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I'M FIRED? YES!!

By Amanda Christiansen

Real Estate Broker/Owner with Christiansen Group Realty (260)704-0843

December 11, 2011 01:45 AM

YOU'RE FIRED! I heard these words the other day and I couldn't have been happier. Here's the story...

"Matt" called me a few weeks ago. He said that he was tired of renting and was finally ready to buy. I sent him to a lender and we were on our way.

Matt was in his early 20s and needed his parent's approval. He asked if I minded if they came along for the showings.

I showed them four homes on the first day. Matt loved one of them, but wanted to wait a day to think about it. No problem!

The next day I showed up with comps and a purchase agreement. The comps showed that the home was priced very well, and since we were asking for closing costs and there were two other offers coming in, I recommended offering full price if Matt was serious about buying this home.

What happened next was my first red flag.

Matt's Dad EXPLODED on me. He started screaming things like "This is a buyer's market!!! How can you tell my son to write a full price offer?? You just want to get paid more!! I can't believe what you are telling him to do!!!"

I calmly explained the situation again... but he still wasn't having it. He recommended (very loudly) that we offer 80% of list price, and that offering full price was not happening. It got to the point where I actually barked back at him, and told him that offering 80% was a complete waste of time.

We ended up offering closer to list price, but (even after I explained that is was full price or bust) the seller accepted another offer. SURPRISE!!

At this point my gut told me to part ways with Matt, but I didn't listen to my gut. It might be because we have slowed down just a little bit and I wanted to get a good start to 2012 by adding another January closing...

The next day (boy, this blog is getting LONG) we went to see another home. Guess what? It was priced well, and there was another offer coming in on it. Guess what happened again?

Did you guess?

Yep. He wanted to make another low offer, and a second offer came in and they took it. At that point all I could do was laugh.

The next morning I received an email from Matt saying that he wanted to find another Realtor to help him find his new home. He explained that he didn't think he and I were on the same page. He was nice enough to say that he appreciated my time and efforts. I responded by saying thank you and good luck, even though a part of me was angry that he beat me to the punch.

I'm not upset with Matt. I'm a little upset with myself for not trusting my gut when I saw these red flags early on. Oh well. Time to move on. There are plenty more buyers where he came from. I just hope the next buyers are a little more realistic than Matt. :)

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Anonymous

Richard Lawler

The thing that gets me with buyers is even with the latest comps they want to low ball the offer. I try to educate my buyers in we as listing agent work in the now not the past. The reason we list at a price is do to the research information we gather for pricing a property. I just took a listing and priced it for what I figured was below market value. I really felt it was about 10k low and wouldn't you know it we got offers at around 80% of the listing price. (is there a weekend course out there teaching this?) But before I could get to the owner to present the offers we got two over list and close to the price I really felt the property was worth. The funny thing is many of the offers came with asking for closing cost. The agents I know that work the area called to ask why I listed the home so low. Go figure... yes it is a buyers market but most agents list at the market value if not lower.

Dec 12, 2011 03:06 PM

#226

Dan Derito

Success! Real Estate - Brockton, MA

Some years ago (1980's), and in another industry, I attended a marketing seminar and the first piece of advice from the instructor was to 'lose' your problem clients. They will wear you out, then complain about what a lousy job you did.

Dec 12, 2011 03:57 PM

Joe Daniels, Broker, Appraise

Personal Service Realty - Leesburg, FL

it's a bit funny, but I had the same sort of conversation with my aunt recently. Except, I told her if she was my client I would have had to fire her. her listing realtor has bent over backwards, profresional photos, 3 open houses and my aunt will still not believe the feedback from multiple showings about PRICE. Since I'm not local and am in touch with her realtor, but not involved in a referral, I sit back and try to give my aunt advice, but she has to get what she wants. I finally told her if she was my client I would have fired her. Was she happy to hear me... no, but it was the same thing I would have told to My own client. You bet.

Dec 12, 2011 04:36 PM

Eugene Lew

RE/MAX equity group - Happy Valley, OR

Sometimes the relatives are the worse ones. Perhaps losing a few homes will knock some sense into this guy. I've seen that more than once, and the worse kind are the ones who want to offer lowball, despite competing offers! Its one thing to offer lowball, when the house has been on the market for 3 months with no other offers, but it is a waste of time to offer that in light of competing offers, espcially when the home is priced well.

I just dealt with someone in the same situation. The buyers' father wanted to offer less money, when there was already a competing all cash offer. Unfortunately, they bought from someone else outside of this area.

It eludes me to no end, as to why some people have an issue paying full price, when that full price is a steal, and have the nerve to expect the seller to forgo a higher price offered, and take their lowball!

Dec 12, 2011 06:48 PM

Judy Jennings

Top Agent Plus - Middleboro, MA

Tap into Judy's real estate expertise & resources.

Thank goodness Matt beat you to the punch! I wonder how many Realtors Matt (and Dad) will burn through before they get real.

Dec 12, 2011 11:06 PM

George P. Cruz Sr.

Premier Brokers International - Port St Lucie, FL

PSL FL CDPE, TRC, CIPS

Been there and done that several times and now we discuss the buying process to hear how many newspapers aans magazines they read.

Dec 12, 2011 11:36 PM

Sylvie Stuart

Realty One Group Mountain Desert 928-600-2765 - Flagstaff, AZ

Home Buying, Home Selling and Investment - Flagsta

Yes it is mostly a buyers market, but in some areas in Flagstaff, like it sounds like could be the case with your area, there are pockets of sellers market areas. When there are multiple offers coming in, you have put in your "highest and best" offer. Your counseling was correct. I'm sorry he beat you to the punch, but at least you're done!

Dec 12, 2011 11:55 PM

Jamie King

Hoty Enterprises, Inc. - Huron, OH

Sandusky, OH

Buyers choose a real estate agent to assist and advise them in a purchase and then they won't take our assistance or listen to our advice??? Go figure!

Dec 12, 2011 11:59 PM

Ed Aus, Jr

Taylor Properties - Westminster, MD

Yes it is a buyer's market but the seller priced the home right, attracts multiple offers and thus limits the buyer's points of negotiation. You did your job it's just a case of father knows best.

Dec 13, 2011 12:17 AM

Stu Dye

Mortgage Network, Inc. NMLS #2668 - Portland, ME

Senior Loan Officer

I'm just glad it didn't drag out for months, so that the dreaded 'Gee, I've invested so much time in this client already...' line of thinking didn't come into play...

Dec 13, 2011 01:28 AM

Anonymous

Tammy Costas

Most new buyers listen to the news and do not understand that the sales price already reflects the lower prices the market supports. Almost every buyer I get has to submit at least 3 or 4 "low ball" offers before they realize the realities of the market. Unfortunately, some NEVER do and blame their problems on the realtor.

He did you a favor by moving on to waste someone else's time, although it is always better to quit before you are fired :). Until the parents back out, nothing is going to happen.

Dec 13, 2011 06:25 AM

#236

Anonymous

Vera Wallace

Amen! We take alot of abuse but in the long run our professional goal is to help the client find the home they want and then get it at an affordable price for them. Why hire a professional if you are not going to take their advise. Thanks for sharing.

Vera Wallace

Dec 13, 2011 07:56 AM

#237

Monique Ting

INET Realty Honolulu, HI - Honolulu, HI

Your agent under the sun

Just move on & don't look back!

Dec 13, 2011 08:44 AM

Bob Miller

Keller Williams Cornerstone Realty - Ocala, FL

The Ocala Dream Team

Hi Christiansen Team, Yep, listen to your gut. I have written similar blogs where parents/children got in the way of an intelligent buyer/seller. Sometimes they help, more often not.

Dec 13, 2011 11:12 AM

John Juarez

The Medford Real Estate Team - Fremont, CA

ePRO, SRES, GRI, PMN

I am sure that Matt will still be in the market long after it ceases to be a “buyer’s market”.

I am surprised to see that you say that he is a renter unless dad is charging him rent to live at home.

Dec 13, 2011 11:22 AM

Ed Silva, 203-206-0754

Mapleridge Realty, CT 203-206-0754 - Waterbury, CT

Central CT Real Estate Broker Serving all equally

The belief by some buyers is that being a buyer market means they can just throw out any thing they want and be able to get it. The lower the value of the home the less room there is for anything and if closing costs are required they need to be added to the offer not taken off of the offered price.

Dec 13, 2011 03:09 PM

Sheila Lawrence

Coldwell Banker, Sebastopol, CA - Sebastopol, CA

Love where you live!

It's hard to tell someone something you know they either don't want to hear, or don't believe at the same time you're trying to build rapport and trust. These types of things always seem to happen the most with inexperienced Buyers who came to you through an ad, a sign call, or something other than a referral. If you haven't had time to establish that you're in their court, they can walk thinking you're manipulating them when you're really only telling them the truth about the market.

Nothing works all the time, but for me, sitting them down in my office and getting a good understanding of what their expectations are helps a great deal. Parents have their heart in the right place, but it's a no-win situation if they vote against you.

Dec 14, 2011 09:04 AM

Alan Grizzle

Chestatee Real Estate - Dahlonega, GA

Full Time Realtor, Lifelong Resident of Dahlonega

So many people think no matter how well priced the property is they should get it for 1/2 the list price.

Dec 15, 2011 04:23 PM

Kasey & John Boles

Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID

Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

After the 3rd, 4th, 5th, 6th lost house to competing offers he will change his mind. Or he'll be so frustrated that he will quit looking and the other agent he's been working with will be out of luck too. It's frustrating that our clients hire us but then don't trust us with recommendations because of our knowledge of the local market...Oh well, move on :-) -Kasey

Jan 11, 2012 03:09 PM

Anonymous

Jaz Zydenbos

Matt:

Here is an empirical rule: You cannot deal with unreasonable people. Fear not, they are only 20% of customers. Fire their butt anytime you can. It makes us stronger to the core, happier and much more prosperous! I know, I still get caught with one of them every month, but quickly, I fire them when discovered. In my personal and professional life. Family, that's another thing. No defense, no choice.

My very best, thanks for the blog,

JAZ Zydenbos, Tropic Shores Realty, Spring Hill, FL

Jan 17, 2012 11:30 AM

#245