re: What I'd do different next time: A real estate agent/transaction story/rant

Jim,

Thanks for sharing in detail what you went through. It's the way we can all learn from others mistakes. I have not found a realtor significantly helpful in the three moves I made so far in my life.

It's why I like this board. It's not the OT where we try and bash each other.

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your realtor just wants to move the house and it is costing you money.

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Sounds like the OPs realtor was in that boat. The OP was right on in asking his realtor to notify potential buyers of multiple offers and asking for best and final. I'd be interested to hear her reason for not wanting to do it. You aren't "countering," you can't "offend" the potential buyer with some new number because you aren't giving one. The worst thing that happens is both prospective buyers say "that is our best offer" and you pick one.

Even if the OP wouldn't have gotten a penny more with a different agent, sounds like the frustrations are totally justified.

Op sold at asking with concessions, I don't think that's worth losing sleep over. Realtors have no idea what will happen, even in hot markets not everything sells for ask. He tried to sell it on his own, and it didn't sell. That's what you are paying for. Not a market genius or financial expert.

Comps are just that comparables, but my neighborhood for example had golf course lots, lake front, interior lots, no garages up to 3 car garages, etc. Its very hard to get a great idea what the market truly is.

The biggest mistake I think most people made and the OP made was accepting an offer right away. I've seen investment grade properties listed low and then the seller will say something like best and final in 2 weeks. I've seen 20+ offers reviewed at that point. But at least you know then that people are offering close to their full price. Nothing in real estate is perfect.

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I'm going to write unique deal terms that align our interest whenever I need to sell property.

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What terms will those be?

:( I wish houses only cost 140-180k here in North Dallas

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people expect them to have Ivy league finance degrees

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For the most part, we're definitely not dealing with folks with PhD's in advanced market analytics, but that doesn't mean we shouldn't have expectations of knowledge, skills, and good service. I think the issue is knowing your own weaknesses so that you can ask the right questions in order to find one that is actually good at the parts of their job where you might be lacking, whether it be staging, negotiating, managing whatever necessary repairs there are from inspection....etc.

My mistake was just deferring to the 'expertise' of my agent, trusting, not even questioning whether or not she had a firm grasp on pricing and negotiating. After all, she is the one with the protected golden access to all of the information that makes her profession relevant. Even though all those things are ultimately my decision, I deferred to her, and while I don't think it quite cost me 15K, it probably did cost me somewhere from 4,000-7,500. It pretty much just means that I'll have to save for a few additional months before I can buy my next investment property.

There were a few things that she did really, really well, and I'm appreciative, but I just honestly didn't need her for those things.

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while I don't think it quite cost me 15K, it probably did cost me somewhere from 4,000-7,500. It

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We all know this is impossible to say. I feel you, but as a third party I think you are overestimating what you lost. She also sold it quick, that's worth something. Maybe it wasn't to you and you'd rather it took longer for $4000 more but not everyone would.

You also agreed to a listing price, of which was certainly thought out thoroughly by you since you had it listed fsbo.

I'm curious, what was your list price fsbo compared to her listing price?

I'm also not sure it's fair to say she had it underlisted. Ive said it myself that if it sells in the first week it's under listed, but that's not necessarily true. You list something to sell it now, not to sell it in 3 months. Is it better to list for 10% more and sell it for 5% more in 3-4+ months? Toss up at best.

When a house doesn't sell in 2 months, realtors get their asses chewed. The market drives them to sell it fast. It's really the owners job to push back a price, I man what if she told you ask for more and one or both walks? It's an in exact business.

The problem with your method is it is entirely contingent on the listing price.

Any realtor in that situation will refuse to take the listing unless you agree to a super favorable listing price for them and in that case I would ask what is the point? Why would they take a listing if they know there is no chance at getting above ask? The market should really dictate most listings.

If you are this concerned about the selling process do it yourself or do your homework and find a solid agent that you know will fight to get you best price.

The typical real estate agent contract does not incentivize them to get top dollar. It incentivizes the agent to move the property as quickly as possible.

What if I am fine with it taking two months to sell the house?

Using phrases like "a few thousand dollars" and "a fair price" is your way to try to minimalize the fact that the agency problem is a very real issue.