{Back in the day, I wrote a post called Dear Mr. & Mrs. Unrealistic Seller. It was my first feature, and still sits as my busiest post with over 1500 views and around a 100 comments. Ever since October, I've wanted to write the balancing post...}
I just wanted to drop you a quick note to let you know how excited I am about our upcoming home search, and recap the exciting events so far. This is great fun, and I'm sure will be worth every minute.
Let's talk about the introduction.
I'm so glad that you found me through that lead aggregation website. Sending me the emails with replay addresses to MickyMouse@DisneyWorld.com was hilarious. I never get enough of that. Nevermind the bounced emails, and the bad phone number... I laughed so hard when that lady threatened to sue me for calling.
Of course, the real gem was the initial search.
It isn't like there are a plethora of homes in Gwinnett, Forsyth, DeKalb and North Fulton that are priced from $100,000 to $725,000... with 3 or more bedrooms. Of course, I couldn't actually run the search, since I didn't have anywhere to send the results. Honestly, I was shocked when you called from the blocked number to ask why you didn't get the results. Please forgive that my ESP was down, and I couldn't guess the email address you wanted me to use... or how you wanted to get the listings down to less than 40,000.
And those early showings.
After we spent a while exchanging emails and a few phone calls, it was great to get down to only a few hundred listings... that you wanted to see... without prior notice. That is what makes this job exciting. Having NO idea when I should jump for a buyer that doesn't even want me to know his name. I understand how upset you got when I didn't want to meet you at a property instead of my office for the first meeting. There isn't a good reason for me to know anything about you other than you and your wife's first names. It was a pleasure to make that first acquaintance, Marge and Homer... and your lovely kids Bart and Lisa. After I started to feel like I wasn't going to die at a showing, it was great fun. The expensive lunches you wanted to order and leave me with the bill for were great, too.
And who could forget our conversation about the Buyer Brokerage Agreement?
I don't know why any agent tries to get one. You should be free to look at hundreds of properties with one agent, and have them do all of the work and then get cousin Earl to come up from Savannah to write an offer.
And who could forget the first seventeen offers?
Those crazy sellers... How could they possibly turn down your offers for 50% of list? I mean, you did offer to pay all closing costs, after the first $10,000. And that sale contingency for your current home shouldn't be an issue... even if you don't have it on the market, and won't tell anyone where it is. I also don't see an issue with the 45 day inspection period... or the additional language allowing non-licensed or trained inspectors. I'm sure that Aunt Alice knows more about electricity than some silly person that is professionally trained and certified.
Completely changing the criteria was a ball.
Just when I thought I had it dialed in... well, life is a series of changes, right?
And the rebate...
It doesn't matter that we have looked at hundreds of houses over the years. Who cares about the $3,274.13 in lunches and dinners I've purchased while we were out looking... I'm not keeping track. I should be so glad to help you that rebating all but $238 of the selling commission will be fine. I like to work for $.38/hour. I'll make up any loss in volume.
You know me by now. This does not represent an actual client, but rather a compilation of contacts from a lead generation service. I did not spend much time looking for real properties with these people. I actually did have a couple that wanted me to schedule lunch at a specific restaurant... that runs about $40/head for lunch... and didn't think I should even mention a Buyer's Brokerage Agreement. I had a few people that wanted to offer crazy amounts. One threatened to sue me for not being willing to write the offer. He was shocked to learn that buyer's agents don't have to write all offers... but that it was only seller's agents that had to present them. He didn't want to sign a BBA, either. And at one point he slipped and mentioned that he was working with 9 or 10 different agents. When I fired him, he angrily told me that one agent rebated 80% of the commissions, so all of the real offers went through him (the rest of us were just idiots to be used).
So, this one is all blown out of proportion, too. But, if you find an agent that will work under these conditions, assume that they:
- are a heck of a negotiator
- have been there, done that
- saved the client money and time
- have an amazing level of experience
- are well respected by the other agents they interact with.
Professional agents have higher standards. We want to work with buyers that are ready to buy, and are able to buy. I don't mind sending listings for months while you get a feel for the market. But, that doesn't mean we should go out looking at property for a year, when you aren't planning on actually doing anything with the info.
We know the market, and know the value of a property. We have an idea what a reasonable price should be. It may or may not be accepted, but we know that most 50% offers aren't serious.
So, if you are a serious buyer, let's talk. I can find you the home you want, while the unprofessional agent is busy dealing with people that are playing games.
Unless otherwise noted, all content of this blog is the property of Lane Bailey, ©2012 Lane Bailey.
I'd love to hear from you...
Hey Lane .... Great post and extremely funny. People cease to amaze me.
Sean Allen
I feel your pain! I have worked with those buyers! Lots of them! Now I can figure it out pretty quickly and fire them before I have invested too much time, energy and money. It took a
couplefew years in the industry and being burned several times before I realized that just any lead/buyer is not necessarily a serious buyer. (if that made sense!)Great post!
Life is GOOD!
Michelle
I talked with an agent a couple years ago at a convention. He told me that he has a "client" that wants to go out once/month to view houses and dinner afterwords. This has been going on for years at that point.
It has become a monthly routine for him based on the agents schedule. Basically the guy wants company and a free lunch. Amazingly the guy has money, has no intentions of selling or buying, just a cheap old guy who is lonely. He's actually made quite a bit of money on referrals from the "Client". He figures the amount of time and money spent is worth the effort to drive him around and take him out once in a while. I would do the same.
Point being. I will entertain some "cooks" (I do so). I will shuttle you around. I will buy you lunch, I will buy you a beer, if its worth my time and lost productivity. I've dealt with buyers for over a year. They stick with me though, and refer out their SOI to me. Its worth my time and effort to play with them. If I had no benifit from playing, I won't play. The next big deal comes from the most unlikely source.
Unprofessional? I don't think so. My unrealistict client has introduced me to a whole different SOI. He beams when he intoduces me as "His: Realtor. I get referals from that. He runs around town talking about me and passws out my cards, my materials, he is my walking billboard. I may buy him a Shirt with my logo on it.
So if you want a free lunch, call me. If you can help me out, I will continue buying you free lunches.
This is interesting to me. Whenever I take my buyers out for lunch or coffee, they always insist on paying...I would treat, but my clients know I am working hard for them. Maybe, I just look homeless or something.
Me, I wouldn't take someone out once a month even if it was a good source of referrals. I think it all depends on what you have going on it your real life, and how much that business is worth to you.
BUT, but, Dateline said that I could offer 50% less! Why won't they sell me the house for half price?
Sean - Glad you enjoyed it. I was thinking it might ahve been a little over the top...
Lindsey - To an extent.
Michelle - I also avoid the draining buyers. Little pain here.
Chad - I'm glad it works for you, and the person you met. I have some people that I am perfectly willing to shuttle around, and buy lunch... I enjoy the time. But, I'm not buying a $40 lunch for anyone that is just looking for free food, and sees me in much the same way as a time share marketing weekend... I don't have thumbscrews, and don't apply that kind of pressure. I consult.
Melina - I have a few people that I have the same situation with. One of my investors even insists of driving (or having his assistant drive).
Terry - I was trying to refer him back.
Joe - I am willing to write the ugly lowballs to those in the media selling their homes...
Gary - This isn't the most viewed post, it was the one I linked. And that was just for me. It is a below average post for some folks here.
Melissa - I don't think it was as good as the other one.
Sandra - See above.
Interesting.
I buy my agent lunch every time, I never let him pick up the check. Since we don't know when we will find 'the house', I'm not willing to let him go into the red on lunch until I buy. He can buy me lunch after we close.
I also do all my own searching and drive by every property twice before I ask for a showing. I try to group them together so that they are only a few minutes apart.
Other than that, I am a total jerk.
Well, I ain't all sunshine and roses, I'll tell ya.
I live in the upper midwest, and I look at about one house per month on average. I'm really mostly in wait-and-see mode, but every month or so I ask my agent to show me a house, if there is one that seems very attractive. I try to make minimal demands on their schedule, since they need to be working with buyers who are more active. I've probably looked at 4 houses in the last 6 months. In my market we're getting closer to realistic prices, so now I am waiting for just the right place, not really waiting for the bottom. I fully expect to be down at least 10% from my purchase price within a year or so, but I'm not planning on moving for 10+ years, so I don't care.
I'm not ruling out a 20% further decline here either. But because of that possibility, I am likely to have little room to maneuver if I do want to sell in 3-5 years, my caution is in finding as desirable a house as I can. I don't mind being locked in, but I want it to have been a good choice.
WC
buyer: " I want the house for 50% off like a foreclosure, I want the seller to pay all closing costs, I want an inspection with everything fixed and I want a home warranty...oh and give me your car while you are at it.
If a buyer wants a house at a foreclosure price, tell them to buy a foreclosure. That is "AS IS" and no warranties.
dont expect some poor homeowner to sell you their house like they are a bank at a giveaway sale.