Many of you may have received correspondence from agents or brokers listing sales here at the Plantation. In the real estate industry, this type of mass mailing is called “farming” and is used to obtain real estate listings in a particular complex, neighborhood or community. The agent obtains owner names and addresses from county tax records, title companies or a marketing firm and sends these mailings soliciting business.
Such correspondence often suggests that the agent already has buyers lined up or that he/she is very familiar with or has been successful in selling properties in your area. As long as the agent is not outright lying, this is an acceptable practice. But, be a good consumer and look into claims critically before accepting them. For example:
• In describing recent sales in your complex, is the agent listing the sales he actually brokered himself, or all of the recent sales? There is a huge difference in the two: anyone can list sales - what matters is who did the selling.
• If an agent suggests that he already has a buyer, ask yourself why that buyer doesn’t already have a contract to purchase another unit. There are always units for sale at the Plantation. If a buyer wants only yours, why is the agent not soliciting you for a “one-time showing” listing agreement for that particular buyer? That’s how it’s done, after all.
• If an agent boasts of his familiarity with the complex, ask him for particulars:
How many total units are at the Plantation? How many are currently for sale across the complex?
How many units are in our homeowners association? How many directors sit on the board?
What’s included in the association dues? What are the other expenses of ownership at the Plantation?
What are the amenities at the Plantation?
This information is critical when working with buyers because this is what they want to know. Shouldn’t your agent have that information on the tip of his tongue?
• Finally, ask your prospective agent where his office is and how many properties he currently has listed in Fort Morgan. This will tell you how often he drives out here from town or does he even have to. With gas at $4-plus a gallon, you want an agent who doesn’t feel like he’s trimming his profit margin by showing properties in Fort Morgan.
Bottom Line: Be a good consumer by recognizing “farming” mailings from agents when they come your way and carefully evaluate all claims they make before you put the sale of your property in their hands.
April 2011 Condo Sales Gulf-front units south of the Intracoastal Waterway:
Gulf Shores
Units sold: 22
Average sales price: $233,232
Median sales price: $213,000
Average days on market: 207
Orange Beach
Units sold: 27
Average sales price: $369,593
Median sales price: $286,000
Average days on market: 255
Fort Morgan
Units sold: 3
Average sales price: $249,667
Median sales price: $259,000
Average days on market: 132
Source: Mobile Register, May 15, 2011
