I'm tired of this. NO more Mr. Nice Realtor.
Posted by Tony Kawaguchi, RA on Friday, March 12th, 2010 at 12:59pm.I'm tired of my buyers missing out on houses they want to buy. I'm tired of being outbid, being the 4th offer in, being the one that missed out.
I have decided as of today, I am no longer going to be the no-pressure-buyer's agent.
From today on, if a buyer tells me they want to buy a house, I will say it up front - You need to move fast, maybe offer above asking, and do it TODAY. You need to stop delaying, stop making excuses, stop living in fear, and ACT NOW!
- Last week a client of mine missed out on a beautiful water front house for $1.3 million. It sold that night, all cash, full price.
- 3 weeks ago a client of mine missed out on a bank owned property for $575k. She hesitated, wanted to offer below asking price (against my advice,) and the house sold for full price 3 days after we viewed it. She cried.
- This morning I found out that a house for $460k in Ocean Pointe received multiple offers above asking and sold 2 days after it came on the market. My clients were hesitating.
- Last month a buyer of mine waited a few days before viewing the marina front Kuapa Isle Townhouse he had been waiting for. Nothing had been on the market for months, and the unit sold in 3 days, full price.
I could go on and on. Every listing I have had this year has received multiple offers. Every buyer I have worked with has missed out on multiple listings.
That's it buyers. The warning is out there. You will act now, write an offer, probably full price, or you will miss out and you will be looking for another house. It's that simple.
(Note - In 2003 I was one of the few real estate agents telling everyone to get out of real estate)
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Share10 Responses to "I'm tired of this. NO more Mr. Nice Realtor."
Atta boy! (that saying makes me feel weird).
As an agent who is representing buyers like it's the last day to buy a house, I 1000% concur.
When someone tells me they want to buy a house, I ask a bunch of questions, require them to get financing lined up and then explain the market in a 20-30 minute '101' format.
In that, I explain the competition, explain the footrace, explain how short pay/REO/traditional multiple offers go and tell them to get their game face on.... I do all of this before we ever talk about what house they wanted to look at.
My tactic is to create team . . . team that's competing in the world tournament.
We need preparation (finances), dedication (ready to beat all other offers right out of the gate), homework (they do on-line looking and weed out options), . . . My motto is' I don't like to write offers I don't win'. So, they know that it's 'game on' if they want me to write an offer. :)
Soooo, all that to say, I support your new approach with buyers!!!
This market is for serious buyers who are ready to do what the team captain says (in order to win 1st position)!
Posted on Friday, March 12th, 2010 at 1:26 PM.
Great post Tony. Been there as well. Some buyers I've written offers above asking & not even getting backup position... if you think it's price right, it's probably because it is & others will be looking at it too!
Posted on Friday, March 12th, 2010 at 1:42 PM.
Same Here Tony,
I have 2 buyers that are looking at becoming renters again til this calms down.....I warned them it will cost them in higher interest rates cause the fed is now done buying mortgage backed securities and the rates will be going up soon!
They have both lost homes on multiple offer scenarios, but I am still here to work for them til we get a home the love!
Aloha,
David Nash
Posted on Friday, March 12th, 2010 at 1:44 PM.
Some buyers just need that push, especially first time home buyers. I understand they fear the whole buying process, but NOW is one the best time to buy a home. When seller's are getting multiple offers, it's usally a sign that the "buyer's market" is starting to change.
Posted on Friday, March 12th, 2010 at 8:12 PM.
Aloha Tony
I just printed a copy of your blog post to share with some of my buyers. I want them to see that buyers all over are facing the same situations.
Posted on Saturday, March 13th, 2010 at 10:13 AM.
Aloha Tony,
Maybe, Mr. Nice Realtor isn't the right words for it... but you are correct some people need the extra encouragement to sign on the bottom line.
I do agree that brushing up on "closing techniques" are more necessary now than they have been in the recent past.
Thanks for the article.
Posted on Monday, March 15th, 2010 at 2:26 PM.
I pull the market stats on bank owed properties for 3 months in the area my buyer's are looking, so they can see that bank owned properties are selling for at least .99 on the dollar or more.
Posted on Monday, March 15th, 2010 at 6:58 PM.
LOL. If only buyers could understand that BEFORE it was too late. Even when confronted with hard data, buyers want to low-ball (and I mean lowball, 10-15% below!!!). The market is turning and so will the perception that it is a buyer's market.
Posted on Tuesday, March 16th, 2010 at 1:52 AM.
We deal with this kind of business daily. People read the newspapers and hear stories of homes selling 50 cents on the dollar...yes they are compared to 2005 prices. People I get in the car want to offer 50 cents on the dollar for 2010 prices. Its really quite ridiculous.
Posted on Wednesday, March 17th, 2010 at 7:09 PM.
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I know what you mean. It is so frustrating too for buyers. I have gone through the same thing.
Posted on Friday, March 12th, 2010 at 1:24 PM.