When you are representing a buyer in a real estate sale, do you remember who your client is?
I recently had an agent call to let me know he was sending me an offer on one of my listings. We chatted a bit, and I mentioned how much I liked the property. He said, “So does my buyer. In fact, when she walked in she said ‘I HAVE to have this home!‘” Bingo. I knew I was going to sell it. Now I was armed with confidential information – the buyer’s motivation.
The offer came an hour later. It was 15% lower than list price. The Destin Florida home was a short sale, and I knew that price probably would not work with the lender. The seller thought it was low, too, but was afraid to counter and risk losing the buyer. I told him not to worry, because the buyer’s agent had given away his client’s position! He “HAD to have that home”!
We counter-offered at a higher price, and the buyer accepted.
This is just one example. Today, I had another low offer on one of my listings. The buyer’s agent presented it and stated “the buyer will come up”. I thought, “Thank you for letting me know! I will inform the seller.” Maybe you think giving away your buyer’s position may help them. But can you speak for your client without his permission?
The Realtor Code of Ethics states:
“When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client.”
What should the real estate agent do when presenting an offer? Be pleasant and business-like, and keep MUM about your buyer’s motivation.
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: [email protected]