TOO MUCH TALK CAN COST THOUSANDS!
I had an interesting experience today...I attended a media training class in preparation for becoming the Sacramento Association of Realtors 2014 President. My story isn't about me, but about what I learned.
The main thrust of the class was tell enough, but not too much. Be articulate without sounding rehearsed. Know your facts and tell your story...not necessarily the reporters story.
...and now comes my story.
I showed my clients 7 houses on Saturday. We whittled it down to 2. When I called on their first choice, I learned that the agent was literally on her way to present another good offer. My clients were set to write a competitive offer and then, upon reflection, decided that their second choice really was a better house for them.
I called the agent to find out if there were any offers on the table. Yes...there were 2 offers that had been countered but did not require a response until the following Monday. My clients decided to attend the Sunday open the agent was holding to confirm what they liked about the house.
Now..here is what we learned in our conversations:
When I called the first time, the listing agent asked if we would be offering over $500,000 and I said yes. In that case, he said, go ahead and write the offer. The house was listed for $535,000. Now I knew that instead of writing the higher offer I thought we would have to write to be competitive with two other offers, I could write a lower offer.
When my clients attended the open house the following day, he shared his concerns of having a contingent offer from one of the other agents. Now I knew why he did not like at least one of the offers.
Of course, we wrote a lower offer than we had originally planned. I called to let him know it was coming and he asked if I would tell him what our offer was. I gladly told him and his response was, with 2 minor changes, consider the offer accepted. Now I know that he speaks for his clients without consulting them, so future negotiations will be approached with this in mind.
This agent just cost his clients at least $10,000...just by talking too much. I feel badly for his sellers, but am thrilled for my buyers.
How does this tie into my class? It's okay to have a conversation, but remember who you are representing and what information you may be sharing that can be used.
The main thrust of the class was tell enough, but not too much. Be articulate without sounding rehearsed. Know your facts and tell your story...not necessarily the reporters story.
...and now comes my story.
I showed my clients 7 houses on Saturday. We whittled it down to 2. When I called on their first choice, I learned that the agent was literally on her way to present another good offer. My clients were set to write a competitive offer and then, upon reflection, decided that their second choice really was a better house for them.
I called the agent to find out if there were any offers on the table. Yes...there were 2 offers that had been countered but did not require a response until the following Monday. My clients decided to attend the Sunday open the agent was holding to confirm what they liked about the house.
Now..here is what we learned in our conversations:
When I called the first time, the listing agent asked if we would be offering over $500,000 and I said yes. In that case, he said, go ahead and write the offer. The house was listed for $535,000. Now I knew that instead of writing the higher offer I thought we would have to write to be competitive with two other offers, I could write a lower offer.
When my clients attended the open house the following day, he shared his concerns of having a contingent offer from one of the other agents. Now I knew why he did not like at least one of the offers.
Of course, we wrote a lower offer than we had originally planned. I called to let him know it was coming and he asked if I would tell him what our offer was. I gladly told him and his response was, with 2 minor changes, consider the offer accepted. Now I know that he speaks for his clients without consulting them, so future negotiations will be approached with this in mind.
This agent just cost his clients at least $10,000...just by talking too much. I feel badly for his sellers, but am thrilled for my buyers.
How does this tie into my class? It's okay to have a conversation, but remember who you are representing and what information you may be sharing that can be used.
Labels: Confidentiality, Ethics
posted by Paula Swayne at
10:26 PM
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