Real Estate Agents - Previewing Properties - What's the Point?

Question

So I've got a property listed FSBO.

Since I listed it, I've had no fewer than 50 agents or their representatives contact me wanting to preview the property.  I tell them it's tenanted and I'm not interested in showing it unless they are bringing a buyer.

That's the last I hear from them.

I've got a guy I'm texting with right now who also wants to preview the property.  I ask him why.  Any time I've ever bought property, and I'm looking at the property, it's my agent's first time seeing it as well.

So what's the deal here, agents?

Is my agent lazy by not previewing the properties he is showing me

Or

Is it as I suspect - all of these agents want to meet me in person to convince me to list with them, which is almost always the goal of every agent I've spoken to since I listed this FSBO.

Do you literally preview every property that comes on the market so you're familiar with it when you show it to your buyers?  If so, how do you keep them all straight.  How do you remember the differences between 123 Main Street and 125 Main Street?

Am I really shooting myself in the foot when I tell these previewers to contact me back when they've actually got a buyer ready to look at it?

Where's the reality and where's the bulls*** here?

Steve K. · Answer

I'm taking my 168 hours of classes to get my license right now and I just sat through an hour presentation online (required) listening to this exact strategy. I was instructed to try to preview and if the FSBO declines, just swing by the house once a week unannounced and drop off printed infographics such as "How to stage your property", "The benefits of a home warranty", and "What to look for in a real estate agent" in order to build the relationship over time until the FSBO begs me to list the property for them. I probably won't be trying any of that, but I can confirm it's the way it's currently being taught. The teacher explained that the best way for new agents to get listings was from FSBO's or expireds. Guess that's why so many new agents wash out.

Good luck selling your property! Can I preview it? (Just kidding lol)

Matt M. · Answer

Our supply is finally going back up. The days of multiple offers, etc are over unless the property is cherry. The January numbers were low, but Spring will give us the real direction.

@Linda WeygantThe preview thing is BS, especially with your unit. How many are KW agents using their script?? Quite frankly, IIRC there were several units just like yours on the MLS. IF they had a buyer, they could just view those easy enough. They aren't much more money than what you are asking for your unit. If you want the best price, get your tenant out and list in March/April. That is the best time. A rate increase later this year will hurt you, especially at that price point.

Linda Weygant · Answer

Excellent point, @Brandon Sturgill.  I have mentioned in my ad that there is room for a buy-side commission, so there's definitely still some candy in it for them if they actually bring me a buyer.

I think the issue here is that in the Denver market, being the Selling Agent is relatively easy.  Throw up a listing, add some half way decent pictures - BAM - probably multiple contracts by the end of the weekend.But the buy side is hard.  Multiple contracts per property, low inventory, etc.  It's too much effort to actually woo the buyers into an agreement, so they all just want to list and collect commission

Yes - I'm aware there's more to it when you're negotiating a contract, but I still think the buy side is hard which is why all these guys want the listing and probably want to double end the deal rather than just bring me a buyer.

Russell Brazil · Answer

Also 7,128 properties in the Denver area on the MLS over 30 days. Doesnt seem like its easy for every listing agent selling. Just the ones that know what they are doing make it look easy because we know how to create the frenzy.

Jay Hinrichs · Answer

@Russell Brazil  when I sold real estate i previewed all properties i wanted to sell. .i did not want to embarrass myself by not being able to find it right off the bat or walk in and its a pig sti  . etc.  although i mainly sold land so like i said I wanted to make sure i could drive right too it.. you look pretty silly holding a USGS quad map upside down trying to find that 40 acre track in those yonder hills :)  my dad taught me that he was a land man from the early 60s. Friday we previewed .. we called it grading.. we graded the property good bad ok great etc.

@Linda Weygant  I am sure your markets like our market were you can get a zero representation listing for maybe 500.00 bucks they stick it on MLS with instructions to call you for showings.. that is far superior to trying to fsbo and going through 50 phone calls..  I mean if your just trying to save 2% or so.. whats your time worth. but yes a majority of the agents call every fsbo looking for listings thats standard SOP especially new agents..

Like Russ i would not even bother with a FSBO.. most are over priced delusional sellers.. and occasionally you find a deal.. but you really need that agent in the middle to take the emotion out of the transaction..  just like all these landlords that are on BP and say you cant be a landlord and show emotion..  just try low balling a FSBO and see what kind of reaction you get LOL

Brandon Sturgill · Answer

@Linda Weygant Besides being virtually worthless, 90% of agent are clueless and think this is a viable way to get listings..."just call on unsuspecting consumers and convince them they can't sell on their own"...and voila! you've got a listing...one of the many reasons we won't need real estate agents in the future.

Previewing is odd...my guess is they believe they can get you convinced if its an in-person meeting...I bet they'd show up with a pre-filled listing agreement in one hand and a pen in the other.

There's nothing wrong with you working with a buyers agent, just control the deal...and if you did not offer commission in the listing, these agents are bringing a buyer out of the kindness of their hearts ;)

I think I'd have a standard response in the listing description for these guys...specify not to call and you don't need help.

Good luck!

Peter Huang · Answer

Because some agent have 5+ buyer that are looking for same type of house，it will be more efficient if agent preview it first ，if the house is not what buyer looking for it will save lots time 。

Russell Brazil · Answer

Neighborhoods where I do a lot of business in, I preview every single property there is in those neighborhoods.

I also as a matter of practice dont deal with fsbos, so in the case of a fsbo I wouldnt bother previewing.

Sam Shueh · Answer

The effective FSBO posts a sign FSBO-new realtors

You schedule a weekend for OH for viewers. If it is a realtor point exit direction.

Brandi Croom · Answer

Two things- #1, I would never show my buyer a FSBO without previewing it anymore. I did that years ago when I first started and sometimes FSBOs can be rude or they don't put many photos of the current condition because a tenant is in it and we show up and it's not a good fit at all plus I want an agreement signed that you will pay the 3% commission if I bring a buyer so we will sign that when I preview. #2, most people don't end up being able to sell it on their own and we know that, so we preview to put a face with the name and to build that relationship with the intention that if you can't sell it on your own, you'll be looking for an agent.  If you are in that small percentage that are consistently able to sell it on your own and net what you were hoping for, great! But that makes you the exception, not the rule and they are calling hoping to connect with the other 80 plus % that need an agent.

Real Estate Agents - Previewing Properties - What's the Point?

Most Popular Reply