The Importance of a Listing Agent

“Real Estate Agents are a dime a dozen.”

Perhaps.

However, I think that the right listing agent in the right situation can sometimes make all the difference.  When would this be the case, you ask?  Consider the following scenario:

A property is located in a gated, condo community that has some nuanced features that only a resident would know about.  In addition to this, the HOA decided that it was no longer allowable for agents to give out the gate code in order to allow showings.  As you might imagine, this makes it difficult for buyers to see the property, and knowing that agents are generally lazy, they move on to easier to show properties quite quickly.  What’s more, if you as an agent are the one listing this property and do not yourself live in the community, you are probably not likely to be available at a moment’s notice to arrange an appointment for the persistent buyer’s agent who DOES call and such a “high-hanging fruit” type listing.

So… what does one do in this scenario?

We decided that our inability to sell the property was, in this case, due to the Indian  Native American and not the arrow.  That isn’t to say the listing agent was bad, necessarily.  By most measures, and with previous properties, he had actually been quite productive.  On this property however- it was best to move on to a new agent.

After 90 days of marketing, no offers, and being the lowest priced unit in the complex, we decided to find an agent that specialized in not only the area, but this particular condo community.  Sure enough, by only reducing our listing price by 1.275%, we were able to generate an offer within 4 days of marketing the property with this new agent.  What’s more, it was her buyer, allowing us to save slightly on commission paid.

The property closed this past Friday, 10/7/11.  It wasn’t our best flip, but it serves as an important lesson: The listing agent might actually matter a great deal.

Find out more about the adventure that was 401 S El Cielo in my next post: Snatching Victory from the Jaws of Defeat.

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