Does your real estate agent employ every possible resource to get your house sold?

Does your real estate agent employ every possible resource to get your house sold?

Truth be told, most agents do the same things when listing a house for sale. Sure, you will hear some agents talk about how other agents just do the “three p’s” (which are Put a sign in the yard, Put it on the multiple listing service, and Pray that it sells) and those agents are really out there… but most Realtors do a bit more than that. At the very minimum your agent probably promotes the home on social media, their own website, through open houses, with staging assistance, aggressive price strategies, circle prospecting the neighborhood, and an email campaign of some sort. Some agents even still use print ads, although they haven’t been useful for years…well except for finding more clients, but that’s an article for another day.

What most agents don’t do to get your home sold is the reason for todays article. What they don’t do, is leverage the whole of their local brokers association to help market the home. In fact, a great number of agents in the Indianapolis area won’t even allow other agents to market the property that they have listed. In the following paragraphs I will explain what that means, why so many agents won’t do it (or at least why I think it is), and how that hurts you as a home seller. Afterword I will outline our policy, how it better serves our clients and of course tell you how to hire one of the professionals at Your Realty Link to sell your home in greater Indianapolis.

What do I mean by leveraging the whole of the local brokers association?

As you may or may not be familiar, real estate agents belong to a national (NAR), a state (IAR in Indiana), and a regional (MIBOR in Indianapolis) association. It governs our ethics, provides professional training, and is supposed to create a spirit of cooperation amongst the Realtors who belong to it. For the most part it does…but quite a few agents don’t take advantage of that cooperation. More on that later because I have to get back on point.

The leverage I am talking about comes from that cooperation. When listing a property, it greatly benefits the seller of the property if the listing agent allows  encourages the several thousand dedicated buyers agents in our area to market the property as a home that they can help you purchase. Doing this widens the circle of potential buyers actually being aware the house is for sale by a factor of 100 with every agent who does this.

Makes perfect sense right? Well a lot of listing agents disagree and wont allow it. Some even file ethics complaints with the board when it happens.

The reason so many agents don’t allow other Realtors to cross market their listings is about legal technicalities, perception, their companies brand, and an attempt to double end deals…not about selling the clients home.

Now for the record I have to state that the previous statement is my opinion, and that this is not directed at any individual agent or company… but lets take a look at why I think that.

The legal technicality is about the exclusive right to sell clause in the listing contract. The long and the short of this is when you list your home with a listing agent, they have the exclusive right to market or sell this property. So they do not have to allow others to market it. The funny thing about this to me is that the industry has accepted buyers agents selling the property and has built in a structure for that to happen. Not only that, but under the MLS agreements, those agents allow third party websites to market the property (even when they sell the leads from that marketing to other agents, but they will not allow other agents to market the same house listing.

While studying the marketing of real estate, I have noticed that a lot of companies like to make it sound like thy are the only ones who can get a house sold. Which from a marketing standpoint is a great way to convince buyers to work with you…the others can’t do what I can. Heck it is even the premise of this article. Other agents won’t or can’t do what I will to get your home sold. It works too. In fact, when I am dealing with buyers one of the most frequent questions I am initially asked is how many houses do I have for sale. The answer is always however many are currently listed in the MIBOR area, but it shows that creating the impression that only one agency can sell any given house works on the general populace. That impression and the value of appearing to be the only one that can sell a property is a powerful motive for an agency to restrict marketing of its listings.

The company branding is a little fuzzier. This come into play mostly when one company has dominated a price point and area. For being cooperative agents as Indiana law dictates, we sure do get territorial about areas… especially if its one with high end homes where the neighborhood is starting to “turn over”. At any rate, as a holdover from the days of the local expert many agencies have attached their brand to a certain neighborhood and have done a very good job of cornering the market. There are two things that they need to accept about how that is changing though. First, due to the amount of information available online today, the days of the neighborhood expert are quickly fading. Simply put, there is no useful information that a neighborhood expert has that a skilled agent with an hour and some quality GoogleFu can’t put together for a client. The second is that with that change, real estate today is about customer care, keeping the process smooth and client loyalty. People move from place to place, but if their agent does their job like we all should…the client keeps that agent.

So in short, marketing as “the only Realtor in Utopia” is no longer a thing… the world has moved on and if you don’t change it will leave you behind.

The attempt to double end deals has to do with how Realtors make money. When you list your home, you negotiate a sales commission for the home. Part of that commission goes to the listing agent, and part of it goes to the agent who actually sells the home (or brings the buyer in our parlance). So, if the listing agent is the only one marketing the property it greatly increases the odds that they will also be the buyers agent and therefore collect the full commission. I don’t fault this, as everyone in every business wants to make more money and pay less out. I do however, question whether this benefits the seller of the property. Actually I don’t question it, this is an instance of the real estate agent putting their own interest ahead of the clients.

So those are the four major things that I think influence listing agents when it comes to not allowing other agents to market their properties. Now lets take a look at how these policies hurt sellers.

Not allowing other agents to market a listing as a buyers agent limits the promotion of the house for sale.

When it comes to selling a house their are three “p’s” of listings that are more positive than the three I mentioned. They are price, presentation and promotion. Today we are just talking about promotion. The most clear way I can state this is that the more people that are aware your home is for sale the better chance you have of getting it sold. The more people who you have talking about it being for sale, the more people will be aware of it. This is especially true if a buyers agent who has both a financial incentive to get the word out AND their own marketing networks that your home may not get attention in otherwise.

Summary: If an agent or agency limits other agents from marketing the property, then they are limiting the listings market exposure and potentially hurting the properties likelihood of sale.

Your Realty Link’s policy on cross marketing our listings.

First and foremost, our policy is that we not only want buyers agents to sell our listings (if they can do it before we can), but we want them to market them aggressively. Any Realtor (a member of the National association of Realtors)  may market our listings as a buyers agent. This includes on your personal websites, social media, print media, email campaigns, or any other ethical method of marketing homes for sale. We do require that any agent doing so merely acknowledge Your Realty Link as the listing company.

So if you are thinking about selling your house and you want to make sure that your listing agent is putting your interests above their own AND that they will do everything they can to get your homes sold, give Robb a call at 317-657-8059 or email to set up your listing appointment. Lets get your home sold TODAY!

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About Robb

A husband, Dad to 5, and Grandpa to 9. US Navy Vet. 18 Year Postal Employee turned full time Realtor. I enjoy a wide variety of things, but you will find that here I mostly write about Indianapolis, government/politics, recent news, and whatever book I am reading or have just finished at the moment.
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