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Maybe it's always been this way. Who's to say?
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43 Comments on I WAS THINKING...MAYBE IT'S ALWAYS BEEN THIS WAY...
I bring this very scenario up when I know the home is overpriced and the only thing needed is a price reduction. By getting in front of it, if the Seller is a good partner in the transaction, one is not likely to lose the listing.
When the second agent gets there, the seller is more receptive to knowing that there is a problem. PRICE!
It's obvious, Bill. The Second Agent is better at pricing homes, and because he/she knows you can't overprice a listing, most sellers will not choose the Second Agent. Sellers go with the agent who tells them what they want to hear!
Robert, #20 is a professional and his reputation and integrity hasn't been compromised by an over zealous client. Picking a favorite agent isn't a one way street when dealing with a professional, the agent also chooses who to represent to avoid any mishaps, don't you?
Bill we have had 4 or 5 listings as the first agent that were overpriced and the seller refused to budge until they got the second agent. So Now we price like the second agent. But there are time we do not get the listing . They go with someone else. it does not sell. And the folks willnot come back to us because thery are embarrassed about not listening in the first place. It is a fun game !!!!
Of course it's about price. Even in our current market, there are still agents who 'buy' the listing by sugggesting or agreeing to an overly high listing price. I've never liked this game but it seems to work for alot of agent. I'd rather tell the truth up front and not have to continually chase the market down. It can sometimes be difficult to compete if other agents are throwing out bigger numbers.
IN MY LIFE, ALL I WANT IS TO BE SOMEONE'S FIRST LOVE, SECOND HUSBAND AND THIRD REAL ESTETE AGENT....LIFE WOULD BE SO GOOD!!!!!
Bill, I believe that some sellers are in denial and will only grasp the reality of needing to lower the price when it is reaffirmed by another professional. Kind of like when I tell my kids something, but it's not to be believed unless a stranger says its true. And even then, it's the stranger's truth and not the parent.
If more sellers asked their potential agents what their list to sales price ratios consisted of, these "games" wouldn't exist as often. I am pleased to say mine is still at 98.7% over the past 10 years (as far back as our current MLS records go back). Here, in Boise, Idaho; I won't take overpriced listings or it will goof up my averages. I have told sellers that if they don't respect my price to please put a clause in their listing with the "overpriced" Realtor's listing that they can cancel at any time they feel that price offered by the agent is incorrect. I have re-listed and closed homes based on this approach.
Its very easy to check the stats for any agent in our MLS. Every agent has expireds and withdrawns if they are actively working with listings. Yes, everyone comes in first, second, or third, its the nature of the business.
"Buying Listings" with inflated list prices has been going on for a long long time.
I knew one agent who did it deliberately, then told buyers "The price is X, but I can get them down to Y for you." And he did - he was a very effective "brow-beater."
Guess I don't need to say what else he was...
Bill, Oh my this scenario goes on and on and on!! I have been in both positions. It DRIVES ME NUTS when they reduce the price to the price I requested with the second agent!!
Too often in our business, it's the second mouse that gets the cheese.
I have been there and it hurts. I saw how cheap the sold it and commented, "I could have done that."
Goodness, this reminds me of one deal that I lost. I told the seller the right price, they insisted on their price, it expired, they gave it to another agent for the price I told them to list at to begin with, and it sold for that price. Go figure.
Which in most cases means that I would rather be the second agent as opposed to the first agent...
I don't know if you meant to be funny, but this post made me laugh. Good post though - sometimes it's good to be the second agent!
Knowing the personality type of the Seller is key. This will tell you how to best sell your self and establish a listing price. Do this process carefully and there should be a
Ouch! Maybe the first agent didn't want to have that conversation with the seller and it cost them a sale...
Agree with Robert (#20) and Kimo (#27) 1000%.
I know this would be frustrating if I was the preferred realtor, but it really makes you wonder if the preferred agent isn't doing a great job communicating with the seller about being realistic on the asking price. As a loan officer, I have similar experiences, because I tend to be the number 2 person. I get the deals that others can't get done because I have frank conversations with the borrowers to learn all of the details and can figure out how to structure their loan to get it done. The challenge is getting realtors to refer their client to me first instead of doing clean up. But I will admit is does get me referrals.
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