Thursday, May 17, 2007

BusinessWeek Blog: "Agent Horror Stories." My response.

Here you can read the BusinessWeek blog:
Anyone have an agent horror story like this one?

Here is my response:

Hey Dean,

Get prepared to get even more ticked off!...

First of all I'm a Realtor, but I hate most Realtors. But you know what they say, in the land of the brainless, the half brained man is king.

Anyhow, first to defend YOU, interviewing multiple agents would have done nothing. What would you say "Do you suck?" What people should do it interview/ talk to their references. See if you get a sense for how well they did. Or even more powerful, ask for their "last 2 clients" so they can't pick and chose their references. Heck I have a reference where I pocketed for the guy $102,000 on the sale and $50,000 on the purchase!

Or you can run my CRA report (trademark pending) where you run a Comparative R. Analysis on the agent's last 10 deals and see how well they did. Do they get list, do they get over list, do they list high, just to drop later?

And that agent that said "Honey you gave away your house," I'm sorry but that happens ALL the time. Ignore her. Agents get jealous that they didn't get the listing, or they don't like the listing agent (maybe lost other deals, etc). If she had a buyer, and she was any good, they would have put their money where their mouth was and made a back up offer.

Ok, now to the part that will piss you off...

You are right, most agents don't fight for that last $10,000 since it makes them only $300 and they would rather use that time to sell another house. (blatant plug: This is how we differentiate, we DO fight for that last $5k and $20k, since it is real money, your money. We don't do it out of charity, or our good nature, we do it to make more money for us, via more future referrals from our clients)

The deal is NOT over when you have it under contract. A good agent will "dial for dollars" when the offer comes in to get more. THEN if it goes under contract, a good agent will STILL work the deal. If he can get a higher back up offer, there are about 10 days to make the back up offer win. All legal and all ethical ways.

For example, if you have a back up offer you can:

1) Reply NO to the Home Inspection items (and don't let the agent pay for it). This might trigger the buyers to walk.

2) Look for Kick-outs. Many people don't understand contracts and how the buyer has contingencies that if not removed in 3 days, can nullify your contract (I am not a lawyer, please consult with a lawyer for details)

As for “getting over it,” that is 10,000, no way! That $10,000 would have gotten you another $50,000 in leveraged buying power for your new home. That $10,000 can buy a nice vacation. That $10,000 can be donated to charity. Heck give half to your great agent! ;-)

I recently had a seller that felt BAD that we fought to get him $7,500 over list. I said "take the money, and donate it to a charity, then you won't feel bad."

Frank Borges LL0SA- Va Broker/ Realtor


"Trust Me, I'm A Realtor"

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