Hot Selling Markets Can Bring Out The Worst in Real Estate Agents

By
Real Estate Agent with Jeff Fritzson Real Estate, Ebby Halliday Realtors 0629874

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.

Power Corrupts

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:

  1. 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.
  2. 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.
  3. 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

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Topic:
Home Selling
Location:
Texas Collin County Frisco
Groups:
Realtors®
FRISCO REALTORS UNITE!
"Whacked"!!!
Bananatude
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Tags:
selling
buying
homes in frisco
dfw metroplex
hot sellers market

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Rainmaker
3,977,611
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Ethics seam to go by the wayside when homes sell fast.  

Mar 18, 2014 09:30 AM #1
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3,075,864
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

No matter what the market, I think our reputations are always at stake. Sure it may be easy to sell listings these days, but if multiple agents have the inclination to call and ask questions on them, by all means, I call them back.  Why?  It's what I would expect of a professional.

Mar 18, 2014 10:38 AM #2
Rainmaker
2,231,879
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Good morning Jeff. What would anyone change their business model if all of a sudden you have a hot market. I will not allow the way I do business hot market or not and either will you.

Mar 18, 2014 07:58 PM #3
Rainmaker
790,023
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor in Jax Beach, FL - ABR, CRS, CIPS
It's important to do our jobs, which is to market the property, and "play well" with others -
Mar 18, 2014 07:59 PM #4
Rainmaker
1,403,717
Kat Palmiotti
Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

Well, I think if people all of a sudden change when given "power," it's not really a change at all.  They've just relaxed their structure and let their real nature come out.

I think when people are good, they are good regardless.  

 

Mar 18, 2014 08:47 PM #5
Rainer
96,912
Jeff Fritzson: Frisco Real Estate Pro
Jeff Fritzson Real Estate, Ebby Halliday Realtors - Frisco, TX
Your Success is My Focus!

Hello William - that seems to be the case based on my observations at least.

Hi Chris Ann - and I would expect nothing less from an agent of your caliber.

Hi Joe - while a market may change your strategies, how you act and react within your working relationships should be constant and reflect who you are.

Hey Carol - well stated. Playing well with others should be instinctive in this business.

Hi Kat - i used to do a lot of profiles in a prior life and they would show the facade and the underlying behaviors of potential employees. I am surprised more brokers do not utilize thos in their hiring. Well knowing the industry better, I am not so surprised.

 

Thank you all for taking the time tpo read and comment.

Mar 19, 2014 02:16 AM #6
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2,344,389
Fred Griffin presently on Leave of Absence
Fred Griffin Real Estate - Tallahassee, FL
Licensed Florida Real Estate Broker

     I remember during the Boom of the mid 2000's, a Buyer's Agent cursed out my Seller to his face while we were all standing in his driveway.  This was an Investor who owned about a dozen townhouses.

     The Seller ordered that Agent to get off his property, then he called her Broker.  He told the Broker that neither he nor his Agents were to ever set foot on his property nor contact him again. 

     The Broker then called me; he said he was terminating that Agent, could I make peace?  Too late, the damage was done.         

Mar 19, 2014 04:04 AM #7
Rainer
46,971
Jordan Gouger
Keller Williams Realty Inc. - Austin, TX
Helping you to achieve your housing goals!

Rudeness doesn't have a place in any market regardless of whether it is hot or cold. 

Apr 01, 2014 01:46 AM #8
Rainmaker
504,688
Teral McDowell
Referral Patners LLC - Murphy, TX

Reminds me of my very limited days in my youth as a waitress; it wasn't the customers that I disliked it was the other waitresses. When the rush hour began those same individuals became sharks and it was dog-eat-dog. I've adjusted to coping better with the pressure but inconsiderate is still inconsiderate.

Apr 17, 2014 12:26 PM #9
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Rainer
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Jeff Fritzson: Frisco Real Estate Pro

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