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Old 11-12-2010, 06:13 AM
 
Location: Hopewell New Jersey
1,398 posts, read 7,703,722 times
Reputation: 1069

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Five weeks after listing a property with, let's say agent Mr. Jones, at his request, we personally meet again where in he describes all the negative feed back he's been getting from other agents who have shown the property. ( six showings and one open house). Mr. Jones then goes into this well prepared "convincing" discussion about how if I want to sell the property I must lower the asking price. I refuse to any such thing at this time and Mr. Jones is politely annoyed with that fact.

I'll add at this point that Mr Jones is a local,very successful/bright multi-year "millionaire club" agent. Also, since listing with Mr.Jones I have come to find out that the owners of two other near by properties (that he quickly sold) where in retrospect , not very happy with the final out come. It seems both previous property owners complain that Mr. Jones aggressively and persistently pressured them into frequently lowering their asking price..this after already starting with an initial listing that was very favorably priced to sell. Obviously I wish they had been more forth right with me about all this before hand.

The "Problem"
A bit more time has passed, a few more showings, and I am getting a lot more "negative feed back" via Mr. Jones and he is talking about pricing again. I have multiple emails from him as well as verbal discussions about all this very specific negative feed back he's been getting...EXCEPT it's all BS.
Note: It's not a matter that I suspect it's BS....I know and can prove that it's nonsense completly made up by him.
It would take a number of pages to explain how I know and can document all this but those technical details aren't important.

The bottom line question I guess is...how to handle this situation.
The issue is Mr Jones is fabricating feedback to support his claim that the property is priced to high, ie IMO he'd like yet another quick sell so he can get his commision (albeit slightly reduced), move on so to speak and help keep his corperate sales metrics up high.



thks
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Old 11-12-2010, 06:27 AM
 
Location: Athens
470 posts, read 1,500,271 times
Reputation: 262
First, if it is as you say that the agent is presenting false information, that is something that should be taken to the broker, if that doesn't work, the board, and if that doesn't work the real estate commission.

Second - if you are getting showings but no offers, especially after a couple of months (5 weeks + bit more time = how long?) your home is most likely over priced either for the condition, the neighborhood, whatever, but most certainly for the market.
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Old 11-12-2010, 06:55 AM
 
Location: Lakewood Ranch, FL
5,663 posts, read 10,736,130 times
Reputation: 6945
You control the selling price, not the agent so, other than being annoyed with his methods, you still remain in complete control. As before, if you can prove it and you want to do something about it, follow keeshonder's advice.
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Old 11-12-2010, 07:34 AM
 
Location: Austin
7,244 posts, read 21,799,366 times
Reputation: 10015
Those neighbors you mentioned can't sell for a price they don't agree with. Maybe they got less than they wanted originally, but that's the market you're living in. Each neighborhood is different. If you're getting showings and no offers, you're overpriced even if the agent is going to make up feedback. It really doesn't matter what he's saying about feedback, as the main feedback you're getting is no buyers are currently interested in your home at your current price so you need to do something about it.
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Old 11-12-2010, 07:51 AM
 
Location: Hopewell New Jersey
1,398 posts, read 7,703,722 times
Reputation: 1069
Default more info

I should have added that the property styling is unique. Think in terms of Frank Loyd Wright. Interesting to "look" at, lots of curious lookers but it takes someone who can be comfortable thinking outside the circle to actually want to live/purchase. I know that and don't expect the normal marketing time. When I bought the property years ago it was on the market for over a year and a quarter. Three different brokers.

So...the time on market etc thus far wasn't the issue
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Old 11-12-2010, 07:58 AM
 
4,399 posts, read 10,666,516 times
Reputation: 2383
Quote:
Originally Posted by JBrown View Post
Five weeks after listing a property with, let's say agent Mr. Jones, at his request, we personally meet again where in he describes all the negative feed back he's been getting from other agents who have shown the property. ( six showings and one open house). Mr. Jones then goes into this well prepared "convincing" discussion about how if I want to sell the property I must lower the asking price. I refuse to any such thing at this time and Mr. Jones is politely annoyed with that fact.

I'll add at this point that Mr Jones is a local,very successful/bright multi-year "millionaire club" agent. Also, since listing with Mr.Jones I have come to find out that the owners of two other near by properties (that he quickly sold) where in retrospect , not very happy with the final out come. It seems both previous property owners complain that Mr. Jones aggressively and persistently pressured them into frequently lowering their asking price..this after already starting with an initial listing that was very favorably priced to sell. Obviously I wish they had been more forth right with me about all this before hand.

The "Problem"
A bit more time has passed, a few more showings, and I am getting a lot more "negative feed back" via Mr. Jones and he is talking about pricing again. I have multiple emails from him as well as verbal discussions about all this very specific negative feed back he's been getting...EXCEPT it's all BS.
Note: It's not a matter that I suspect it's BS....I know and can prove that it's nonsense completly made up by him.
It would take a number of pages to explain how I know and can document all this but those technical details aren't important.

The bottom line question I guess is...how to handle this situation.
The issue is Mr Jones is fabricating feedback to support his claim that the property is priced to high, ie IMO he'd like yet another quick sell so he can get his commision (albeit slightly reduced), move on so to speak and help keep his corperate sales metrics up high.



thks
How long left do you have on your contract? I would try and drop the agent, if you can get out of your contract.
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Old 11-12-2010, 08:01 AM
 
Location: NJ
17,573 posts, read 46,126,539 times
Reputation: 16273
So now you have two "ethical" issues with your agent? Do everything you can at this point to get out of the listing.
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Old 11-12-2010, 10:04 AM
 
4,399 posts, read 10,666,516 times
Reputation: 2383
Quote:
Originally Posted by FalconheadWest View Post
Those neighbors you mentioned can't sell for a price they don't agree with. Maybe they got less than they wanted originally, but that's the market you're living in. Each neighborhood is different. If you're getting showings and no offers, you're overpriced even if the agent is going to make up feedback. It really doesn't matter what he's saying about feedback, as the main feedback you're getting is no buyers are currently interested in your home at your current price so you need to do something about it.
The question is whether the agent is ethical? Whether the house is overpriced or not is not pertinent to the thread. Some people do not wish to work with unethical people.
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Old 11-12-2010, 10:08 AM
 
Location: NJ
17,573 posts, read 46,126,539 times
Reputation: 16273
Quote:
Originally Posted by jdm2008 View Post
The question is whether the agent is ethical? Whether the house is overpriced or not is not pertinent to the thread. Some people do not wish to work with unethical people.
Since the OP specifically had this in his post I think it is certainly pertinent to the thread.
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Old 11-12-2010, 10:15 AM
 
Location: Union County
6,151 posts, read 10,022,564 times
Reputation: 5831
Arguing "ethics" in an industry riddled with fraud is dripping with irony...

A niche property, that is expected to sit while it finds its niche buyer, isn't something that we can reliably debate in this forum. So I guess we can bash the agent for concentrating on price reductions... But, honestly, what agent is NOT going to concentrate on price reductions as the primary mover in today's market?
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