I missed out on a listing this week and it was because I wouldn’t pay for the cost of marketing the property and discount my rates.
The agent that got the business is in the area with a smaller boutique branch and I immediately felt sympathy for him.
We as real estate agents and I am sure you feel the same about some of your competitors in your chosen fields, admire those that you know are working for their clients. In this industry you fast get a reputation for ethics, integrity, working for your clients, efficiency, follow-up skills, negotiating, going the extra mile and professionalism just to name a few.
We also quickly know those that don’t follow these same standards and furthermore, buy the listing through either discounting their fees and paying for the marketing, or by telling the vendor a $$’s number we know they want to hear in regards to the perceived value.
Both of these traits invariably result in a lesser return for the vendor from the then hired agent. The agent who is prepared to discount or even worse, pay for the advertising is immediately lowering what they are worth and they now have a financial interest in your home, dangerous!!!!
This results in an agent who will panic when the negotiation gets to a point where you could potentially as the vendor get another $5,000 – $10,000.
By you thinking you have saved $1,000’s of dollars on the marketing you have potentially hired the agent who will cost you $10,000’s of thousands of $$$$’s at the other end of the transaction. Why are they not going to do the same to you at the other end???? They have a financial interest in your home now, and they NEED to be paid! Your interests become secondary to theirs.
Real Estate Agents can not afford to pay for vendors marketing and not sell homes. Our commission is a fee for service. We don’t get paid unless we perform to your satisfaction.
The agent that tells you the figure you want to hear, will spend the whole campaign time, on a weekly basis, informing you your properties’ value has dropped by $10,000’s of thousands of $$$ to get you conditioned to the ‘correct’ market level.
Your property is worth what it is worth. The agent is there to simply create competition on your home through skilled marketing initiatives and then negotiating to a level where the purchaser has gone (committed) to their top dollar!!… then you decide.
How many times have you heard a friend or family member say ‘I would have paid more for that property’.
The qualities of a great Real Estate Agent are those that sit in enthusiasm, honesty, efficiency and extremely skilled ‘sales skills’ played out in negotiating skills and not giving up.