Abraham Lincoln said, "Nearly all men can stand adversity, but if you want to test a man's character, give him power." The best way to give a real estate agent power in a hot seller's market is to give them listings. Everyone should realize that a professional real estate agent, most often a Realtor®, represents their client to the best of their ability. They have a fiduciary responsibility to that client. Part of that includes making sure a transaction is closed for them with their best interests always in the forefront.
As an agent who has had several listings and buyers in this very hot market in Frisco Texas, I have seen the best and worst from some agents. When an agent represents a client who has a "hot property", it is amazing the changes that I have seen take place even between agents with the same broker. What are some of the things that I have seen listing agents do:
- Stop returning calls, emails or even smoke signals. OK maybe they return smoke signals. Some of these agents don't return them normally but I am seeing agents that were very communicative shut down and act as if they are doing you a favor by speaking, texting or emailing you.
- Don't update their listing or answer buyer agent questions (see number 1 above.) In a hot sellers market, many buyers do not want to spend the time or energy to go see a home that already has multiple offers and the agent is already negotiating a contract.
- Personally attack the buyer's agent with regards to repairs and concession requests.
What Goes Around .....
Deepak Chopra once said, "If I do something to you, the energy of it is going to come back to me in the future." Many agents who are now allowing the power of a listing to corrupt them will eventually meet many of these other agents in the future. One thing that is for certain is markets are cyclical. This hot market will end. Real estate agents have a long memory. Many will forgive but few will forget how they were treated.
There will be a time when someone on the short end of the listing agent's behavior will be in the driver's seat of a transaction that the listing agent now wants to participate. While the good agents will still represent their client's best interest, if all things are equal between two or more offers and the listing agent has one of them, I doubt they will be considered.
Residential Real Estate Industry
This industry is built on relationships. Creating, nourishing, and expanding your relationships across the industry is important. Realtors should remember that are relationships do not start and end with our clients. We work with clients, other agents, lenders, title companies, inspectors, stagers, tradesman, photographers, etc... The list is long and relationships that can take months and years to nurture can be wiped out in seconds when we forget that regardless of the market, we all work together. Without all of us working together, completing a transaction may never happen.
When you decide to come to Frisco TX or anywhere in the DFW metroplex, come talk to me and learn what my other clients have learned. When you work with me—Your Success is My Focus