I noticed some interesting commentary regarding representing sellers vs. buyers lately. I’ve been a little busy (thankfully) trying to top off the year getting one more contract to closing but thought I’d chime in with a few thoughts.
My broker suggested at our meeting today that we should not take an overpriced listing, should not write a listing agreement for longer than 90 days and would be better off being the third or fourth agent selected to list a property. It’s all about the high cost of time and money.
I’ve sold most of my listings but not by selling the property a buyer but by marketing. The most recent listing that I took is well priced, has had showings, has been a finalist, but it just hasn’t gotten a contract as yet. I’m comfortable with that considering the market, it’s realistically priced and the condition is excellent. Another agent competing for the listing basically promised to personally bring the buyer. The agent likely over promised an outrageously high price as well but thankfully, my clients didn’t feel comfortable and chose me. Very old school, I’m sorry but this is a new era in real estate.
We’re witnessing a mass exodus from the industry as those who joined during the good times find hard times to be too difficult to earn a living. Those who can adapt to the new paradigm will be the beneficiaries of the good times that once again will ultimately occur.
The Internet has allowed buyer agents to attract quality buyers to help them very early in the buying stage. These consumers are not interested in calling yard signs (virtual or otherwise) but prefer superior representation in the buying process. They are more interested in learning about the area, schools, neighborhoods and lifestyle. They want information, they want expertise and they want buyer representation.
I’ll vote with my friend and colleague, Mike Farmer. What do you say.