Due to the nature of their business, real estate agents are very much tied into the same fate as the home seller. The offer accepted determines their payoff just as much as it does the seller’s capital return.
This presents a conundrum: Let’s say that the seller is really interested in getting rid of their house because they’re supposed to move to another city for a job next week, okay? And really, they would take any reasonable offer as long as it wasn’t a complete rip off. Then you’ve got the realtor, who is sort of aware of the fact that the seller is in a hurry to sell but not so inclined to take any offer that walks in the door. They’re looking for asking price or better.
It’s not uncommon that—in this scenario—the agent wouldn’t necessarily tell the seller about the offer that was 10K lower than the asking price they received last week from a buyer interested in moving in quickly. That would greatly reduce their commission rates, even force them to renegotiate their commission given the lower selling price. The seller working with the agent would have no idea of the offer and be wondering why no one was even sniffing at the property. This would of course send them into a manic episode of despondency and oblivion, forcing them to reconsider their new position in the company in a new location, their ability as an employee, father, husband, son, and lover, and ultimately catapult them into a deep, profound, downward spiral of loneliness and desperation.
Just kidding—that won’t happen…I hope. If it does then maybe you shouldn’t move in the first place. The bottom line is that not every agent does operates with this sort of clandestine self-interest, but they are out there.
Who can blame them, really? They probably know that somewhere down the road, a substantial offer will come along—it’s just going to take time.
Such are the pitfalls of working with an agent. You are at their will and they sometimes don’t operate with the sellers’ best interests in mind.
COMING UP NEXT:
WHAT AGENTS SAY BEHIND YOUR BACK, and…
THE BEST OF HOLIDAY HOMES!!!