I read an interesting article recently that talked about real estate agents that really just do not get it. Many of their actions are self defeating to say the least. They spend a lot of unproductive time needlessly pursuing businesses that is totally counterproductive. They will list overpriced homes that they will never sell. These are so improperly price that no other seasoned agent will show, it will not appraise if they do get an offer. We cannot compensate in price when sellers are upside down. These agents will work short sales for months while the odds are probably 20-to-1 that it will never close or they may not get paid on. In the end they will be so stressed out with so little compensation they will find it is now their own life that is in a financial shamble. It is important to realize that we are not social workers, bankruptcy attorneys or miracle workers.
These agents have not sat back and taken a personal inventory of what they are doing, is it cost effective and will it pay the bills? I personally know of some agents that have listed over 15 homes and not one are under contract. In fact many have only have less than one sale to their name...yet boast they are experts or real estate consultants. They are playing real estate at the expense of others and do not have the ability to change their destructive obsessive compulsive behavior. As homes go unsold sellers have let the clock run out and are in a certain death overtimes...sellers are doomed to roll into foreclosure as the financial noose tightens around their neck. Where there was time to sell a home, all is lost if an agent is consumed with winning or buying the listing at any cost. It is more important to tell the sellers the truth and not sugar coat the facts so they alone will win the listing. It is the seller's money we are talking about here, not a dreamed about commission.
I've been in real estate for quite sometime and realize sometimes there are no easy answers. I have a conscience and tell sellers all the options even if it means I do not get the listing. For some sellers they come to the conclusion that it may be better to postpone the thought of selling a home until times improve. For others is is a hard pill to swallow when they realize that they are upside down. A visit to an attorney may provide more solutions. For marginal sellers with some equity - it is wise to prepare them for what they are up against. Paint, appearance and price may allow them to get out from underneath the mess they are in...because lies won't! "Honesty is always the best Policy!"
NAR Standard of Practice 1-3
REALTORS®, in attempting to secure a listing, shall not deliberately mislead the owner as to market value.
Jim~ I find it very easy to tell sellers that if they do not have to sell now, that they should wait. Now is not the time to test the market. You are right, honesty is always the best policy!