What an interesting weekend. How many of the following factors do you figure you could encounter in the space of a year? I must have been exceptionally blessed this past Sunday as I managed to face these all in, oh, say...30 minutes.
- Agents who mislead their clients as to the value of their homes (a violation of Realtor Ethics and unfortunately not so uncommon)
- Agents who don't keep their clients appraised of market conditions and current sales.
- Agents who can't evaluate market conditions despite of obvious factors "Ohhhhh, sales prices are going UP!
- Agents who disrespect cooperating agents in the presence of their clients.
- Agents who are self professed "all about the transaction."
I elected this past weekend to present an offer to a member of a brokerage that is apparently investing in, not membership to Jeffrey Otteau's seasonal real estate market workshops, but massive blinders along with a few choice real estate holdings in the sand (and other locations which I am just too polite to mention) in which to stick their heads snugly, in order avoid confusing their perspective with reality.
But step back. This listing is in a very easy-to-price development. Cookie cutter. You have 8 listings that close within a 6 month period with the same (or better amenites) and lo and behold...there's your asking price. Quick, easy, and guess what...the home will appraise too!
The listing my clients had interest in pursuing was overpriced by $65,000. On the market over 6 months! Due to expire in two weeks. Here I arrive with a market value offer and I'm told:
a) As the agent assisting the listing agent, "please note that I'm a multi-million dollar producer...check my card." I did...after I left. She accomplished inclusion in the NJAR Distinguished Sales Club, NJAR Million Dollar Sales Club, Weichert Million Dollar Sales Club and Weichert Ambassadors Club -- from 1999 through 2001. I'm relieved I didn't study her business card closely while I was there with her and her client as the reaction would have been very embarrassing...for her.
b) "This listing is sure to appraise at our high price," despite the fact that nothing else has sold at that price, except for a new construction and the largest model in the development.
c) "You're doing such a lovely job, dear. And OH, what a lovely business card."
So now not only are we condescending and patronizing all in the same breath, but I'm further to be enlightened later on when she mentions "I'm all about the transaction....will your customers come up to $XXX,XXX?
The only answer I had for her was "I dont' know...I'll have to ask." What I will say soon is, "Why in the world should my clients pay over market value when a more updated unit just closed this past FRIDAY for less?"
Ultimately, we never had a deal. My clients and I saw more homes this weekend, and I wrote up another offer today. That other listing is due to expire; the homeowner still needs to sell. The realtors still need a deal. Nobody wins there except me and my buyers. What can I say....you may be "all about the deal" but I'm "all about the client."
Which do you think brings you more returns in the end?
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