In most real estate transactions there two sides of the deal. Buyers and their Broker, then the Seller and their Broker. This standard scenario presents enough back and forth, negotiation, discussion, advice etc etc.. The ideal end game here is an offer is made and accepted or a counter offer then acceptance. Forget about home inspections, appraisals, Title issues or lender conditions (those are another story). What I am talking about here is the basic negotiations between Seller and Buyer and their Realtor representation.
What Realtor does not love to hear these words from either the Buyer or Seller.. ” My neighbor”, “my friend”, “my cousin” or “my friend’s cousin’s neighbor in California is a Realtor and they said….” (in your head, AAAAAHHHHHH!!!!)
What you want to say here is “You chose me to represent you and I do not care what your friend’s neighbor’s cousin in California says!” That not being an option we must tactfully address this new wrench in the works and keep the ship from drifting astray. Even more of a thorn in the side can be the cousin’s neighbor who “was licensed back in 1984”. As we all know Real Estate never changes.
This scene has played out recently for me. The actual damage is still unknown because the negotiation has stalled. I tried to educate my Seller that each market area is different and one market can be diametrically opposite from another regardless of the distance between them. When this approach failed to regain my Seller’s trust I went to the source of the problem, the friend’s neighbor’s cousin. I would like to think that competitiveness aside we (Realtors) can empathize with one another on this issue and be helpful. I would be wrong… the friend’s neighbor’s cousin proceeded to tell me that I was failing my Seller and that the counter he suggested is the correct plan. Apparently the San Diego market may be a wee bit different than northern Michigan’s. The ending to this transaction is still unknown…
Moral of the story is “know your market and know enough to stay out of others”.
Posted on February 4, 2015 at 3:00 pm by James Herron