Last week we mentioned it was a shifting market, so we want to share a recent interaction to show how this impacts both buyers and sellers:
We had presented a reasonable, strong cash offer on a high-end luxury property. It became clear to us during the negotiation that the other agent's level of experience and competence in navigating this market was limited and a hindrance to the process... and to their client.
An agent’s job is to be an advisor, expert, and facilitator for their client. To be successful, our job requires that we have honest, direct, and sometimes difficult conversations with clients regarding the market and values.
We could sense this agent didn’t have a grasp on the shifting market to properly inform their seller. It was also clear they were “scared” of their client and didn’t want to deliver news, information, or data that would educate their client on the reality.
If an agent doesn’t have the experience, confidence, knowledge, and ability to do their job and have uncomfortable conversations, they are wasting their time, the client’s time, and usually costing a LOT of money in the meantime.
This can play out two ways: either a sale doesn’t come together that otherwise should have, or the more experienced agent will barrel over the less experienced one to the detriment of their client. We mention this because we truly believe that the right agent, with the proper knowledge, experience, and relationships, adds huge value to a sale.
In the end, I suggested this agent call the other top agents in this area and price range and ask them how the market was and what activity they were seeing. This provides more perspective and context for them to share with their client, rather than making it a “Me vs. You” negotiation. We also use a lot of market data, facts, statistics, and personal knowledge to back up our position. The reality that they didn’t have any other offers or buyers simply reinforces our point.
We try to convey that: “You have a great home. My clients love it. They want to buy it. You want to sell it. But the price and terms need to make sense. Buyers will see more listings coming faster than sellers will see buyers. The market is shifting.
