How Do You Know You Won't Get the Listing?

By
Real Estate Agent with Keller Williams Realty

 

I received a call from a relocation company and they asked that I be one of two Realtors to interview with the transferee and do the ERC BMA reportfor them to to review.  Yipee .. opportunity and it was a wonderful home located in a highly desired location and neighborhood.  Double jig and yipee! 

I visit with the owner & set up an appointment.  In preparation, I drive by the home to get a grasp of the site, architectural style, etc. and what do I see ... A Realtor's sign (not a FSBO sign) in the front yard.  Hmmm .. so I go back to the office, pull up on MLS and yes the listing just hit the system that morning.  I called the relocation company and inquired as to the situation, was this just temporary, etc.?  That hit them by surprise so they needed to get back with me. 

The relocation company discovered that the owners had decided to list with an agent they knew and had jumped the gun on putting the sign up and a formal listing. 

Oh righty then, since the decision was made and home listed what do you need of me at this time?  Well, we still need a formal report from you as we are required to obtain two BMAs.  Of course, if things do not work out for this current listing selling then you would receive high consideration for the next listing opportunity.  I inquired, but no paid compensation for the report would be given.

The ERC BMA reports are very extensive.  Layer on the fact that I am a certified appraiser and required to do even more on my analysis to meet our ethics requirements and now you are looking at a lot of time researching and preparing the report.  On top of all we have a home that is more intricate to value as the site is a knock out with mature trees and the home has functionality issues (no den or large area to entertain and that is very poor design for a large 3800 sq. ft. home). 

What to do?  Most likely a waste of a lot of time for a zero chance.  But then again there is a possible opportunity.  I decided to go forward, visit the home, prepare the report for not especially a chance to list the home but more for the relocation company relationship opportunity.  The home sold in two weeks with the other agency.  Was it a waste of time?  The relocation company was bought out soon afterward to a company that has a relationship with a large real estate franchise (not mine) so that opportunity there did not materialize.  I believe I chose correctly but did feel used.  That happens in our business from time to time. 

 Opportunity .. you just have to keep the faith that things do work out on occasion!

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Rainmaker
469,764
Brian Rugg
Rugg Realty LLC Sun City Texas 512-818-6700 - Georgetown, TX
Sun City TX Real Estate - Georgetown, TX Real Est

Hello Connie:

You have a remarkably calm outlook on this experience.  One never knows what they would do under the same circumstances, but I'm pretty sure would not have given them something for nothing.  We do that too much in this business.

Feb 19, 2011 04:41 AM #1
Rainer
255,499
Mary Stewart
HomeTrust Real Estate, LLC, Homes for Everyone - Wilsonville, OR
Wilsonville and Surrounding Portland Metro Areas

Hi Connie, I have not had the same experience, however have had experiences with banks who want BPOs and they are getting several.  One always want the opportunity to list the property and one is always hoping to be able to get in with the bank especially if it is a locally owned bank.  Sometimes you get the listing and sometimes you do not.  They can be extensive and lots of times you cannot get into the property, either way, I agree regarding the feeling of being used. One has to keep the faith, you never know.

Feb 19, 2011 06:00 AM #2
Rainmaker
1,806,845
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co. Notary Services, retired Realtor

WOW Connie, I could not have done it for no up front compensation. I've started to tell low paying BPO companies to take a hike as I just can not afford to waste otherwise productive time with thier 6 hours of paperwork for $40.00.

Feb 19, 2011 07:06 AM #3
Rainmaker
748,726
Rob D. Shepherd
Windermere/lane county - Florence, OR
Principal Broker GRI, SRES

I would have said Thanks but NO thanks. One can't afford games like that.

Feb 19, 2011 10:07 AM #4
Rainmaker
611,302
Judith Parker
ProStead Realty - Charlotte, NC
CRS, GRI, CMRS, Charlotte, NC

Hi Connie, I would have definitely been upset when I found the for sale sign in the yard and would have questioned as well.  I would have done the BPO in order to maintain the relationship with the relo company. Sorry that they got bought out.  You send good thing out and they will return to you.  There are many wonderful opportunities coming your way!

Feb 19, 2011 11:54 AM #5
Rainmaker
545,196
Toula Rosebrock
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,

Hi Connie:

I've got to tell you, I would have passed...

It sometimes takes me a solid day; from visiting the property, doing research and composing a ERC BMA report.

For a chance...and I'm up against a friend....I'll pass.

Feb 19, 2011 03:53 PM #6
Rainer
261,248
Connie Goodrich
Keller Williams Realty - McKinney, TX
CRS ABR (McKinney Realtor)Texas

Brian - I have had the benefit of some time to let this soak in and the calm to settle in.

Mary - I struggle with this decision and am almost to the point that wise decisions of time use to benefit needs to be looked at better on my part .. the other part of me wants to have faith that effort extend will be rewarded.  I do feel that advantage is taken with Realtors when it comes to relocation company relationships!

Bob- I have done relocation work for years but it has gotten more demanding on their requirements and they referral fees have elevated so much, you are right .. I need to step back and question if this is something I want to continue to invest my energies and time.

Rob - and you would have had a better use of your time than I did, you truly would have been the wiser person!

Judith - have to keep on the positive and yes there is always tomorrow for better opportunities and good things to happen.  Love the positive comments!

Toula - I have declined more and more depending on what it has to offer.  Wise use of time and better business decisions on my part!

Thanks for your visit and comments ... have a wonderful day!!

Feb 20, 2011 02:13 AM #7
Ambassador
1,896,212
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Connie, with so much in real estate we do the leg work and then it fizzles. Where is the payday? You have processes like that. The business. It is what it is.

Feb 21, 2011 06:41 AM #8
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Rainer
261,248

Connie Goodrich

CRS ABR (McKinney Realtor)Texas
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