Sometimes a Listing Agent Can Bulldog All S/he Wants To Convince a Buyer Otherwise

I just received an email from a listing agent about a listing price reduction on a home I brought my clients to view 2 months ago. As a courtesy to the Sellers, I've always provide a constructive feedback (whenever I can so as long as it doesn't hurt my clients' position. I won't lie but in some situations, I wouldn't provide the whole truth).

So, after visiting this property, my clients had some serious considerations about the property. It was only 8 days on the market. My clients and I felt it was over-priced (by $19K). I provided feedback to the agent and said, "At first, my clients were seriously considering putting this house on their short list. But after reviewing all the homes we've seen thus far, we decided to leave it out because it was over-priced".

As a good listing agent as he was, he called me almost immediately with those comments. He cordially thank me for showing the property and encouraged an offer. I don't sugar-coat stuff so I just headed straight to the bottom line. "It's over-priced and my clients have decided to put an offer on another property".

He spent the next 5 minutes convincing me how the rest of the properties in the neighborhood were not as wonderful. Clearly, if it was over-built (which it wasn't), that wasn't my buyers' problem either. We knew with the property being fresh on the market, we will have a tough challenge to convince the sellers (and this agent) how this was over-priced. Otherwise, I wouldn't need to listen to his lecture. He also "educated" me on how I couldn't use short sales and foreclosure data to support my comps (which I didn't reveal but he just went on and on). I guess he didn't learn from Broker Bryant's blogs that if 90% of the homes sold in the neighborhood are sold in "distressed" situations, yes, his Sellers would definitely be affected by the market.

Long story short, he called me several times after that like a good listing agent would. Bulldog attitude I call it. But it couldn't convince me why I should lead my clients to purchasing a property that is clearly $19K over-priced.

A seller who received an offer within the first 7-10 days usually (in my market place) receive very close to listing price.

2 months, he finally broadcasted that the property was reduced a (whopping) $10K. To me, still $9K over-priced.

Too bad and too sad that either this listing agent didn't know how to lead his Sellers to the closing table, or this listing agent had let the Sellers drive the bus on his turf.

Another side note for Listing Agents NOT TO DO:

Do not describe properties as, "Won't stay on market long"..... If it is true that you priced your home attractively, the home and the price will do it for you. You dont have to be kind to buyers to pre-warn them. They snooze, they loose.

It is an embassment (in my opinion) to see homes on the market for 6 months with that description still on it. Or the property photos were taken in Winter while it's clearly summer now. How about those Christmas photos still lingering in March?

 

Listing agents: Serve your clients and serve them well with pride (of your work).

 

 

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Contact:

Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com

 

Super-serving Plano, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.

 

 

Copyright © 2010 by Loreena Yeo (3:16 team REALTY).
Sometimes a Listing Agent Can Bulldog All S/he Wants To Convince a Buyer Otherwise