Like many REALTORS in my market, I’m spending more and more time frustrated. Please note that what I’m going to share here applies to fast moving markets around the country. There is no blanket market condition for all of the United States.
Mine and many others are definitely a seller’s market. Of course, they still have to price it reasonably and present it in its’ most flattering condition. Right now, a home that is priced appropriately and marketed properly will have competing offers. Buyers know that the list price for something that has been on the market for less than two days is simply the minimum NET a seller will accept right now.
We see buyers paying many fees that are traditionally seller expenses. They regularly pay a difference between the appraisal value and the sales price because the market is moving so fast that appraisal data doesn’t keep up.
Yeah for sellers! Right? Yeah for most sellers. Some sellers get a little overwhelmed with the multitude of lookers. Then, they have to determine what is most important to them when they compare 15 legitimate offers on their property. It isn’t always money. Often it is time or the perception of how dependable the buyer is to close on the property. It takes a skilled REALTOR to navigate a seller through all the variables in an offer. Also, the REALTOR has to do this without regard to which offer makes the most money for the real estate firm.
Because interest rates are SO low and financing is available, buyers can get more for their money than ever before. That gives them a sense of urgency. They don’t want to wait too long.
What this means for the REALTOR is that we have to show more properties, not depend solely on our MLS and write many more offers in order to get a contract. Then, we have to work harder to keep it together. Why would we have to work harder to keep it together? Here’s why: The sellers had so much attention that they won’t budge on anything. They feel like the value has gone up since they signed the contract and they can just sell it to someone else. The buyers had to make a decision so quickly that they now are experiencing buyer’s remorse. So, any little, normal, everyday occurrence can make them want to end it and start all over. Or worse, the dreaded word, “Wait”. Ug.
As I said, the REALTORS are frustrated. Again, why? Because we care. Yes, we do this to make money and support our families. But we all get attached to our clients. We know we shouldn’t. The veterans will often say they’ve learned not to. But the fact is, we want the best for our clients.
We pride ourselves on the clients’ real estate success. When a client doesn’t get the home they want or sell for what they expected, the REALTOR usually feels like they personally have failed in some way. We shouldn’t but we do.
My advice to REALTORS: It’s the same as always. Be honest with the client. Explain the market and what they should expect before they ever look at the first home. If they don’t have the cash to compete in the current market, advise them to save and get in the game when they are better situated to compete. They should decide to wait BEFORE you’ve spent your hours and fuel with them. Take a negotiating course and apply what you learn. At the end of the day, take a deep breath, pray for yourselves and the client and leave it outside your home. Don’t take the frustration home to your family
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leighyork 
One response to “Your REALTOR is Frustrated too.”
I’m dealing with this as well. Seller’s are wanting more skin in the game. Higher earnest $ and higher option $. Although with the appraisers not keeping up with this market makes it very frustrating for us REALTOR’s when we can show supporting comparable properties. There are even buyer’s wanting to close quicker when we know that lenders can’t get it done and the Seller’s feels bullied. Fortunately my seller’s know i’m looking out for them.
On another note my Buyer’s are very aware of the market and educate them as I can before wasting any time. Although, I have wrote several offers and either getting out bid or seller changes their mind. No complaints here just fortunate to have such a great business with working by referral makes for great relationships.