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Should a realtor primarily be advising, recommending or informing? Or all of the above
If the market is starting to tank or go flat should they tell the client this is the best price one will get with current market and house conditions?
No agent can ever predict the future or be absolute certain that another offer isn't coming in with a different amount. But an agent should be able to inform you why the offer is good/ bad based on their experience and knowledge of the market. Advising and recommending are really the same thing.
Should a realtor primarily be advising, recommending or informing? Or all of the above
All of the above. Within the realm of the market of the moment and the specific property.
Quote:
Originally Posted by anononcty
If the market is starting to tank or go flat should they tell the client this is the best price one will get with current market and house conditions?
That is a bit stickier. Perhaps an agent should tell their buyer, "I think we can get a better price from THIS seller," or "I think we have squeezed out all the blood this turnip has to offer."
But, I generally don't make future economic predictions.
In any market, if I think the client is making a mistake, buyer or seller, I share that thought.
They should do all of the above. So for me, when I make recommendations, I present different options, and then the buyer or seller can decide which of the options works best for them.
I'm not sure that I could ever tell a seller, "This is the best price you will get" but I will tell a seller in an uncertain market that holding out for $300 more might be a costly mistake as times are uncertain.
Most of us with any experience of life are accustomed to seeking opinion and advice from those who might have useful experience. Many of us also have the experience of discounting or ignoring some of that advice. Sometimes for good reason. Sometimes just to be contrary.
Agents should advise clients. They owe customers nothing but honesty and disclosure of material defects. Language and responsibility may vary slightly by state.
I've bought homes in the past at far BELOW what the realtor "advised" was the 'lowest price the buyer would accept'. I'm all for using a realtor to buy/sell a home, but, I also realize their agenda and mine are not necessarily the same.
Therefore, I listen to their advice, but, use my own common sense and experience when it comes to making offers and other financial decisions for which I will be responsible.
All 3 of course, but you forgot another important function: advocacy. Identifying elements of a potential transaction that could support the cause of your client. And engaging in effective communication and persuasion of the opposing side so they see your argument and accept all or part of your conclusion.
So if my client’s buyer offer appears low, I will submit the offer with a full market analysis of the comparable sales along with our offer. To show and describe how we arrived at our offer and why. So while our offer may appear unreasonable at first glance, submission of our analysis brings reason and logic to the offer. This also helps remove hostility on the seller side. “I think this buyer is crazy, but I see what they are thinking”, is the first step from a “No” to a “Maybe, let’s talk further”.
Advocacy is a critical role and an important part of what you are paying for when you hire an agent.
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