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Telling the Buyer the Truth
Real estate agent handing over keys after telling the buyers the truth.
Telling the buyer the truth is difficult for some. I know a lot of agents who are afraid to lose the sale. It’s tough out there right now for many real estate agents. Some are struggling, writing tons of offers that don’t get accepted, getting paid half as much and some aren’t doing any transactions at all. For these agents, I suspect it’s even harder to tell a potential home buyer that perhaps buying a home is not the best direction for them to move.
I’ll share a story about a buyer who was ready to go into contract. He had a viable counter offer in front of him at a price that was agreeable. The counter offer contained two points, however, that he fixated on. One was the seller wanted him to split a selling fee. It wasn’t the amount of the fee that he objected to, I came to discover, it was the fact that the seller had asked for it. The other stickler was the seller stated in the counter offer that the appliances carried no guarantees.
“All homes in Sacramento are sold ‘as is,'” I explained. “It’s already in the contract.” He wanted to see where it was written in the contract, and I showed it to him: Seller makes no warranties regarding the above items. I was hoping he could understand that I was telling the buyer the truth.
The buyer decided the seller might be hiding a defect. He argued that the words “guarantee” and “warranties” were not synonymous, although they were in that situation. We discussed his home warranty plan — we talked about the home inspection and his right to cancel — we pondered places to buy a used appliance. We even discussed the possibility that if an appliance was defective, how the seller might be willing to repair it.
During our 90-minute discussion, it became apparent that the buyer had a laundry list of objections to the contract, which he had already signed. It was clear that those concerns had been discussed among his family members. He wanted to see the seller’s confidential documents that do not pertain to the buyer. He asked for standard verbiage in the contract to be altered which, for a variety of reasons, was not feasible.
The buyer proposed that the seller was being unreasonable by requesting that the buyer split a small fee. He said it made him uncomfortable. Even if I offered to pay that fee for him, he was unhappy. Further, he was certain the stove, which most likely had a value of $200, was broken. I seized that opportunity to point out in the most sincere manner I could muster that if the seller could see him right now, the seller most likely would feel that HE was being unreasonable.
I pride myself on my communication skills, and integrity is my cornerstone in this business. I tried to explain technicalities in several different ways, using layman terms, but I was beginning to feel like I had somehow failed in my mission. Then the light bulb went off. I laid it on the line: “I’m hearing from you that you do not trust real estate agents; you don’t feel that I am being honest with you. You do not trust the verbiage in the contract that protects your rights. We can’t maintain a business relationship if you question my ethics, integrity and honesty. You might want to consider either working with another real estate agent or hiring a lawyer to represent you.”
Then I went a few steps further and suggested that perhaps this buyer was simply not ready to buy a home. He appeared to be uneasy with the entire process. Maybe he should withdraw his offer and forget about buying this home. Not everybody should buy a home, and that’s really telling the buyer the truth. He could be one of those.
It’s not my job to strong arm a buyer to make a decision he could later regret. My job is to represent the buyer to the best of my abilities, maintain our fiduciary relationship and protect his interests. Always, my belief is 100% geared toward telling the buyer the truth.
Sacramento Seller Dumps Discount Agent for Elizabeth Weintraub
A discount agent cannot possibly deliver the same quality of work as a 40-year veteran in real estate.
Sacramento sellers who don’t know any better might wrongly believe a discount agent is a better choice when it comes time to sell a home. I write about this topic from time to time because it can come up during a listing presentation. A seller might act, for example, like he only wants to hire this experienced Sacramento Realtor, but when I get over to the home, complete my visual inspection and shoot photographs, that’s when the bomb goes off.
Oh, they say, forgot to mention we are talking to a discount agent, and he will do everything you will do for less money. Um, no, he won’t. He might say he will, but he won’t. Nobody can do what I do except for me. And then I have to explain in detail what kind of magic my particular skill-set brings to a transaction. How a monkey can pop a sign in the yard, but it takes experience to go from a signed contract to closed sale. Why would you want a cheap agent?
Many discount agents are paid a salary by their broker, and there’s a reason they can’t make it on commissions.
Apart from that, who will negotiate the request for repair and deal with unreasonable home buyers? Who will vet the buyer and the buyer’s agent? Does the discount agent even know the Realtors who work in this area? How can a newer agent anticipate problems and head them off before they happen when there is no magnitude of experience?
The seller shook his head and said he didn’t know which agent to believe, but he would choose the discount agent. We’re all the same to him, even though we are not. He would do it to save on the front end, and then he will lose even more on the back end. He’ll be in the negative with a discount agent. That’s a lose / lose proposition in my book, but the seller’s choice to make.
He listed with the discount agent, much to my dismay. I saw the listing was still pending after 5 weeks, which is never a good sign. Then, out of the blue, yesterday the seller called and asked if I would pick up the pieces of his broken listing and start over with him. He needed to learn the hard way. We all have our own way of learning the lessons of life, and it’s OK. Of course I prefer to be hired as the first agent, but I have no real objection to being the second or third agent.
Either way, I will sell the home. And I will never say I told you so. I’ve listed his home in Curtis Park, and we’ll be live on the market next Friday.
If you would like to make the right decision at the beginning, call Elizabeth Weintraub at 916.233.6759.
Can Sacramento Agents Talk to Appraisers?
Whether Sacramento agents talk to appraisers depends on the agent.
If you are wondering if Sacramento Agents talk to appraisers or whether this type of communication between agent and appraiser is allowed, you are not alone. Even real estate agents are often confused. They hear that interaction between agents and appraisers is against the law, and they don’t understand at what point in the transaction this can apply. Agents, I hate to say, are often guilty of not thinking through complex situations. They sometimes tend to memorize bits and pieces that don’t always add up.
If you think I am being too hard on real estate agents in general, especially when I am a Sacramento agent myself, consider the guy who sends an offer to the listing agent and comments: “This is really an aggressive offer. It’s a very strong offer. You will love this serious purchase offer,” and then you discover the purchase offer is only $1,000 over list price. Especially when every other offer is much, much higher. And multiple offers are rolling in by the handfuls . . . Do these agents talk to appraisers? Probably not.
To answer the question: Can Sacramento agents talk to appraisers? Absolutely. Before the appraisal is completed, a Sacramento agent can send comparable sales to the appraiser, discuss the property, sell the features and benefits and explain why the sales price is solid. Contrary to popular belief, a Sacramento agent does not have to meet with the appraiser at the property to be aggressive as that is pretty much old school thinking. We have cell phones and email today, and the written word is powerful.
It helps if the Sacramento agent is an authoritative figure (with experience) and can speak with the appraiser from that position, utilizing appraisal guidelines. Appraisal speak. If the agent can’t talk appraisal speak, the agent could have a problem. Communication should be limited to similar configuration, age, condition and location. If there are no comparable sales — and in many neighborhoods comps are limited due to inventory shortages — it helps to understand the principle of substitution.
Most appraisers will contact the listing agent to determine access to the property. Is your Sacramento agent prepared to speak with the appraiser? Further, can Sacramento agents talk to appraisers? They can, especially if your agent is Elizabeth Weintraub at Lyon Real Estate. Call 916.233.6759.
Which REALTORS are Bad Real Estate Agents?
Bad real estate agents in Sacramento can seem like they outnumber the good Realtors.
There are some neighborhoods in the Sacramento metro area where I won’t leave a lockbox on the house because of the behavior of bad real estate agents. I’m not sure if it’s due to the fact some of these agents seem to work for brokerages that don’t spend a lot of time on training or if they are so new to the business that they are still wet behind the ears. Or, maybe it’s because they just don’t think, which is generally the cause of many problems with bad real estate agents in Sacramento. You know, if they would simply pause, consider the ramifications, the consequences of their actions before they . . .
Oh, who am I kidding? In my dreams. Like that’s gonna happen.
These are the agents who think it’s OK to open a lockbox and access a home before looking up the showing instructions. As if every home in that neighborhood with a lockbox is sitting idly, enticing them, begging them to trespass. I’m not sure what goes through their minds. But I do know this. Those guys are bad real estate agents.
It’s probably about time that the National Association of Realtors stops pretending that all REALTOR®s have a clue or that they are worthy of working with a client. A license does not give an agent the right to violate procedures, laws and common decency. And clients don’t know any better. They can’t tell an experienced agent from a novice, most of the time. In fact, I’m not sure clients know how much experience an agent needs. I’ve heard some clients say 5 years is a good length of time to get your feet stabilized in the business, but the years are worthless if the agent doesn’t sell very many homes.
My sellers get a good look at the underbelly in the Sacramento real estate business and the bad real estate agents. It’s not that I go out of my way because I most certainly do not. Agents do it to themselves when they call to make an appointment to show the home. I hear it from sellers after the agents call, and their opinion overall of buyer’s agents is generally not very high. I’m not even sure what it is the agents say or do, but I know some of them tend to alienate the sellers because the sellers tell me they don’t like the agent. It’s not really my business why.
That’s not good news for a home buyer trying to buy a home in the Sacramento area who is represented by one of these bad real estate agents. The buyers could be losing the offer before it’s ever written. Let’s not even discuss the unprofessional agents who turn belligerent when their buyer’s offers are rejected. If you have to ask, that would be your sign. Trust your gut instincts.
The Reality of Television Characters Playing Real Estate Agents
Real estate agents are not accurately portrayed on most TV shows.
Because I have been in the real estate business since the 1970s, I have been involved in “old school” real estate, which has evolved into “new school” real estate, but many people do not understand real estate lingo nor the profession and draw impressions from previous decades. Some get false impressions from goofy TV characters playing real estate agents. Why would anybody really understand what’s going on in Sacramento real estate anyway unless they work in the business? They hear only bits and pieces from friends, and that’s not enough to put together the real story.
For example, a client asked why other agents are showing her house. Because I am the listing agent, she thought I would personally lead a parade of buyers through her home. I asked if she wanted me to practice dual agency because my recollection was she expected me to only represent her and not to represent a buyer. It became clear that she did not initially understand that listing agents who show homes to buyers typically represent those buyers and those types of agents, few and far between, work in dual agency.
Dual agency, meaning those listing agents are trying to get the seller the highest price for her home while they are simultaneously trying to get the buyer the lowest price, which is pretty much impossible. But it doesn’t stop some from engaging. They salivate over that double commission with dollar signs for eyeballs, and they are often the types shown on television sitcoms.
I reflect on the TV shows that show characters playing real estate agents — and apart from HGTV or Bravo Reality TV, which is often an embarrassment to the industry — most other television shows low-key it and also don’t really reflect reality. Who is a real estate agent on TV? Well, there’s Phil Dunphy on Modern Family. Enough said about that. I think Kramer from Seinfeld started out as a real estate agent. Yikes. In the comic strip, Hi and Lois, isn’t Lois an agent, although all she ever does is stick signs in the yard.
The public sees the abominable character assassinations of real estate agents on television and form the impression that’s how the real estate business is run. Because television characters playing real estate agents is pretty much a joke, along with the Reality TV Stars. Actually, the business is very entertaining on its own level, and it’s a shame the public doesn’t get to see what really goes on behind the scenes. But then documentaries don’t pull in the eyeballs like soap operas.
