I was chatting with another agent today who showed one of my listings. His buyers are moving here from another state - are PRE-APPROVED (yeah!) and NEED to buy.
In other words, his buyers are a rarity in today’s market.
He said based on the listing agents calling him for showing feedback - like myself - who want so badly to have these precious buyers select THEIR seller’s homes, he’s wondering if he could auction off his buyers. Naturally, he was joking but it’s an interesting concept.
Instead of holding an auction on a home where buyers make the bids, wonder what would happen if several sellers would get together to bid on the buyer???
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6 responses so far ↓
Carole Cohen // November 9, 2007 at 1:10 am
Hmmmmm this is making my head spin. Wonder what the ask prices would be??? LOL
elainereese // November 9, 2007 at 9:18 am
I raised this issue with another agent yesterday and how it might be executed.
We decided the the buyers could narrow their selection to 3-5 homes that they might want to buy. Then the buyer’s agent would notify the listing agents of the concept and ask the SELLER to write up a Purchase Contract (lowest & best offer) to be presented to the buyer.
Might even want to let the Sellers know who their competition is, so they can plan their offer.
The buyer could then pick the best offer.
Wonder if it would work?
Carole Cohen // November 11, 2007 at 5:36 pm
It’s fascinating Elaine and with the right buyer might work. I’m going to have to mull it over.
elainereese // November 11, 2007 at 8:58 pm
The right buyer AND 2-3 homes that would ALL be acceptable to the buyer. It would certainly put a lot of power with the buyer.
Brian // November 11, 2007 at 9:55 pm
I think that the reality is, coordinating 3-5 sellers and their agents would only slow the process if not be impossible.
As a buyer, I would say put up your best deal, make the house easy to see, and listing agents should know that in this buyers’ market the deciding factor is agent knowledge and customer service…
First to the chalk board wins.
I have been amazed as I visit open houses how many agents are simply clueless about their own listings’ features. I visited one home today that had one of those AMAZING back yard play sets… one of the BIG ones. I know how much those go for as I take my kids to the showroom in Powell to play.
When I asked if the set conveyed, she said she doubted it because “… that is worth like $800-$1,000”
Well, close. That particular set is closer to $5,000.
When I asked about the very nice refrigerator, she said it was negotiable, because gee, it was a nice, $2,000 fridge. No, more like $3,500 at least.
The point is, she was clueless about two of the greatest selling points about the house. This knowledge is not held in top-secret government files. The info is found on the web (or “the internets” as she called it) and would make that home stand out.
Also, had she stopped talking for more than 3 minutes, stopped asking personal questions, and had been more than 2 feet away from me for one second, I might have found more features I could have asked her about, giving her the opportunity to brag about the home.
Pre-qualified and serious buyers may be in short supply compared to the saturated market of homes, but also in short supply are agents who spend the time to learn about their listings it seems. The previous example is pretty common of the agent we meet in open houses… This is why I prefer to visit homes with MY agent. She tends to know about what each builder is known for, features, etc.
Oh, and one last tip… the second question asked at an open house (right after “When are planning to buy”) should not be “Are you working with an agent?” I think it is ok to wait at least 5 minutes for that one.
Of course this is based on open houses, which seems to be a lost art. For agents that read this, please hold open houses. I know they are a block of time that statistics show do not result in a sale, but even if for an hour, they are a great way for buyers to pop in and see if it worth seeing it again. You may be working with buyers who see an open house they do not like, which will save you the time of opening it for them later. And who knows, maybe you will get a new client out of it. Isn’t that worth a couple of hours on the weekend?
Of course, this just my two cents… and I expect change
elainereese // November 11, 2007 at 10:16 pm
Brian, thanks for commenting. I wanted your buyer perspective on this topic. I’ll give you your change tomorrow!
Thanks also for the perspective on open houses.
If the listing agent is holding the home open, then ALL details of the home should be known.
However, often new agents (or agents wanting to get buyer clients) will hold open houses on other agent’s listings so if they don’t do their homework, they won’t have all the answers. Sounds like you ran into one of these agents … hence the reason they wanted to find out if you were an “available” client or if you had an agent already.
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