Known about Selling My House
Effective agent shared the harsh realities.
Just about everyone knows the rules of real estate: "Location, location, location." How about "A real estate agent is an agent is an agent?"
I made up that real estate agent line. It’s totally untrue.
While all 29,000 or so members of the Ohio Association of Realtors presumably know how to place a home on the Multiple Listing Service, it is highly unlikely that every agent graduated at the top of his or her class.
There are good agents and – since I hesitate to say "bad" – I’ll just call them ineffectual. As it happened, I rushed into an unfortunate choice of agents late in the spring because I panicked about missing the summer selling season.
There were signs I’d made a mistake early on.
First, my agent asked me what price I’d like to set. So, I looked around the old homestead and recalled with great pain all the work and money I’d lavished on the place over the years, above and beyond mere maintenance. My home had graciously sucked up my disposable income, pushing the word "vacation" out of my vocabulary.
I’d recently had the kitchen renovated, put hardwood on the living room floor, installed Andersen windows in the dining and living rooms, painted ceilings and walls, and gotten new linoleum laid on the stairs to the basement. I even waxed the basement floor! Actually the waxing and some painting were the only things I personally did. Professionals did the rest.
After I took inventory of my expenditures, and reviewed my considerable affection for the results, I settled on a highly sentimental price, one that may have floated before the real estate bubble burst, but no more.
And my agent said, "Fine."
That was just plain wrong. An effective agent would have talked me down, conveying the realities of the current housing market. The agent would have toured my competition – or at least spoken with colleagues who had – and been able to articulate how my house compared, and what that meant to the pricing.
My home had a couple weaknesses, and I was well aware of them. I just didn’t like to acknowledge them. The carpeting on the stairs and in the upstairs hall was a tad shabby. And the peach and green tile in the upstairs bathroom and the pink toilet, sink and tile in the powder room were many decades out of vogue.
And 20 guests cannot gather in my kitchen to cook Thanksgiving together, as they do in ads for $4,500 Viking ranges. Yes, it’s small, not that it interfered with preparing for holiday dinners to serve 15.
I simply didn’t want to spend any more on the tile and carpeting, which I’d already changed twice in 20 years. And I’d done all I could with the kitchen – short of knocking out the front wall of the house and building an addition. It has granite countertops. Enough said.
So I told my agent, “If the next owner wants new carpeting and tile, that’s their business.” The agent didn’t even try to set me straight. The house went on the market with obvious flaws, yet priced as though it were perfect.
I wish I’d known that today’s buyer doesn’t stand in the living room, extend their arms to encompass the entire house, and announce, "Wow, I love this house! It sure has possibilities!" That’s how we did it in the olden days, like when I bought my house 20 years ago and every room was wallpapered, and all the wallpapers clashed. And the carpeting was 5-inch shag.
Buyers today – if they’re not looking for a handyman’s special – expect a house to be move-in ready, no work necessary.
"Spoiled" is the word I heard from a number of agents, but not my own. She was apparently unaware of this phenomenon.
As the summer sizzled by, a dozen or so would-be buyers waltzed through, said really nice things or noted the kitchen’s size, and moved on. There were relatively few homes for sale in my neighborhood "at my price point," as my agent put it, so I wondered why only one prospective buyer was interested in taking a second look.
I began to worry. After speaking with some very knowledgeable people in real estate, I knew I had good reason. My house was never ever going to sell without improving it some more and pricing it realistically – a euphemism for lowering the price.
It was around this time that I did some asking around and learned it is not against the law to fire your agent.
Late August, I started a new agent search, choosing to interview a few with impressive sales records. I selected one who radiated competence, yet had a nice way about her. Her sales record was stellar; she explained the market in a way I understood, and she was straightforward about changes my home needed required: The stairway carpeting had seen its day, as had the pink and green tile.
My new agent also spared me the misery of finding good people to do the work. She had names and numbers, and years of experience working with them. She made sure I was in good hands, and this was before I’d even signed with her.
Did you know that tile and porcelain fixtures can be painted with a really powerful epoxy paint that stays put for decades? I didn’t either. Now the outrageous tile colors are history, replaced by neutrals. Also, new wheat-colored carpeting was laid on the stairs.
For good measure, she suggested that my collection of fuse boxes be consolidated into an electrical panel. One of my breakers was a problematic brand, she said, and a buyer with an astute agent will know that.
A mere three weeks later, the house was ready to go back on the market at a new improved lower price. Yes, lower!
She gave me outstanding reasons for adjusting the price downward, and I understood them. There was no denying reality. The kitchen is, after all, still small; the bathrooms, while cosmetically improved, haven’t been gutted and updated from the studs up; and my house is on a border street – not good, she said.
There have been few showings since the changes, but this isn’t surprising in the "soft" fall market. My new agent had predicted this, so I’m not alarmed. She’s suggested that she’d like to take the house off the market in November, and put it back on in February, when the market traditionally heats up.
Whatever she says goes.
Susan Ruiz Patton
3:25 pm on Thursday, October 6, 2011
We had a great experience with a real estate agent in Pennsylvania before we moved here and boy was that helpful. She hooked us up with a handyman who did some minor repairs to carpeting and some painting and even suggested renting our home to get some money coming in while we were waiting for the right buyer. The renter turned out to be the buyer.
Holly Barnes
10:08 pm on Thursday, October 6, 2011
I just bought a home in Lakewood early March and went through 3 Realtors before one woud actually listen to me, do what they promised and get me the house I wanted!!! I would love to know the people that painted your tile!!! I'm living with the pink tile in my bath and it's driving me nuts. As a former Realtor for 7 years in Florida, any home will sell, at the right price. Finding a Realtor that actually knows the business, cares about clients, and is willing to go the extra mile in this economy is rare. Make sure you give the current agent lots of referrals...she deserves them!!! Great article.
Colin McHale
11:12 pm on Monday, October 24, 2011
Welcome to Lakewood! Sorry you had to go through so many agents!
Check out "Miracle Method" (http://miraclemethod.com) to get your tile work done. I've never used them before, but I have seen them advertised a lot in the REALTOR magazine, and on tv!
Colin McHale, REALTOR
Fran Henry
5:49 pm on Tuesday, October 25, 2011
Holly,
The company is Chagrin Valley Tub and Tile Resurfacing Co., Chagrin Falls. 440-247-6942. Rick does an amazing job.
demo rat
10:44 pm on Thursday, October 6, 2011
Do your research, price it accordingly and stage it. If it's in the right neighborhood the house will sell itself... without a 7% commission going to a realtor who probably clamored to get a good listing. You can still list your home by yourself on the MLS. Title agencies will help you write up contracts and have all the necessary forms. A lawyer's review, if you even want it is under $200. Buyers find their houses themselves these days on the internet anyways. And get this - selling a house yourself is a lot of fun!
Rich Ganim
12:03 am on Friday, October 7, 2011
As a Realtor in the Cleveland area, I want to first apologize to you for the first agent you had. As I am sure you are aware, we are not all like that. I am glad that you are now with a good agent. While some people say this is a "soft" fall, interest rates are so low that buyers are buying homes like crazy. All they care about though is price, location and condition. It's a beauty contest and a pricing war and you need to win both in order to sell your home.
Jean Dubail
12:03 pm on Friday, October 7, 2011
Thanks, Rich, for your comment. Just to reinforce the point, no one at Patch wants to imply that Fran's experience is typical. My own experience with a local agent was wonderful from start to finish, and she's become a friend.
Beth
11:27 pm on Friday, October 7, 2011
We had our house up for sale for approximately 3 months. We went room by room with the real estate lady. We have the bamboo, hardwoods through out, large bathrooms and in a very quiet, nice neighborhood. Well, our real estate lady, come to find out, had surgery and should have let another agent handle our case b/c we got NO bites and it was a total waste of time. So definately research them first before signing on the dotted line.
Colin McHale
11:13 pm on Monday, October 24, 2011
Beth - based on your comment, not sure if you actually got your house sold or not. If not, let me know - I'd love to work with you!
Colin McHale, REALTOR
colinmchale@howardhanna.com
Gary Neal
11:41 am on Monday, November 21, 2011
Thanks so much for the article. This is really helpful. My wife and I are looking at moving within the next year or two, and this is good to get advice like this. I've also heard that bathrooms are a key selling point and that it is worth putting in a little extra money to get a bathtub refinishing job or, at the very least, getting a cosmetic lift. http://www.tubdoctor.net