I had a call earlier today, from a Buyer, that had seen one of my listings yesterday with another REALTOR®. She called to let me know that she really liked the house and she wanted to make an offer. Now folks, I like offers, so this sounded pretty good to me. So like the good little Broker that I am I suggested she call her REALTOR® and have them write it up and send it over to me. Well, she didn't want to do this. She wanted me to write it up because she figured she would "get a better deal" with the Seller not having to pay another REALTOR® and all.
Of course, I explained to her that this isn't the way it works. She didn't seem to think anything of the fact that she had a REALTOR® take her out on a Sunday to show her houses. I'm just glad it wasn't me. I value my Sundays and rarely if ever work and if it was with a Buyer, I would certainly be sure they had signed a Buyer's Broker Agreement first. Would you?
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Anyway, she couldn't resist, so she gave me a verbal offer over the phone "just to feel the seller out". It was pitiful. 30% below list price with the Seller paying all of her closing costs. She did ask me if I thought she was wasting her time so I politely told her she was. Fortunately, I am expecting two other real offers today. "But Broker Bryant, you have to present all offers to the Seller". Well, yes and no. My listing agreement states that I will not present verbal offers. My Sellers have agreed to this at time of listing. Also, I spoke to my Seller on Friday and we are on the same page with pricing. My Seller is a busy man and would prefer I don't waste his time with nonsense. I have no problem with that.
I did however, reiterate with the Buyer, that she should contact her REALTOR®, if she is serious about making an offer. She didn't seem too excited about that. So we'll see.
After I hung up with her, I called her REALTOR®, to give her a heads up. She didn't seem very surprised. The Buyer had called her yesterday morning wanting to look at houses and I guess she was so excited to have a "lead" she just jumped in her car and met her to show her houses. Would you do that?
I can assure you that I wouldn't. It just seems like a waste of valuable time to drop everything and show houses without first doing some home work. I'd much rather be working on my tan. Maybe this is why folks don't respect our time. Maybe this is why so many deals fall through. Maybe this is why so many REALTORS® fail. As professionals, we need to do our due diligence. At a minimum:
- Make first contact at your office.
- Make sure they are qualified.
- Verify funds.
- Find out their reasons for purchasing.
- Find out if they have been looking at homes with another agent.
- Have them sign a showing agreement. Then they can sign a BBA after you have built a relationship.
Or, you can just wait for your Buyer to call me and try to cut you out of the deal. Your choice. Me? Well, I'll just keep working with Sellers. What say you?
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