In my past life, I was fortunate I was in an industry that was competitive but not cut throat. A typical meeting would be a walk-through of the proposed property, discuss the client’s needs and wants, fees and possible timing of the project. The initial project would be the design, all design costs would be included in the cost of the project and we owned those plans. Our design fee was sold at our cost (roughly $500) but that was not our objective, It was to sell a landscape dream. I did not want to sell the plan My goal was the dream. Why my company did well was that we made dreams come through without the use deceit.
In the real estate industry it’s all about getting the listing, and the home for sale to market. If you did not know marketing a home brings buyers (leads leads leads watch the video) and their inquiries to the listing REALTOR®. Even if the buyer is under contract with another REALTOR® the buyer will still call and email and ask questions worried that they do not want to disturb their own buyer agent. Yes even after extensive coaching and conversations. In a number of cases buyers go directly to the listing agent under the belief they will receive preferential treatment, possibly a better deal? due to a lower commission that will be paid at the time of the sale.
Let’s set the issue straight, a lower commission is set with the seller and is not for the benefit of the buyer. The selling agent has an obligation to get the highest price possible for the property and their “client”. If the buyer is not under contract or is under a buyer representation contract but as a “customer”, the selling agent is obligated to tell his/her seller “Client” all of the motivation, the highest price the buyer is willing to go, the possible reason that you need this home, i.e. the school district, that you are downsizing or divorcing whatever you disclose. If you are not under a contract beware!
Some listing agents go to such an extent during the listing appointment saying everything you want to hear even if it’s an untruth. They will say they can sell it at any price that’s close to market price, as they figure they can get a price reduction down the road. Remember buyers are fickle if you don’t list within the appropriate perceived market range your home will sit and sit and get tired on the market, I know I have taken over priced homes and watched them get sold by the next guy at lower price. Some REALTORS® say they have a buyer. Well we all have buyers Mr. and Mrs Seller! that’s why we sell real estate and I go back to my point. The marketing of a home brings in buyer inquiries folks!
The majority of the deals I completed last year, I represented one party to the transaction due to a number of tactical measures I market. First I utilize the Data Distribution Feed which allows all my property listed on the MLS realtor.ca to be shared on all authorized websites across Canada. The data is correct, as when I update it is updated to all other sites automatically (within 24 hours).
Want a good piece of advice, get yourself buyer agent that will look after your needs and get a contract so you are protected from the deceptive listing agent. There are no deals in a double end for a buyer!