How many short sales are you closing a month?

I was just wondering for all the heavy hitters out there. I am trying to gauge myself on how many short sales I should be closing monthly. I currently have a pipeline of around 50. Right now i am closing about 5 a month?

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Permalink Reply by Cathy Ryan on January 16, 2012 at 10:11am

I carry a listing inventory of about 25 listings.  I close on average 3-4 per month.  I have a 95% close rate.  I negotiate my own short sales.  I have 1 part time assistant.  I am working on increasing my volume this year to 50 listing inventory.  I hope to close 5 per month.  That is the goal. 

I just started taking the 3.5% listing and offering 2.5% to the buyer's agent.  I have gotten some resistance from a couple of agents insisting on splitting the commission 50/50.  I have told them that the .5% is a negotiation fee.  One agent in my office said that he will insist on 50/50 split or he will have his buyer back out of the deal.  Any suggestions would greatly be appreciated.

Permalink Reply by Paul Antonelli on January 16, 2012 at 10:23am

Good for you. And the only thing I can suggest for you to say is the, NEXT. Don't worry there will be other agents with other buyers that will understand.

Permalink Reply by Cathy Ryan on January 16, 2012 at 10:44am

Thank you for the advice.  The agent in my office buyers have cancelled twice. Therefore, his logic about keeping his buyer interested in the process doesn't hold up.  I just didn't want to argue with him.  Next time it's 2.5%.

Permalink Reply by Jeff Payne on January 17, 2012 at 3:17am

No need to argue, you pay what is advertised in MLS, correct? 

Permalink Reply by Cathy Ryan on January 17, 2012 at 9:37am

Correct

Permalink Reply by Minna Reid on January 16, 2012 at 10:33am

I always do a 3.5/2.5 split. I simply offer a 2.5% cobroke in the mls. Thats what I offer thats what I pay. I have had a total of 2 agents (over 3 years) question this once they realized I was getting a higher commission then they were. Not my problem. If they dont like it, and they were in contract with their buyer client for 3%, then they can pursue the other .5 from their client.

I may work shorts, but I dont do all the extra work for free.

Permalink Reply by Cathy Ryan on January 16, 2012 at 10:44am

Thanks for the advice.  It is appreciated. :)

Permalink Reply by GiGi Grant on January 16, 2012 at 6:08pm

Cathy Ryan,  What is your main marketing? Are you doing direct mail? How many homes are you marketing to? Thanks.

Permalink Reply by Cathy Ryan on January 17, 2012 at 9:45am

I am marketing to about 500 per month.  Mostly NODs. I started doing free homeowner workshops.  I started this in October and had a great turn out the first 2.  December and January were terrible.  I have listed 4 homes from the workshops.  50% of my business is referral from agents who do not want to work short sales.  10% are referrals from my past clients and sphere.

Permalink Reply by obed montez on January 18, 2012 at 7:11pm

He could lose his license for openly saying and doing that.

Permalink Reply by Jeff Payne on January 19, 2012 at 4:26am

for openly saying and doing what?

Permalink Reply by obed montez on January 19, 2012 at 7:10am

For refuseing to show a listing to a buyer because of the commission. In California according to the Dre, Commission  is not a condition  for buying or selling Real Estate. consumers come before us. 

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