More and more I lump real estate agents in the same class as used car salesmen. Their goal is to get the deal done as quickly as possible, with the most profit, while using the least amount of effort.
Once again the air reeks of 2007.
Let’s take a look at Marc Faerber’s new listing at 403 Loma Vista here in El Segundo.
I’m shocked he even stepped out of his car to earn his potential $32,000 in commission! (shit $64K if he could find a sucker to take the other side of the deal)
Yes, the house is being sold “As-Is” which in Real Estate parlance translates to “it’s a dump and will need a ton of money”. So maybe it’s not worth photographing the inside, or the backyard…But WTF at least pretend like you care!
This gets me back to my thoughts on out of town realtors. Not sure how much knowledge or experience Marc has in regards to El Segundo but his listing and the pricing of this property speaks volumes.
He doesn’t give a fuck. He doesn’t care about his client. He doesn’t give a fuck about El Segundo. He doesn’t care about you, the prospective El Segundo new home owner. He just wants to make a buck. (or thirty two fucking thousand of them)
The owner probably has a personal relationship with him and gave him the listing. Does Marc have a list of potential buyers in his back pocket looking to buy? Probably not. Does Marc have knowledge of the pricing and trends in town or has he just done a comp search and came up with an asinine number of $1100 sqft for a dump? (Average for past three months is $764 sqft)
Will it backfire? You’ve just priced it out of the hands of the majority of people shopping for a home in this town. Yeah – $1.2-$1.3 mil is the sweet spot for a livable house but $1.3 + $300K in capital expenditures + 6 months of your life in construction hell isn’t the ideal situation for many people.
What will the local agents say when their client asks….What would you tell your client? Yeah, let’s go take a look. It looks like there’s a deal to be had.
Greed, stupidity, laziness and lack of concern for his client or the neighborhood.
Good luck with your sale Marc! Welcome to El Segundo.