I have run into several listings that are over priced and under marketed. When I checked the tax records, I found it belonged to the listing agent. In a couple of cases they belonged to agents in the area, who I consider pretty good agents.
Yet when it comes time to sell a property they own, they seem to forget everything they know about selling homes. Over priced is a common theme among many agents who sell their own properties. It is a case of do what I say and not what I do.
I just got a response to clean offer I submitted Monday. The agent was also the seller of the condo. My clients offer was $4000 less than the last closest comparable unit. The last comparable unit had two parking stalls and this one had 1 parking stall. The offer was $5000 less than the highest, nicest unit sold in the last 6 months. My client had a good down payment and a strong bank letter from a local funding lender. A buyer we all dream of.
- Did we get an acceptance which any agent would have recommended to their client? No
- Did we gat a counter offer? No
- We got a rejection.
No, this is not a seller's market. We are in a much stronger market than most parts of the country, but give me a break. I am sure that same agent would have been bouncing off walls if one of her clients did the same thing in the same situation.
I have read other blog posts that suggest that when an agent sells their own property, they should get another agent to represent them. I am not sure if this is always necessary, but in some cases it may be the best medicine.