YOU JUST COST YOUR SELLERS $10,000!!!

By
Real Estate Agent with Dunnigan, Realtors, Sacramento (916) 425-9715 CalBRE # 01188158

I had an interesting experience today...I attended a media training class in preparation for becoming the Sacramento Association of Realtors 2014 President.  My story isn't about me, but about what I learned.

The main thrust of the class was tell enough, but not too much.  Be articulate without sounding rehearsed.  Know your facts and tell your story...not necessarily the reporters story.

...and now comes my story.

I showed my clients 7 houses on Saturday.  We whittled it down to 2.  When I called on their first choice, I learned that the agent was literally on her way to present another good offer.  My clients were set to write a competitive offer and then, upon reflection, decided that their second choice really was a better house for them.

I called the agent to find out if there were any offers on the table.  Yes...there were 2 offers that had been countered but did not require a response until the following Monday.  My clients decided to attend the Sunday open the agent was holding toTalk too much confirm what they liked about the house.

Now..here is what we learned in our conversations:

When I called the first time, the listing agent asked if we would be offering over $500,000 and I said yes.  In that case, he said, go ahead and write the offer.  The house was listed for $535,000.  Now I knew that instead of writing the higher offer I thought we would have to write to be competitive with two other offers, I could write a lower offer.

When my clients attended the open house the following day, he shared his concerns of having a contingent offer from one of the other agents.  Now I knew why he did not like at least one of the offers.

Of course, we wrote a lower offer than we had originally planned.  I called to let him know it was coming and he asked if I would tell him what our offer was.  I gladly told him and his response was, with 2 minor changes, consider the offer accepted.  Now I know that he speaks for his clients without consulting them, so future negotiations will be approached with this in mind.

This agent just cost his clients at least $10,000...just by talking too much.  I feel badly for his sellers, but am thrilled for my buyers.

How does this tie into my class?  It's okay to have a conversation, but remember who you are representing and what information you may be sharing that can be used. 

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  1. Nathan Sherman 03/01/2012 06:13 AM
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Rainmaker
49,912
Mike Liess
Coldwell Banker Custom Realty - Penfield, NY

your right this agent did his clients a disservice

Feb 01, 2012 05:23 PM #1
Rainmaker
710,823
Pacita Dimacali
Alain Pinel - Oakland, CA
Alameda/Contra Costa Counties CA

Paula

Thanks for sharing. It brings to mind the old adage "Loose lips sink ships." Perhaps the agent was trying to get offers on the table, but went about it the wrong way. Good luck in getting your offer accepted.

And congrats on your presidency.

Feb 01, 2012 05:42 PM #2
Rainmaker
208,060
Peggy Wester
Realty Executives Integrity - Grafton, WI
Real Estate Agent Ozaukee & Washington County

I am quite often surprised by how much information a listing agent shares. I sometimes tend to think they're more interested in getting themselves a paycheck rather than getting the most they can for their seller. Very interesting story. I wish your buyers well, and congratulations on your 2014 presidency!

Feb 02, 2012 02:44 AM #3
Rainmaker
519,225
Harrison K. Long
HomeSmart, Evergreen Realty - Irvine, CA
REALTOR , GRI, Broker associate, Attorney

Paula ... You are so right that real estate professionals on listing and selling side should always be careful about providing information re their clients positions on offers.

Congratulations on your being elected or selected to serve as Pres of your AOR during 2014, and we expect to hear more about that.

Feb 04, 2012 04:58 AM #4
Rainmaker
484,502
Trey Thurmond
BCR Realtors - College Station, TX
College Station , Texas Homes

Paula,    Wow...I think in our area that might be considered a breach of fudiciary duty to the client unless they had specific authority in their listing agreement to act in that manner. I believe your take on your situation is correct...he probably cost his client big bucks.

Feb 04, 2012 04:42 PM #5
Rainmaker
262,692
Paula Swayne
Dunnigan, Realtors, Sacramento (916) 425-9715 - Sacramento, CA
Realtor-Land Park, East Sac & Curtis Park -Dunniga

Thanks to everyone for the congrats...didn't mean to glean kudos, but appreciate your support!

I do feel badly for this agents sellers...I am quite sure they had no idea what he was sharing.  All too often sellers don't know about the lack of professionalism of their agents, which does us all harm in the perception the public has of our industry.  It is my hope that by pointing out that this type of behavior is not accpetable, the public will understand.

Feb 04, 2012 05:28 PM #6
Rainmaker
773,755
Pete Xavier
Investments to Luxury - Pacific Palisades, CA
Outstanding Agent Referrals-Nationwide

This guy was so eager that He was not thinking before speaking.

Mar 01, 2012 06:28 AM #7
Rainmaker
511,037
Daniel J. Brudnok, REALTOR
Berkshire Hathaway Home Services Fox & Roach, REALTORS - Exton - PA License #RS-225179-L / Delaware License #RS-0025038 - Downingtown, PA
SRES, e-PRO,ABR,GREEN,CSP

Paula,

I agree and a story heard too many times.....certainly not meeting their fiduciary responsibilities of the profession.

Apr 23, 2012 09:56 PM #8
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Rainmaker
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Paula Swayne

Realtor-Land Park, East Sac & Curtis Park -Dunniga
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