Reblogging! - It Was My Choice To Take It In The First Place..Right??? Yep Yep Yep

Reblogger Mona Gersky
Real Estate Broker/Owner with MoonDancer Realty, Dillsboro,NC NC# 218097

 

Fiduciary Duty | www.MoonDancerRealty.comDo you remember Art Linkletter's "Kids say the Darndest Things"?  There sure could be a show called "REALTORS say the Darndest Things"!  Both Patricia Kennedy and Martha Brown have written excellent posts about this very subject.

 

Except for embezzling the trust account, there is nothing worse than an agent ignoring their fiduciary duties to their clients.  Can you even imagine them in a Dual Agent role if they haven't grasped the simplest concept of Seller or Buyer Agent?

There have been many occasions when we've been employed as Buyer Agents that finding out the Seller's motivation and bottom line was as simple as asking the Listing Agent.  Shocking behavior and its very sad that the sellers rarely find out about the harm that's been done to them.

This is just one reason why our firm will not compensate Seller subagents.  They are loose cannons and our sellers can't afford that kind of representation.

Thank you to Martha and Patricia for the opportunity to re-post this conversation.

Via Martha Brown Annapolis and Anne Arundel County RE (Long & Foster Real Estate, Inc.):

Home PriceThis post was inspired from a blog Patricia Kennedy wrote this evening about an agent who accepted an overpriced listing and then when he held an open house the sellers had some friends go through (unbeknown to the agent). And when they asked about the price his answer was that it was going to have to be much lower in price before it would sell. Ouch!!

This reminded me of some other incidents of recent.

A sales meeting I attended recently where an agent who had one of his listing on tour said 'I would appreciate everyone leaving a comment on the feedback sheet that this house needs to be priced lower. It is overpriced and I need all the help I can get to get it lowered. Do what??

And then there was the agent who when I toured her listing said its a divorce case and Mr Seller wanted it priced here but we know it is too high. Oh no!

Now I have taken an overpriced listing now and again. I even wrote a post about one and how I sold a  Million Dollars from it. The thing is even though I knew it was overpriced I still marketed and presented it as I did any other listing. To me that is my fiduciary duty to the Seller. I accepted that over priced listing. No one twisted my arm, threatened to take my first born, or put a gun to my back. I knew from the get go where the seller stood and what my choices were. And if accepting that listing was my choice then I saw it as my duty to present it just like I would any other listing that I have. In other words...It's Showtime!! 

I know the banter continues and always will on this subject and I have heard, understood, agreed, or disagreed, with many thought process. But bottom line to me is I accepted that overpriced listing and that means marketing as usual, fiduciary duty as usual and professionalism as usual.

After all it was my choice to take it in the first place. Right???

Yep, Yep, Yep. 

 

  

 

Martha Brown is a Certified Residential Specialist (CRS) associated with Long & Foster Real Estate and whose passion is real estate in and around the Annapolis and Historic Upper Marlboro area.

Bringing 'Peace of Mind' to Your Real Estate Needs Since 1992.

To speak with Martha call 410-440-7839 (cell) 800-735-5122 (ofc) martha@homesaroundannapolis.com (email) 

www.HomesAroundAnnapolis.com

All photographs and/or written material and content produced by Martha Brown. All Rights Reserved and may not be reproduced or reprinted without express written permission of Martha Brown of Annapolis and Crofton Md Long & Foster.

Original content by Martha Brown DRE# 319853

Home PriceThis post was inspired from a blog Patricia Kennedy wrote this evening about an agent who accepted an overpriced listing and then when he held an open house the sellers had some friends go through (unbeknown to the agent). And when they asked about the price his answer was that it was going to have to be much lower in price before it would sell. Ouch!!

This reminded me of some other incidents of recent.

A sales meeting I attended recently where an agent who had one of his listing on tour said 'I would appreciate everyone leaving a comment on the feedback sheet that this house needs to be priced lower. It is overpriced and I need all the help I can get to get it lowered. Do what??

And then there was the agent who when I toured her listing said its a divorce case and Mr Seller wanted it priced here but we know it is too high. Oh no!

Now I have taken an overpriced listing now and again. I even wrote a post about one and how I sold a  Million Dollars from it. The thing is even though I knew it was overpriced I still marketed and presented it as I did any other listing. To me that is my fiduciary duty to the Seller. I accepted that over priced listing. No one twisted my arm, threatened to take my first born, or put a gun to my back. I knew from the get go where the seller stood and what my choices were. And if accepting that listing was my choice then I saw it as my duty to present it just like I would any other listing that I have. In other words...It's Showtime!! 

I know the banter continues and always will on this subject and I have heard, understood, agreed, or disagreed, with many thought process. But bottom line to me is I accepted that overpriced listing and that means marketing as usual, fiduciary duty as usual and professionalism as usual.

After all it was my choice to take it in the first place. Right???

Yep, Yep, Yep. 

 

  

 

Martha Brown is a Certified Residential Specialist (CRS) associated with Long & Foster Real Estate and whose passion is real estate in and around the Annapolis and Historic Upper Marlboro area.

Bringing 'Peace of Mind' to Your Real Estate Needs Since 1992.

To speak with Martha call 410-440-7839 (cell) 800-735-5122 (ofc) martha@homesaroundannapolis.com (email) 

www.HomesAroundAnnapolis.com

All photographs and/or written material and content produced by Martha Brown. All Rights Reserved and may not be reproduced or reprinted without express written permission of Martha Brown of Annapolis and Crofton Md Long & Foster.

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Rainmaker
1,317,651
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

An interesting topic and I know there are differing points of view.

Jul 20, 2011 03:52 PM #1
Ambassador
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I recently had an agent showing a listing ask me if my sellers at ABC Drive were getting a divorce because that might influence her client making an offer.  She thought because there were two occupied bedrooms with her things in one and his in the other that was the case.  HAHAHAHA, they are renters who will be finishing up college in August.  Of course I just said... I don't know, that's not a question I ask.

Jul 20, 2011 03:58 PM #2
Rainmaker
669,681
Martha Brown
Long & Foster Real Estate, Inc., Annapolis MD 21403 - Annapolis, MD
Your Homes Around Annapolis Agent

Mona- Thank you so much for the reblog. It always amazes disapoints me when I hear an agent say something as what I pointed out in my post. There should be a class on this offered by every association across the nation.  

Jul 20, 2011 04:01 PM #3
Rainer
18,170
Simon Webster
CRE Credit Services - Plano, TX

Good policy, temptation for people to take advantage of people seems too often to be too strong.  It would be nice if it wasn't this way.

Jul 20, 2011 04:14 PM #4
Rainmaker
751,944
Andrea Bedard
Thompson Company, REALTORS® - Silver Spring, MD
M.A.; REALTOR® Silver Spring, MD and beyond

Mona, thanks for reblogging this one, I would have missed a great blog!

Jul 20, 2011 04:31 PM #5
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1,347,675
Gayle Rich-Boxman Fishhawk Lake Real Estate
John L Scott Market Center - Birkenfeld, OR
"Your Local Expert!" 503-755-2905

Blabbermouth or fiduciary trust? Oh, my. I think as realtors, we absolutely have to follow our code of ethics, just like an attorney.  Because in an honest conversation with sellers, things "come out". I went on a recent listing appt. where these are my neighbors. I KNOW THEM. Intimately! One of them wants to sell, one of them doesn't. The husband has set a price in his mind. Well, it's overpriced. I HAVE THE CHOICE. I can say, "Hey it's what you're comfortable with. We can start there. Does that work for you?" If I get feeback that is otherwise, I'll share it with them. I will not get in the middle of their bad marriage, however.

If you aren't good with people, I mean REALLY GOOD WITH PEOPLE, this is NOT the career for you!

Because, as I've said over and over again, it's "real estate and other jobs as assigned".

Jul 20, 2011 06:13 PM #6
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643,299
Mona Gersky
MoonDancer Realty, Dillsboro,NC - Sylva, NC
GRI,IMSD-Taking the mystery out of real estate.

Hi Joan...like the commercial, those with the view that its okay to disclose confidential client information are what I like to call WRONG!!!!! I need to go settle down now.

Hey Tammy, you should have just said two bedrooms means extending the use on a set of sheets!

Good morning Martha, thanks for posting a really important topic to start with.  Sadly the culprits who are disclosing confidential info about their client will just never get it unless they are hauled in front of the Real Estate Commission.

Hi Simon, I understood you to say that it is a good policy to adhere to your fiduciary responsibilities.  If you are saying that when I asked for sensitive seller info while acting as a Buyer Representative that I was yielding to some sort of temptation to lead the listing agent astray, I respectfully disagree with you.  I was adhereing to MY fiduciary duties to my buyer.  If I've misunderstood your comment please clear it up for me and the other readers.  I really do appreciate you stopping by.

Hey Andrea, I shudder to think how many great blogs there out there that we are missing.

Jul 21, 2011 12:57 AM #7
Rainmaker
650,347
Barbara Hensley
RE/MAX Properties - Rockwall, TX
Homes for Sale in Rockwall County, Texas

Yep, yep, yep.....your words says it all!  What are these agent thinking of when they ask these questions and share these things?  This behaviour is not exceptable!

Jul 22, 2011 02:26 AM #8
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643,299
Mona Gersky
MoonDancer Realty, Dillsboro,NC - Sylva, NC
GRI,IMSD-Taking the mystery out of real estate.

Hello Gayle, If one wants to sell and the other one doesn't...someone isn't playing fair on this team.  Selling can already being a challenge without everyon on board!

Hi Barbara, I echo the words but they were really Martha and Patricia's!

Jul 22, 2011 04:16 PM #9
Rainer
238,346
Anne M. Costello
Weidel Realtors - Yardley, PA

Mona: I know agents who learn about fiduciary responsibility in real estate and never go back there. The Brokers have an obligation here. Every new listing is another opportunity/challenge to market the property without giving the seller's information away - either unwittingly or witlessly.  Also, other agents may be your friends or colleague, but in a transaction, they are the other side.

My other pet peeve - agents in a dual agency office with loose lips. If they give something away - it's okay we are all dual agents! NOT!!! They can harm their seller or buyer. They have no control over another agent's mouth. Or even that an agent can use that information without ever saying anything if they are working with the other side.

 

Jul 22, 2011 11:31 PM #10
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Mona Gersky

GRI,IMSD-Taking the mystery out of real estate.
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