A Selling Agents duty. The story of unit 1012 clearly explains what a selling agents duty really is. Unit 1012 is a condo in Salt Lake City that I have listed for sale and that is about to close.
One point about a selling agents duty is that he or she the agent are to follow the instructions of the sellers, providing that those instructions are legal and ethical. But there is more to this story than mine as a selling agents duty.
I insert here a few statements of what a selling agents duty is not. 1- It is not to think first and primarily about the commission. Too many times I find that the need or desire for a commission drives the actions of an agent. For example, if an agent wants a quick close for their own personal needs or hopes they will price the home low. They often come back after a couple of weeks if the home hasn’t sold with the story, it’s price too high, lower the price. This may be a marketing problem, a market condition problem, or simply the right buyer hasn’t seen the place yet vs. a wrong price.
It is not a selling agents duty to give away information to a buyer that hurts the sellers position. For example, telling the buyer that the seller will accept a lower offer, when that has not been authorized by a seller, in writing.
The story of unit 1012 affirms to me that I am on the right track with my attitude that it is my duty as a selling agent to get the highest price for my sellers unless they want it priced lower for expedient offers. In looking at the market I determined that the value of 1012 was about $250,000. We priced it at $249,900. We received multiple offers over the life of the listing at $230,000.00.
These offers were so far off of what the owners expected they refused to do a counter offer to an y of these. One agent was almost demanding that I get the sellers to counter. That was not my duty. I learned decades ago that countering a ridiculous offer is a waste of time. As the sellers agent I responded to the pushy agent that if the buyer wanted the property they should try again. The conversation turned to what I would call, hostile. I concluded the agent was not experienced and told him so.
This is a condo that has a drop dead view, is remodeled, and unlike most on the market at this price.
Two months later we went under contract at asking price. The appraisal is in at $250,000.00
This is not a market for bargain hunters. I have no idea if the buyer really wanted 1012. His agent was so hostile to me, took my response personal, i may have made the situation unworkable for personality conflicts. That’s something I will likely never really know. I do know that my sellers were able to get $20,000 more via their patience and trust in my correctly knowing the market value of their condo.
A Selling Agents Duty is allegiance to the seller
Larry Cragun Windermere Real Estate
Residential and Condominium Professional
Continuing Kathleen and mine favorite topic: Sales prevention issues, or things we notice when looking at properties, Sales Prevention Program #82: They Can’t Get In is a sales prevention program.
If an agent can’t get in to show the home or condo, how in the world can it be sold? The process that works is to have a Supra Lock Box, or key box easily accessed in front of the residence. This key box should provide all agents the necessary to enter the home. The Supra key box records what agent entered the home, and at what time. A notice is sent to the listing agent with the ability to copy the notice to the home owner.
Recently I have seen these sales prevention instances.
One doesn’t want to confuse an agent. So how about putting clear identification on the lock box, which condominium the lock box belongs to. It’s bad at Canyon Road Towers, it’s a horrible situation at Parc Gateway. Its unbelievably bad there, so bad it isn’t worth showing the units where figuring out the lock box is a waste of time.
I had an occasion at the Metro Condominiums where no key matched the house. Some careless agent had put back the wrong key in the box. There were five units for sale there, what a mess. That could be alleviated to a great degree by going to the effort of adding a simple identification ring with a number on it. They cost about .35 cents at Glens Keys.
I have gone to listings where there was a key box, but where it was empty. Figure that one out.
Recently I had to call an agent, fortunately he answered his phone, to inquire where the key box was. The answer, “Oh, its out in back, attached to the gas meter”. Great, the gas meter was covered by a large plant.
Whatever your situation is, it might be wise to see if your agent, for some silly reason, has joined the Sales Prevention Item #82 club.
Larry Cragun Windermere Real Estate
Salt Lake City Residential & Condominium Professional