I recently listed a co-op. A really nice apartment. The seller, who is a previous neighbor, called and asked me to list it. I was really happy to hear from her. We met, talked, looked at the current market to determine a price. This particular seller did a lot of research and kept track of what was selling in the building, she went to some of the broker open houses in the complex to compare those prices and properties to hers. She knew that mint condition would net her a higher price so she worked to clean the apartment and had it painted. While the kitchen and bathroom are original the apartment is great. Sunny, with wood floors that sparkle.
We put the apartment on the market and on the first day an agent calls, shows it and within a week we have an accepted offer. The selling agent says to me "I never do co-ops and I am not sure how this works". It has always been my belief that everyone should work together. So, I thought to myself if she hasn't sold any co-op's I will be glad to help her and as long as we keep in touch and there is a dialogue I can make sure that things go smoothly.
Along the way several things happened that could have been avoided. The process could have moved along quicker. This agent doesn't communicate. She doesn't answer emails or return phone calls. There is an attitute of "I am taking care of it, don't worry". Huh?
When the buyer first saw the apartment this agent calls and says that her buyer will be putting in an offer. I then don't hear from this agent for several days with no phone calls returned. After a number of days she calls and says her daughter graduated and she was busy. Huh? You are so busy you can't return a phone call and tell me that or drop me an email telling me that?
After we get the deal together and the contract is signed I am waiting to hear about the appraisal. Again, no phone calls are returned. No appraisal. As a listing agent I know that the appraisal should be done fairly soon after the contract is signed, within a week or 10 days, and I was not hearing anything from this agent. Eventually I get a phone call, sorry, I was on vacation and so the appraisal wasn't done we are going on Tuesday. Huh? Why didn't you tell me you were going on vacation i would have been glad to let the appraisor in.
Now I am waiing for the committment, no committment. Again no calls following up from this agent, no communication. I decide to call the Mortgage Broker for the buyer. She tells me she didn't get the contract from the seller's attorney for two weeks. Huh? Where was the selling agent?
Now I need to know if the packet has been submitted to the co-op board? Again no answer so I call the managing agent. No, it has not been submitted. She tells me that if it is submitted early she can begin the process. Did the selling agent call and find this out? She is waiting for the mortgage committment. Since she doesn't do a lot of co-ops she may not realize that you don't have to wait for the committment. Did she call? I finally reach her and she says to me "don't worry I am taking care of it" Huh? What are you dong and what is going on, what are you taking care of"
I did contact her broker as this complete lack of communication was truly not fair. This week I found out, not through her, that there was a problem with the PMI insurance. When I spoke to her she says "don't worry I am taking care of this" Huh? Do you think the seller has a right to know what is going on? "I am taking care of it" Yikes.
I believe that we should be able to fire agents that don't do the job, or do the job poorly. I keep telling this agent that if she is busy, or has a personal problem that I will be glad to take this over and help. This needs to be fixed. We should be able to react to a really bad job or a bad attitude.
MB,
This is exactly why a person needs a Transaction Coordinator who can assist the Realtor in closing the transaction.