My associates and I constantly ask ourselves "what could we have done differently - what could we have done better?" in an effort to continually learn from the school of hard knocks.
Just yesterday, our first time homebuyers' offer was rejected. Not countered, but rejected. We were told "the other offer was much better", by the Seller's Agent. WHAT OTHER OFFER? Multiple Offers? No one told us.
Lesson 1: Although we never were told there was another offer - we as agents, and our clients as buyers, probably should have conducted our activities in a way that presumed there was another offer in the making. After all, the home was priced very fairly. Our market familiarity and knowledge told us so. Why didn't we just come in with our "Highest and Best" offer? Is it really human nature to always try to get something for less than what it is worth? We don't think so. What we do think however, is that often buyers, and especially first time home buyers, get information overload from their advisors. Parents, friends, co-workers, siblings, etc. all give their input on "what to offer". Perhaps if it was four years ago - our buyers might have offered more than the sticker price on this home.
We have to give all parties involved all the information we can to help them make good decisions. Maybe we could have better illustrated the value of this home to our buyers. Maybe they could have listened more to their agents (professionals familiar with the market) and less to their advisors. Maybe we should have been told by the Listing Agent that there was another offer (Lesson 2) and maybe she truly thinks she did tell us (Lesson 3).
Lesson 2: As agents we have an obligation to do what is best for our clients (and our industry). Multiple offers are a prime example of making certain (certain) all parties are in the know. Seller, Listing Agent, Buyer Agent and Buyer. We are sure in this situation that at least 2 of the 4 parties didn't know of the multiple offers (the Buyer Agent and the Buyer)! Who knows what might have happened had every party been informed.
Lesson 3: We often are so busy making moves happen that we sometimes drop the ball. (We'll probably see a professional football player make a fumble or two this Sunday in Dallas). On our end, all the parties involved learned a valuable lesson. On the other end, we hope that the Listing Agent learns a valuable lesson so that she may better serve her future clients and the industry in the highest possible fashion. Maybe she won't allow herself to get so busy in the future, that she misses giving important details. Maybe she'll write things down (and even utilize technology like emails) to keep a paper trail of her thoughts and communications. Maybe we all can do a little better in this area.
In closing...no one is perfect. We'll continue to strive for excellence, not perfection by reviewing our day to days. A long time ago, I learned that we only have one chance to make a first impression. We all know how important first impressions are. In the future, we'll do everything possible to encourage our buyers to put their best foot forward and make their very best first impression.
Regards to my friends on Active Rain! May you all make your best impression...
John Nitzken, Principal Broker John Nitzken REALTORS Louisville, KY
Comments(2)