How Crappy Listing Agents are Costing Homeowners Millions

Selling your home is a big decision, and it's important to be a listing agent who will help their seller get the best possible price for their home.

Unfortunately, there are a lot of crappy listing agents out there who are more interested in making a quick buck than in helping their clients. These agents can cost homeowners millions of dollars in lost equity. 

As I meet listing and buyer agents all the time, I came across this interesting story recently. Susan is a successful buyer's agent. She's known for her expertise in the local market, her strong negotiating skills, and her commitment to her clients. One day, she met a new listing agent named Jerry. Jerry is inexperienced and unprofessional. He's also arrogant and dismissive.

As Susan and Jerry worked on a deal for a beautiful home in a desirable neighborhood, things got more and more complicated. Susan's clients were pre-approved for a mortgage and were eager to buy the home. However, Jerry made the deal difficult at every turn.

First, Jerry refused to schedule showings for Susan's clients during reasonable times. He also refused to provide her with basic information about the home, which cost her time. 

When Susan asked Jerry questions about the home, he would give her vague or misleading answers. He also tried to pressure her clients into making an offer before they’d a chance to have the home inspected.

Susan was frustrated by Jerry's behavior, but she was determined to help her clients buy the home. She scheduled showings for her clients during her own time and researched the home on her own. She also advised her clients to be patient and not to let Jerry pressure them into making an offer.

Eventually, Susan's clients decided to make an offer on the home. Jerry refused to negotiate on the price, even though the home was overpriced. He also demanded that Susan's clients waive their right to have the home inspected.

Of course, Susan was shocked by Jerry's demands, however, at this point, having dealt with his unprofessionalism at every turn, she told him that her clients were unwilling to waive their right to have the home inspected. She also advised Jerry to lower the price of the home, if he wanted to sell it quickly.

Not surprisingly, Jerry refused to budge. He told Susan that he was not interested in selling the home to her clients. He also made a number of derogatory comments about Susan and her clients.

Susan reported Jerry to her local Real Estate Board. She withdraw the offer from the home and advised her clients to find a different home to buy.

How this hurt the deal:

• Jerry's unprofessional behavior and unreasonable demands made it difficult for Susan to do her job as a buyer's agent.
• Jerry's refusal to negotiate on the price or to allow Susan's clients to have the home inspected made it impossible for the deal to go through.
• Jerry's derogatory comments about Susan and her clients alienated Susan and her clients and made them unwilling to work with him, as well as forcing Susan to report his behaviour. 

As a result of Jerry's unprofessional behavior, the deal fell through. Jerry lost a commission, and Susan's clients were disappointed. It's important for real estate agents to be professional and respectful, even when they're dealing with difficult clients or situations. Otherwise, deals can fall through, and everyone involved loses out

Not only did Jerry cause the deal to fall through which was frustrating for Susan and her clients, but he also ruined a possible great deal for his sellers. Jerry did not have the best interests of his sellers in mind, and it came at a cost to them. Here are a few other ways that crappy listing agents can cost homeowners money:

• They undervalue your home. This is one of the most common ways that crappy listing agents cost homeowners money. When an agent undervalues your home, you'll end up selling it for less than it's worth. This can cost you tens of thousands of dollars, or even more.
• They don't market your home effectively. Another common mistake that crappy listing agents make is not marketing their clients' homes effectively. This can include not taking good photos of the home, not writing a compelling listing description, and not holding enough open houses.
• They don't negotiate well. When it comes time to negotiate with buyers, crappy listing agents often don't get the best possible price for their clients. This can be because they don't know how to negotiate effectively, or because they're simply not willing to put in the effort.
• They rush the closing process. Crappy listing agents often want to close on a deal as quickly as possible, even if it means sacrificing their client's best interests. This can lead to problems such as not getting the home inspected properly or not having enough time to review the closing documents.

If you're a listing agent, there are a few things you can do to avoid being one of those crappy agents:

1. Be honest and transparent with your sellers. This means telling them the truth about the value of their home, the current market conditions, and what they can expect from the selling process. Don't overpromise and underdeliver.
2. Develop a marketing plan that is tailored to your seller's home and target market. This includes taking professional photos, writing a compelling listing description, and promoting the home on social media and other online platforms.
3. Be responsive to your sellers' needs and questions. Return their calls and emails promptly, and keep them updated on the status of their listing.
4. Negotiate on behalf of your sellers to get them the best possible price for their home. Don't be afraid to stand up to buyers and their agents.
5. Be honest and upfront about your fees. Explain your commission rate to your sellers clearly and in writing.

Here are some additional tips to avoid being a crappy listing agent:

• Don't pressure your sellers to accept the first offer they receive. Give them time to consider all of their options and make the best decision for their needs.
• Don't rush the closing process. Make sure your sellers have enough time to review all of the closing documents and ask any questions they have.
• Be a good communicator. Keep your sellers informed of every step of the selling process, and be available to answer their questions and concerns.
• Be professional at all times. This means dressing appropriately, being on time for appointments, and conducting yourself in a respectful manner.

By following these tips, you can avoid being a crappy listing agent and build a successful career helping sellers sell their homes for top dollar.