In real estate, greed can be the deadliest sin. On Tuesday, April 1, 2008, I walked away from a closing table with the largest commission check of my career (for now) due to another agent's greed.
It's a fascinating story. I was contacted in June 2007 via my website by a homeowner who wanted to speak to me about selling his home. When I called him, we spoke briefly, he gave me the address of the house, and we set an appointment to meet.
The address sounded very familiar. And for a good reason. The home was one of the most expensive listings in my town, had been on the market since 2005, and was currently UNDER CONTRACT.
Don't worry, I was confused too. To make an UNBELIVEABLY VERY long story shorter, that current listing agent had secured their own customer for the home. The offer was made, negotiated, accepted. They went into attorney review...and stayed there...i-n-d-e-f-i-n-i-t-e-l-y.
The buyer had been unable to secure financing, but the listing agent kept the home recorded in the MLS as UNDER CONTRACT. Essentially, the listing was being held hostage. WITH NO APPARENT BENEFIT TO ANYONE!
To be very blunt, I am still confused by this story. Why didn't the seller's attorney cancel the contract immediately once the mortgage contingency date came and went unsatisfied? No one knows! The listing agent kept insisting to all parties that the deal would go through...yes, perhaps in NEVERNEVERLAND.
That brings me to the excessive and sometimes dirty desire called greed. I do believe greed is good...sometimes.
Greed is good when what you desperately desire and want to yourself will benefit all. I am greedy. I want listings. I want the listings of my clients, the listings of their friends, family members, neighbors, co-workers, bosses, countrymen. I want everyone's listing! I want these listings because I know I'll do my best to sell them, and I adore what I do with a passion! I'll set a marketing plan and keep my word as to what I will do. I'll represent everyone to my highest and best because I love what I do and want to be the best REALTOR I can be. Because I care...a LOT. But not every agent cares.
Again, back to this lovely home. While this poor beautiful listing was being incarerated in an attorney review with no end, some qualified customers were perusing the MLS, looking for a home. This home. They gave up the search when they couldn't find anything that really caught their eye. They gave up for a while because their daughter was going away to college and that distracted them from their search for a second home. The holidays came and went. And now they were ready. To buy. With cash.
I had already listed the home. I was ready to embark on a huge marketing campaign. And then I got an email from these lovely people who wanted to see my listing.
They came.
They liked.
They bought.
With cash.
...And within 44 days of my listing the home.
So the moral of my story is...greed can be very very good, if you manipulate the desire correctly.
Serve the real estate consumer and the rewards will come. Serve yourself and, well...what else can I say?
Copyright © 2008, All Rights Reserved. "Antoinette" Scognamiglio (licensed as Maria), REALTOR® Associate, Prudential New Jersey Properties, 64 Diamond Spring Road, Denville, NJ 07834. This information cannot be copied, reproduced, transmitted, distributed, displayed or published. All data and information provided on this site is for informational purposes only. Consumers are urged to perform their own due diligence in all matters real estate.
"Antoinette" Scognamiglio specializes in the northern New Jersey markets of Northern Bergen County, Morris and Sussex Counties, in addition to several townships in Passaic County. Please visit my website learn more about my philosophy in conducting real estate business, and also to access the resources I offer to the public at large. My credo is..."The title of REALTOR® should be held with great care or not held at all." Put your real estate transaction in careful hands. Contact me directly on my cell at 201-240-8699 or my Denville office at 973-625-1250, ext. 105.
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