I wrote a blog on this a long time ago, and sadly, the topic comes up again as I sit here tonight listing out all the reasons I really wish to bring this topic back to light once again
Our market is still an REO driven market, we still have about 25% of all active listings in our area being either REO or Corporate Owned homes. Over the years, the hitters have been "swapped in and out" as they gain and lose major clients, but when the dust settles, the same issues still exist with the major REO Brokers and agents in this area, and honestly, I would be shocked if it didn't exist in your hometown.
I only wish the banks could see how the agents they choose to hire conduct business. I wish they could see the tens of millions of dollars they lose anually due to these unethical listing agents. Now, I am sure you would like me to explain exactly what the agents do that have half the buyers agents in my town in a total UPROAR, so please enjoy the bullet point presentation below.
- The Infamous Double End. They love to pull this card. You will have a home listed at 200,000. They will have outside offers in up to 250,000. Yet, surprisingly, everyone gets the same "Rejection email", assuming the agent is even nice enough to send you a rejection email! You follow the listing, only to see it close 3-4 weeks later at...... WAIT FOR IT..... $200,000! SHOCKER! And what's even more amusing, they think because they put "Out of Area Agent" as the selling agent on the MLS, that agents are to stupid to figure out they were the ones who sold it.
- The "Take 2 weeks to even acknowledge they received your offer. Often times, I have agents submit offers on my companies behalf, and it has become rather customary to not expect so much as an acknowledgement for weeks on end. Again, I am not sure how the banks don't care about this, so I will assume they know nothing of this, but in my opinion if it takes you more than 24 hours to simply acknowledge an offer, you should be FIRED ON THE SPOT!
- The "I refuse to submit your offer because you didn't approve with my best friend the broker... ERR I mean lender". I love this one. The listing is a Chase bank listing yet they ask you to approve with John Doe with 123 lending. Even when your buyer is 20% down, conventional financing, approved with a reputable DIRECT LENDER, they still REFUSE to input your offer into the seller's portal, something that again, they should be FIRED ON THE SPOT for!
- Here is my favorite and newest one! The "Your offer is less than my seller will want to see, therefore I am not submitting it". No, this was not a misprint! I actually have seen this response sent to my preffered agency, SCA Real Estate, Tom Bashe Broker. The listing agent refused to submit a $220,000 cash offer on a listing listed at $245,000! I'm sorry, but you should have charges brought against you by the seller for not doing your job! It is NEVER your call whether to submit an offer to the seller. You are not the offers GOD. Your job is to get your clients home sold! Not your job to pass your own judgements on offers that come in!
I am sure there are many many more examples of this throughout the country, so please share! Nothing IRKS me more than REO listing agencies that can't manage to do their job correctly, and when their "games" they choose to play cost their clients tens of millions of dollars throughout the years, someone NEEDS to put an end to it! I pray all the major banks get this blog, and start taking a better look at the agents they choose to use.