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Do you think all buyers’ agents are stupid? Good luck!

 

If you have never been on a listing appointment for an expired listing, then let me tell you when you finally do, you are in for a real treat. The one thing I can tell you about your appointment is that the seller wants to sell. Its your job to find out why it didn't sell and how to fix it all in less than 15 minutes, or it is too late and they move on to the next agent on their list.

I went on a listing appointment last week on an expired listing and I have to admit I was agent number 4 of 4. Personally, I love to go last, because if they haven't already signed, then those other agents hadn't done what they came there to do and that was to list that home and help these people get it sold.

But, today was different. I was on the defensive from the start. They said they had already picked the agent they were listing with and they just wanted to give me a fair chance. I then told them, "Well let me put my comps away and my listing presentation away, because I'm not going to waste your time or mine." (I do this because I know it relaxes them, thinking I'm not going to try to sell them on me.)

Then I said, "If you don't mind though, I would love to sit and chat and find out what made you choose that agent, so I can improve my business and maybe be better during the next listing presentation I do?" They agreed and this is where the fun began!

This home had been on the market for 8 months with only 2 price reductions. The home was a fine home, but I felt about $20,000 over priced from everything else I saw sell in the neighborhood of this home. I decided to ask, "So, what was it about this agent that really impressed you?" They said, "This agent had great marketing and has been in business only a couple years, but has a marketing background and thought they could not only get us the previous asking price, but even raise the listing price by $40,000."

OK, I was pretty much done here and only asked a few more questions, just to make it look like I wasn't insulting them, or this other agent. But, how in the world does this agent think that they are going to get $40,000 more for a property that hasn't had anything done to it and has already been on the market 8 months? This agent lied to them to get the listing and NO buyer's agent will ever show this property. As soon as they look at the MLS history and see that the home was $40,000 cheaper 2 weeks ago, why on earth would they show it now?

So if you are a seller and you think it sounds too good to be true, it's because it is. A listing agent can't sell a home for $40,000 more than what it wouldn't sell for 3 months ago. (At least not in this market.) If you want to make more money on your property from the sale, may I suggest you look in to Owner Financing?

Respect Realty LLC (Expect More)

 

At Respect Realty, LLC our agents believe in 100% dedication to client satisfaction.  We specialize in property and land acquisition around the Portland Metro and Vancouver, WA area. We delight in working with first time home buyers and sellers to guide them from start to finish. Our doors are always open and we are always happy to assist you with your real estate questions.

 

Reach out today, we look forward to talking with you!

 

Todd Clark and Seraina Aguayo (Owners of Respect Realty)

Respect Realty LLC (Expect More)

(503)564-3130

info@RespectRealtyNW.com

www.RespectRealtyNW.com

 

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Comment balloon 9 commentsRespect Realty LLC • November 25 2008 10:12AM

Comments

Todd - good for you to keep your composure. My jaw would have probably dropped to the floor when they mention the added 40K. LOL. Who is going to appraise it, that is if they even get anybody through the door. ~Rita

Posted by Brian Burke, Broker & Advising Expert-Denver Luxury Real Estate (Kenna Real Estate) almost 10 years ago

LOL!   Oh Todd, you are so right.  I always do a listing history search when I am working for my buyer.  It's amazing the feel you get for negotiations just by having this information.

Posted by Kris Wales, Real Estate Blog & Homes for Sale search site, Macomb County MI (Keller Williams Realty - Lakeside Market Center) almost 10 years ago

LOL this story cracks me up. PT Barnum was right, there is one born every minute.

kk

Posted by Kristal Kraft, Selling Metro Denver Real Estate - 303-589-2022 (The Berkshire Group Realtors) almost 10 years ago

Todd, I have sat in that chair so many times and heard the same words. The other agent is a marketing genius to saythe least, the comps are for us mere mortals. Time on the market is but a figment of the undisciplined mind. Give it another 90 days and see what kind of tap dancer got that listing...

Posted by Paul S. Henderson, REALTOR®,CRS,, Tacoma Washington Agent/Broker & Market Authority! (RE/MAX Northwest.) almost 10 years ago

Todd - this was a new one.  Jeez, keep the faith.  There are sharks among us.... giving our profession a bad name, and hurting their client.

Posted by Christine Bohn, The Bohn Team, Gainesville FL (RE/MAX Professionals) almost 10 years ago

Todd, I feel sorry for those sellers - their home won't sell for another 8 months or as long as they keep trusting that listing agent.  Maybe they'll give you a call when that happens.

Posted by Heather Goodwin, GoodWin Team Realty (Licensed by the Louisiana Real Estate Commission) almost 10 years ago

I have heard of this tactic and think it is only to get the listing. The agent later does a price reduction. You should watch this one on rmls and see when the first price reduction comes up. I give it 4-6 weeks from the first listing date. Send a Thank you card also. I think they will remember you after they get disgusted with the person that basically gave them a song and dance to get the listing. 

I love to call agents of those tactics, they know what they are doing and have no remorse. Its a shame.

Best to you and yours

Posted by Timothy Butterworth (Taking a break ) almost 10 years ago

I laughed til I cried.  I just wrote on another agent's blog about nearly the same thing.  When you agree to overprice the property because that's what the seller wants, are you doing them any favors?  And, if you can't negotiate with them, can you negotiate at all?  All your points are valid.  Buyer's agents won't show and it would appraise if there was an offer.  Marketing background?  Who cares?  A good solid real estate background is what you need to sell these days.  Thanks for the laugh, I'm so glad you could keep your composure. 

Posted by Suzanne McLaughlin, Sabinske & Associates, Realtor (Sabinske & Associates, Inc. (Albertville, St. Michael)) almost 10 years ago

These home sellers have been set up for disaster -- but when they get no showings for weeks on end, I'm sure your good marketing will remind them about your low key approach and they will hopefully give you a call!

Posted by Margaret Oscilia, Home Stager, Salem Oregon (Creative Concepts-Home Staging and Contracting, Salem Oregon) almost 10 years ago

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