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The newest person at the brokerage is the one who opens the blinds and waits

Still working through licensing and doing the errands that come with being the newest person attached to a brokerage. One of those errands is going to a house early, turning on every light, opening blinds, making sure the place smells like nothing, and waiting.

This one was a finished luxury flip. Renovated top to bottom, on market four months at that point, and the showing was a private one for an out-of-state buyer's agent bringing clients through. I got there fifty minutes early because the instructions were specific about the lights. Twenty-two switches on the main floor. I counted because I had time.

The listing agent had left me a sheet with notes on what to say if asked. The slab material and where it came from. The name of the guy who did the millwork. Which windows were original and which were replaced, and the fact that the original ones were restored rather than swapped, because apparently that matters to a certain buyer in that neighborhood and hurts you with a different one.

Nobody came. The buyer's agent texted at the appointment time to say the clients had made an offer on something else that morning and were standing down. Then she asked me, purely conversationally, how long it had been listed. I said four months. She said, that's about right for that price up there.

I turned off twenty-two switches and locked up.

What stayed with me is the sheet. Somebody had thought carefully about how one buyer would love the restored windows and another would think they were a maintenance problem, and had written both answers down for whichever person walked in. That's a level of buyer-specific work I hadn't understood was part of the job. And then no buyer walked in, for the fifth month running.

10 replies

Restoring original windows instead of replacing them is a scope decision made twelve months before that showing and it's binary. You can't half do it. Whoever made that call was betting on a specific buyer type existing in a market where there might be nine of them.

@halyard did the sheet cover smells and sound? I've started doing pre-showing prep as a service and the two things nobody writes down are what the HVAC sounds like when it kicks on and whether the fridge hums.

I'm a few deals in on ordinary houses and this thread is where the ceiling I keep hitting becomes obvious. My exits are decided by a spreadsheet and a decent agent. Yours was decided by whether one family in another state liked old glass.

Genuine question, does the person holding that house pay for you being there for two hours? Or is that inside the commission and effectively free to them? I'm trying to build out what the first deal actually costs and I keep finding lines like this I hadn't thought about.

@tally it's inside the listing side arrangement almost always, which means it's free at the moment it happens and not free at closing. That varies by brokerage and by what's in the listing agreement.

The sheet with two answers for two buyer types is the part I'd pay to see. That's not marketing, that's an admission that the pool is small enough to segment by hand.

I would have been embarrassed to ask this in a room but I'll ask here. If a house has been on for five months at that level, is that actually bad? Or is five months normal up there and everyone's calm about it?

@compass from what I've read, days on market at the high end runs long enough that five isn't automatically alarming. What makes it bad is what the carry costs per month and how many months of it were in the original plan. Five months is fine if you underwrote nine and priced for it.

@halyard the out-of-state agent standing down the morning of is the whole risk in one sentence. Your buyer pool is small enough that losing one to a different house is a measurable event.