Monday, January 18, 2016
By Jed Williams
Look Out for Yourself

It’s good to have faith in your real estate agent.

The relationship is at its best when there is open communication, mutual respect, and trust. You should feel free to tell your agent if he’s not meeting your expectations, but at the end of the day, you want to feel confident that you’ve chosen the right person to represent you who has your best interest at heart. Sometimes this means that you need to follow up on what your agent tells you yourself.

Recently, we had situation where the buyers we were representing liked a certain property very much, and thought it was priced well for its market. They were not, however, in the position to be able to write an offer immediately. We let the listing agent know, and after a few days, we went back to the house for a second look through. When we were greeted at the door by the homeowners, they acted surprised to see us, and told us that the feedback that they received from their agent was that we thought the home was overpriced. After some discussion, we discovered that their agent had been pressuring them to reduce the price, and was using us as a scape goat.

There are agents out there who will do whatever it takes to close on your home quickly. This particular home was a $1.1 million listing, and the agent was vying for a $100,000 reduction in price. That price reduction in that particular market would have likely opened the door to a number of other buyers, but none willing to get in a bidding war for an additional $100,000. The home was worth every bit of the $1.1 that the homeowners were asking and was supported by comparable sales. The additional $100,000 that the homeowners were asking over what the agent wanted to list at wouldn’t have made or broken the agent’s commission, so in his mind, it was irrelevant. That is to say, he was looking out for his own interest.

Of course this particular story in an anecdote, and this exact situation may never happen again. However, the underlying problem still exists. While we want you to trust us as your advocate, we welcome you to do your own research, or to ask us for ours. Don’t accept willy-nilly any price that we give you; ask to see the comparables and our other market research. We are happy to discuss with you the number that we have in mind for your home. And keep checking up with us along the way. If you don’t believe that we’re telling you exactly what the other agent told us, we will give you their contact information to ask yourself. We want your home buying and selling experience to be a positive one. Of course we want you to trust us, but we know that trust is earned, and we will work for it.

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Jed WilliamsJed Williams
Principle Broker and founder of Hagan Realty