HOW REJECTED AGENTS BECOME ENEMY AGENTS
by Neil Jenman
Article written and provided by Neil Jenman from Jenman.com.au . To see the original source of this article please click here. https://jenman.com.au/rejected-agents-enemy-agents/. Neil Jenman is Australia’s trusted consumer crusader. He can support you, all the way, from choosing an agent who will get you the highest price guaranteed to when your removalist comes! You get an unprecedented level of total support. All for free. To find out more visit jenman.com.au
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If you’re about to put your house on the market, you’ll have no trouble attracting agents. The mere scent of a big commission will attract dozens of agents.
And if you enjoy being harrassed by agents promising you all sort of miracles, well, you’ll maybe have fun as agents grovel, beg, and plead to list your home. Not to mention the promises – especially from weaker agents as they under-cut and over-promise their competitors.
Cheaper commission, lower marketing costs, no marketing costs – and, of course, the biggest lie (sorry, “promise”) of all: a much bigger selling price.
“Pick me, pick me, pick me, I’m the best!” will be the words of most agents.
But here’s the challenge: Just as you can only sell your home to one buyer, you can also only choose one agent.
If you’ve had, say, ten agents inspect your home, the minute you choose one agent, you must reject nine agents. And that means you are likely creating nine enemies.
To adapt a famous line: “Hell hath no fury like an agent scorned.”
Only the agent who wins the listing gets that sought-after commission. All the other agents who inspected your home and pitched for your listing – and who got their hopes up – they are now rejects.
The prize for coming second for an agent is zero, nothing. It’s total rejection.
And, believe it, many agents become furious rejects. Some – the more crass and petulant – will almost abuse the sellers who rejected them.
“After all the work I did for you.”
“You promised me the listing.”
“That agent (you’ve chosen) won’t get you as good a price as I’d have got you.”
If this is how some agents carry-on in public, you can be sure of one thing: In private, many agents you reject will become your sworn enemy.
Given that most buyers circulate among most of the agents in an area, it means that, if a seller interviews most local agents prior to listing their home with one agent, then most of the local agents will have a thorough knowledge of that home.
And what do you think many rejected agents are going to say about your home when, as they surely will, they meet buyers who are considering your home?
They will turn the buyers off your home. In some cases, the angriest agents will point out all the faults on your home – everything you may have told them in confidence risks being public knowledge.
Even if the rejected agents do not denigrate your home, you can be sure of one fact: They will be trying hard to convince buyers to buy one of their own listings rather than your home.
So yes, by showing many agents around your home, by discussing perhaps many of your plans with these agents, you are arming your future competitors with information to use against you.
How do you avoid this problem of turning rejected agents into enemy agents?
Do not allow many agents to physically inspect your home.
You do not need to have an agent inspect your home to properly qualify an agent. The early stages of selecting an agent can easily be done via phone interview. You don’t even need to give your address.
Oh sure, most agents will say they “need” to inspect your home before they tell you anything about themselves.
But that’s ridiculous.
Here are twelve questions agents should be able to answer before they see your home – or even learn of your address:
1. What is your commission rate?
2. What method of sale do you prefer – auction or private negotiation?
3. What areas – or parts of areas – do you like to cover?
4. Do you have many buyers looking for homes?
5. Do you have a ‘no charges until sold’ policy?
6. Do you expect sellers to pay for advertising even if their home doesn’t sell?
7. Do you follow-up known buyers before you ask sellers to pay to advertise for buyers?
8. What period of time do you want your agency agreement to be?
9. Are you okay with a Sole Agency not an Exclusive Agency Agreement?
10. Do you do private inspections to suit the buyers?
11. What are your opening hours?
12. If I list with you, are other agents in your office permitted to sell my home?
Agents do not need to see your home to be able to answer these questions; however, if they do answer them to your satisfaction, you can consider them for a short-list of agents to inspect your home.
You should never have more than three agents physically inspect your home. Ideally, of course, it will be best if only one agent inspects your home – the right one.
That will ensure that not only have you chosen the best, but you haven’t had to reject and make enemies of the worst agents in your area.