Holding out for Offers
We all have been there, you have a property that is priced so low, that you know the owner is going to only take a full price offer.
But at the same time, if you are priced low, and the property is still not moving, you need to think about accepting lower offers. This goes for both rentals and sales.
Then there are the rentals that are priced high and the listing agent is just holding out for that one client willing to over pay.
Ive been trying to get a client into a house out west, in the Wellington area for about a month. 2 or 3 of the listings she liked, were all from the same agent. All the properties were listed at prices higher than last year, and in some cases, in worse shape. I had put in offers for a couple hundred less than asking, but still well within the fair market value for the properties. The agent would not even show the offers to the owners unless they were full price.
I feel that agent was not acting in the best interest of the owner by not presenting every offer. We all know that if you get a low offer, and then the property sits for another month or so, you would have already lost the difference from that one low offer, and you may not get another offer.
I understand that the agent is trying to make the most money they can by holding out, but at the same time, if my offer was the only one you have seen in 3 weeks, you would think they would reconsider.
The same goes with sales, shooting down a fair offer to try to make a few thousand more, in this market, is not the best strategy. Qualified buyers are few and far between. Motivated buyers, and tire kickers, yes, there are tons. But actual people with the cash, credit, and willingness to buy, not so much.
I just think some Realtors need to sit back and look at what they are doing, and holding out for, and see if they are making the best decision they can, or are they holding out for a few more bucks, and letting a property sit.
But at the same time, if you are priced low, and the property is still not moving, you need to think about accepting lower offers. This goes for both rentals and sales.
Then there are the rentals that are priced high and the listing agent is just holding out for that one client willing to over pay.
Ive been trying to get a client into a house out west, in the Wellington area for about a month. 2 or 3 of the listings she liked, were all from the same agent. All the properties were listed at prices higher than last year, and in some cases, in worse shape. I had put in offers for a couple hundred less than asking, but still well within the fair market value for the properties. The agent would not even show the offers to the owners unless they were full price.
I feel that agent was not acting in the best interest of the owner by not presenting every offer. We all know that if you get a low offer, and then the property sits for another month or so, you would have already lost the difference from that one low offer, and you may not get another offer.
I understand that the agent is trying to make the most money they can by holding out, but at the same time, if my offer was the only one you have seen in 3 weeks, you would think they would reconsider.
The same goes with sales, shooting down a fair offer to try to make a few thousand more, in this market, is not the best strategy. Qualified buyers are few and far between. Motivated buyers, and tire kickers, yes, there are tons. But actual people with the cash, credit, and willingness to buy, not so much.
I just think some Realtors need to sit back and look at what they are doing, and holding out for, and see if they are making the best decision they can, or are they holding out for a few more bucks, and letting a property sit.
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