Honesty Doesn't Pay
In real estate, I work on commission only. I have lost more business than I can put a number to because I am painfully honest with customers. For example, I introduced a buyer to a home I have listed and explained they could write a contract through me, but I would be a "facilitator" rather than representing them or the seller. They seemed okay with this until it came down to writing the contract ... then they decided they wanted an agent to represent them. Fine again... I did my job and had explained "agency" to them.
Unfortunately, they wrote a contract TENS OF THOUSANDS (you read that correctly... not thousands, but TENS of THOUSANDS) less than the asking price, then threw all kinds of additional crap on top. The contract, to be frank, was insulting to the sellers. I did talk them out of outright rejecting the offer, but the counter they wrote was a slap back (full price).
So now no one is happy. The sellers don't have a buyer. The buyers aren't buying. Had they agreed to allow me to facilitate, I could have told them that their offer would insult the sellers and would have encouraged them to name a more realistic price. At least something where they would have received a realistic counter offer. I would have asked them to put themselves in the sellers shoes and imagine how they'd feel if they got an offer like that.
I find it appalling that there are agents out there who conduct themselves as if they are a shark on a feeding frenzy. When you represent a buyer, it doesn't mean you have to rip off someone on a buyer's behalf. Buyers are delusional if they believe they can buy a home at a cut-rate price. People, there are no "steals" out there.
Sometimes honesty doesn't pay. But by being honest, I am upholding the real estate laws of the state of Tennessee.
Unfortunately, they wrote a contract TENS OF THOUSANDS (you read that correctly... not thousands, but TENS of THOUSANDS) less than the asking price, then threw all kinds of additional crap on top. The contract, to be frank, was insulting to the sellers. I did talk them out of outright rejecting the offer, but the counter they wrote was a slap back (full price).
So now no one is happy. The sellers don't have a buyer. The buyers aren't buying. Had they agreed to allow me to facilitate, I could have told them that their offer would insult the sellers and would have encouraged them to name a more realistic price. At least something where they would have received a realistic counter offer. I would have asked them to put themselves in the sellers shoes and imagine how they'd feel if they got an offer like that.
I find it appalling that there are agents out there who conduct themselves as if they are a shark on a feeding frenzy. When you represent a buyer, it doesn't mean you have to rip off someone on a buyer's behalf. Buyers are delusional if they believe they can buy a home at a cut-rate price. People, there are no "steals" out there.
Sometimes honesty doesn't pay. But by being honest, I am upholding the real estate laws of the state of Tennessee.
posted by Kathy T. at 3:29 PM
2 Comments:
Good for you! Keep that integrity! Your name will probably always stick out to those folks.
You will find that you will build a reputation as being honest and reputable as well and that over the long haul will get more customers as a result.
Have patience and good luck.
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