image creditI have a fantastic listing right now. The condition is pristine. It has been well maintained the entire time they have owned it. (They didn’t suddenly rush to complete a bunch of work just before it went on market!) It’s a dream listing. Staged, clean, beautiful. After carefully reviewing comparable solds we priced the home appropriately.
So, I hosted a broker/Realtor open the first Tuesday after we listed the house. I served lunch, and we had a nice turnout. All was going well, and an agent looks at me in front of a bunch of other people and says, “So, how do you think the house is priced?”
(Insert screeching brakes sound effect here…)
Wait, What Did You Just Ask Me?
I am representing the sellers here, they are my *clients*. Am I really going to say anything other than, “Just as it should be priced”? I’ve actually heard agents answer that question with, “well, I wish we’d priced lower.” (Yes, you just breached your duties to your client.) I looked at the agent, a colleague, and said, “Are you serious? What kind of question is that? You know that I’m representing the sellers and I helped them price the house.”
Now, if he was asking before he was writing an offer with clients, I could appreciate ‘fishing’ for a feel for pricing. (I’d answer the question the same way, but still.) But this agent was looking for ‘shop talk.’ I’ve sat in for sales meetings where agents have announced new listings, describing them with the square footage, bedrooms, bathrooms, community info, etc, and then a disclaimer of how it’s priced a little high, but ‘gosh you need to come see it.’ Gee, if your sellers were listening in on that, how do you think they’d respond to you instantly weakening their future negotiating position with a potential buyer’s agent in that room?
Bumped into an agent who asked about this same listing, wanting to know if it was still available. He’s seen the home, knows the market. I told him we had just reduced the price. “Well, that’s still out of my client’s price range. I’ll wait a couple weeks to show it to him until you reduce the price again.” I guess the idea of showing the client some homes that are actually in his price range would make entirely too much sense…
And the original agent, who questioned the pricing..when he heard that we’d lowered the price, insisted that you have to lower a price by at least 10 percent for it to matter. I guess the comparables and current market conditions aren’t important… Strangely enough, I’ve yet to have a listing that at least one other agent didn’t vocalize that they thought it was overpriced.
Don’t Even Go There With Me
Let me just say this…I’m here in this business to help my clients buy and sell houses. I’m not going to the office to drink coffee and complain about my clients. I’m NEVER going to complain about my clients, especially not in front of another agent who could potentially be on the other side of the negotiating table for a transaction that includes them. If I don’t agree with the way we have a listing priced, I’m sure as hell not going to tell you that. I’m not going to agree with you if you start to explain why you think it should be lower priced…why would I want to have that conversation?
Honestly, if I wouldn’t be comfortable with my sellers (or buyers) overhearing every conversation I have with another agent or potential buyer about that listing, then I’m saying something that I shouldn’t say and am not representing them to the best of my ability.
