All Forum Posts by: Mike Wallace

@Keith Jourdan give it at least 2-3 weeks before even thinking about touching the price. We are in the dead of winter and all of my listings are getting far less showings than they would have 2 months ago. Once the snow starts the showings slow down (from my experience) unless your property is a great deal. 

Are your pictures nice? For a flip I hope you used a professional or at least a professional camera to attract people. 

Do those agents have teams of people??

Very hard for them to do those levels in residential without a large team which cuts into profits heavily and has lot's of overhead. If volume drops you can go from making money to losing it fast. 

If the average house is 200k price for 2 million that is 10 houses a month for a closing about every 3 days.

With buyers you are limited because of scale. There is only one of you and no matter how many hours you work you can't do three places at once. Some brokers/agents take buyers on bus tours. In this way they can show their clients a large selection of properties at a time and hopefully sell multiple buyers on different ones.

Most brokers/agents do not go to this extreme as it cost a bunch of time and money.

New agents typically work with buyers as sellers will not give them the business yet.

Something to think about long term is this. As a listing broker you can do many properties at once.

Example: You find your buyer a perfect property. You write an offer. 5 other buyer bid. You have a 20% chance of winning the bid and closing on it to get a commission.

Conversely you are the listing broker/agent. You select one of the 5 offers to go under contract with and get paid 100% of the time unless the deal falls out. Now you know why most brokers/agent long term for residential move to focusing on the listing side. They can be anywhere with a laptop and move a deal along. They can list a large number of properties with just one assistant.

The 4 other buyer brokers that lost out get to go find another property again and waste time and gas so when something does close it is a reduced return.

I work with lot's of buyers on the commercial side but it is number crunching from my office, e-mails, and phone calls and not driving people all over creation like with residential.