Client Story - Part 2

So back to the story.

I get a call from Lizzy on Monday saying she is ready to put an offer in and we talk a bit about the structure of the deal, she says she wants to wait another day to give me a yes. I indicate that this property has just been lowered in price and it is the BEST price/sqft in that subdivision... and with all the upgrades the sellers did to it... it was going to go fast. Anyway, the next day I pull up the listing and it is 'Pending' status (meaning they have an accepted contract). Sucks for both of us. She was not interested in putting in a back up offer.

As we have been spending our time together. I ask her who is negotiating on her behalf for the properties she viewed on her own... she says she is going to handle the negotiations herself. Hmmm.... red flag. She says she is going to ask the seller to reduce the price of the house 3% in order for her to be able to afford the property.

So now I realize I am about to be cut out of the deal.

I have been talking to many of my Realtor friends about the buyers agreement I have with her. They all agree that I should have an exclusive buyers agreement with her, and in their experience, deals like this will rarely work well.

In the end, she decides she is going to put in an offer on one of the properties she found on her own, and avoided giving me any info regarding the property. The few emails I have exchanged with her since then have avoided any talk of real estate whatsoever even though I have kept everything pretty friendly.

Observations:

• A buyer needs to appreciate why a buyers agreement protects THEM. And it is my job to make sure they understand why being unrepresented only leaves them vulnerable.
  
• If she knew she was going to try to reduce the price of the house by 3%, how did she expect I would be compensated for my time and market knowledge?
  
• Educate. Educate. Educate. Teaching my buyers what can happen when a contract goes awry. Making sure they are fully educated on what my job is for them. I feel like I am wasting their time by going through all that, so often I just skip it.
  
• I am trained to make sure the deal goes smoothly BUT, if it doesn't, I have the skills and expertise to quickly and effectively deal with the issues. I may not have the answers to every single situation, but I can quickly locate someone within my sphere who can get me an answer that can save my client time/money or a house.
  
• The dollar amount on what I spent on this client is probably around $100, most of it in gas costs, printing, and a few bandages for my knee *smile*. But how do I figure out the price for my expertise? The time I spend everyday looking through listings, keeping myself abreast of the market, previewing homes to make sure I am well educated, continually meeting other industry professionals to make sure I am well connected... there is no dollar amount I can put on that.

After spending a few days wallowing in self-pity, I had no choice but to pick myself up, dust off my jeans, and hobble off into the sunset.

Live and learn friends.