7 Comments

1. 

   Susie on January 4, 2015 at 10:53 pm

   You are ridiculously smart, Jim! (I already knew this, JtR, but I had to say it for the record.) I’ve asked agents before: “Why are they selling?” And you’re right, they’re immediately defensive or hedge their answers. From now on, I’m going to do exactly what you say (while looking down at the flyer).

   Why do I love bubbleinfo? It’s simple, I always, always learn something…

2. 

   avgjoe on January 5, 2015 at 5:07 am

   great information

   Don’t you think sellers want to conceal their motivation for selling in a lot of cases? If I am the seller I don’t really want people to know I have to sell. If people know you have to sell then I think their offers could reflect that. I guess it matters what kind of market your in too. In a hot market it might not matter much. But in a cold market you might get some lowball offers thinkn you might bite.

   Have you ever had a client who instructed you not to conceal to other people their motivation?

3. 

   Jim the Realtor on January 5, 2015 at 6:16 am

   If I am the seller I don’t really want people to know I have to sell.

   No problem. But the question is going to come up, so if it’s top secret, your listing agent needs a good answer. In cases where my sellers are sensitive, when somebody asks me ‘why are they selling?’, my answer is, “They feel like moving!” with a big smile and look them right in the eye. Nobody has ever heard that before and they don’t have a comeback. They don’t know if the seller is motivated or I’m just a smart aleck.

   If the agent fidgets and/or doesn’t answer, you can assume the sellers are somewhat motivated.

   Why should listing agents respond? To be transparent to those who want to lowball, and will be wasting their time if the seller isn’t motivated enough to give it away.

   This questioning only matters with houses that appear to be higher priced, and enables you to sort out which ones might come down. Houses with a razor-sharp price don’t need an explanation – on those, buyers are reaching for their checkbook instead. But you and I know that there aren’t many listings priced sharply.

   Most open-house agents vomit all over you (can’t stop talking), so you might as well ask the question that will give you useful information.

4. 

   ha on January 5, 2015 at 9:22 am

   Once visited an open house hosted by the contractor who did the remodel and the listing agent. Contractor told me the owners lived elsewhere and decided to shed this second home. Later I learned that the agent and contractor were a married couple, lived across the street, and were the actual owners! It wasn’t the right house for us, but I doubt we could have continued on a transaction that started with such a bald-faced misrepresentation.

5. 

   Jim the Realtor on January 5, 2015 at 10:17 am

   You probably get the feeling that not much thought goes into what people say at open houses. It’s why the industry has a reputation – at a primary point of contact like an open house, all the public wants is the truth – and look what you get.

6. 

   Rob Dawg on January 5, 2015 at 4:50 pm

   Are there any zoning, land use changes or major construction that affect this location?

   Unacceptable answer: Not that I am aware of.

7. 

   Jim the Realtor on January 5, 2015 at 4:59 pm

   Agreed – and a real salesman would never give that response.

   It’s worse than a lazy neutral response, instead it creates doubt in the buyer’s mind. Anyone asking that question must have some interest in the property, so it’s a great opportunity to handle the objection.