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If the Seller believes the listing price is fair and buyers believe it's fair, then it is fair.
What changes if the buyers believe it price less than fair market value?
We are not all the same, even though we have a state-issued license. One agent does not represent us all in skill or ability, philosophy or motivation.
I understand and didn't think you were pestering at all. Your point about "client" or "customer" is interesting. I would say at this point in time, I feel like a customer. This agent may not be the right fit for me as well.
Any tips on how to vet an agent? Referrals from other people, search engine site's, etc....?
I wouldn't make so much of the whole 'client' vs. 'customer' thing. The role of the buyer's agent is to work cooperatively with the seller's agent to get the deal done. That's why the sellers agent agrees to split his commission with the buyer's agent. It's because the buyer's agent will help get the deal done, working cooperatively.
to officially reference this point. Reference is necessary because agents in the past have tried to deny that this is the model. Department of Justice settlement page on the NAR site is about as official as it gets so denials do not hold water.
Outside of the US, the buyer's agent model is, for the most part, unheard of. It's just understood that the agent is working for the seller and that's clear to everyone. No confused cooperation between seller's agent and buyers agent while at the same time trying to say you're working in the best interest of the buyer. And often this uniquely American model more than doubles the overall commission cost of the transaction and creates multiples of extraneous real estate agents. A very cost inefficient system ripe for complete overhaul.
If the Seller believes the listing price is fair and buyers believe it's fair, then it is fair.
What changes if the buyers believe it price less than fair market value?
We are not all the same, even though we have a state-issued license. One agent does not represent us all in skill or ability, philosophy or motivation.
"But behavior in the human being is sometimes a defense, a way of concealing motives and thoughts, as language can be a way of hiding your thoughts and preventing communication" Abraham Maslow
The agent that showed me the property that started this post, showed me 1 other one Wednesday. He brought up the other property as said "We got 12 offer's on that unit."
I looked at him and retorted, "it was priced too low, last comp sold for $128K in Jan, etc.." I am still wondering if they realized that they said "We got" as opposed to "It got"? I sure as **** caught that Freudian slip. I have not spoken with them again and am probably going to cut them loose.
It would be great if more homeowner's were selling FSBO, especially in this day of information availability on the internet. A little research goes a long way, and you learn with each transaction.
In real estate you need 6 things:
1) A buyer
2) A seller
3) An experienced real estate attorney (there are plenty)
4) An LO if you are not paying cash
5) An inspector, if you so choose(there are plenty)
6) Comps and to know your market area
It isn't rocket science.
You and Just_Because have nailed it. Now go spread it to others so the system can be fixed!
I wouldn't make so much of the whole 'client' vs. 'customer' thing. The role of the buyer's agent is to work cooperatively with the seller's agent to get the deal done. That's why the sellers agent agrees to split his commission with the buyer's agent. It's because the buyer's agent will help get the deal done, working cooperatively.
to officially reference this point. Reference is necessary because agents in the past have tried to deny that this is the model. Department of Justice settlement page on the NAR site is about as official as it gets so denials do not hold water.
Outside of the US, the buyer's agent model is, for the most part, unheard of. It's just understood that the agent is working for the seller and that's clear to everyone. No confused cooperation between seller's agent and buyers agent while at the same time trying to say you're working in the best interest of the buyer. And often this uniquely American model more than doubles the overall commission cost of the transaction and creates multiples of extraneous real estate agents. A very cost inefficient system ripe for complete overhaul.
he can provide that link monthly or quarterly as often as he wants, but it doesn't change the meaning of broker cooperation no matter how many times he tries. And regardless of how many times the difference is shown and explained, he cannot claim we deny some false truth he's uncovered to the benefit of mankind.
he can provide that link monthly or quarterly as often as he wants, but it doesn't change the meaning of broker cooperation no matter how many times he tries. And regardless of how many times the difference is shown and explained, he cannot claim we deny some false truth he's uncovered to the benefit of mankind.
The meaning of 'cooperation' is very clear in that official Department of Justice - National Association of Realtors page. It means 'help sell' as in the buyer's agent is there to 'help sell' the seller's agent's house. I don't know what you're talking about with something that's been explained to me. It's crystal clear and does not require explanation or spin from you. And why would a sellers agent agree to split his/her commission (often half or more) to a buyer's agent if he/she wasn't helping her/him sell the house?
Directly from the NAR included in the official DoJ Settlement information:
<<<"They agreed to compensate other brokers who helped sell those properties, and the first MLS was born, based on a fundamental principal that's unique to organized real estate: Help me sell my inventory and I'll help you sell yours.">>>
I don't know what your own, personal alternative definition of cooperation is but it's not relevant here as the NAR is clear as to what it means in this context.
You can argue that the official NAR / DoJ information is wrong but that's a difficult road to take. Anyway, consumers can read it for themselves so no need to argue. it's very clear and I think that consumers should be very concerned if any agent is denying this information, providing their own explanation of how the model works that conflicts with this official version, or otherwise tries to muddy the waters regarding the fact that a core part of the model is that buyer's agents are helping sellers agents to sell their house.
Any agent who deviates from this or provides misinformation on this point would be guilty of misrepresentation and potentially fraud.
No one likes these 'highest and best' bidding situations where you can't even really see what your competition is.
Hard for us to advise, really.... we're not there, we haven't seen the condo or the comps, and you don't say how much you've already bid up, but I would search long and hard within yourself and decide what your 'highest and best' is, and if you've already made that offer, and won't feel bad if you lose it for a dollar more, then let it go, see what happens.
Yet, if people are not given one more chance, about as many grumble about that as would grumble about being asked to "bid against themselves."
True. We all have to suffer the reality of not being omniscient.
Trust me, that's as frustrating for me, as it is for the client!
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I sure as **** caught that Freudian slip. I have not spoken with them again and am probably going to cut them loose.
