There are still some sad things going on in the market place which make my blood boil. Even more so when it’s happening in my community. I am not sure whether listing agents are lying to their new clients, pandering to the clients emotions or just don’t know what they are doing, but it’s just plain wrong. Where is the honesty, the accuracy, the professionalism, and when it’s lacking, who’s overseeing things to tighten it up?
Let’s look at listing number one. When I first saw the listing I was shocked at the lack of information contained in the MLS data sheet and the glaring errors. Some of that has been corrected but still the subdivision is missing. You know folks, the subdivision is important. Buyers often know which subdivision they want to live in, so they search online for homes for sale in subdivisions of interest. Subdivision pages like mine show homes for sale in those subdivisions, but if the data is missing at the source, the MLS, well the visitor never gets to see the property.
Then we get to price and tax assessments. Many of us appealed our values when the market was declining and had our tax assessment value reduced. Happy as lambs we were, even though it did not really help because the county simply increases the multiplier to get the funds they need. So your value went down and you may have had a small reduction in real estate taxes for a year, then they went up again. But hey you were happy with the value, right? Now it’s time to sell. You interview two agents. You choose one. You list your property.
Who chose the asking price? I am not sure but now the property is magically $100,000 or more than it’s worth based on comparable sales and oh look the same is true compared to your tax value. Now I am not saying a property is worth what the tax assessor says it is, but seriously it’s a relatively good benchmark. To put this in perspective we are talking about being about 22% over-price at minimum.
As real estate agents we have access to all this information, we can see your assessed value and any adjustments. We can see your tax bills. While not a primary piece of data when helping buyers and sellers understand home values, you can bet I do look at it!
Is the seller being bought, or are they and the listing agent both ignoring the reality and staying attached to emotions? What the heck happened to honesty. Is the agent deliberately misleading the client to “get” the listing?
Let’s look at listing number two. I saw this today as a new listing. This property: I declined an interview based solely on the price the seller wanted to list at. Emotional pricing is not what homes sell for. The market points us in the right direction. I thought maybe the seller had taken heed of my warning but no the property was listed 43 days ago.
Wait the property listing agreement was signed 43 days ago and only now it’s appearing on the MLS? That’s 43 days late! We are supposed to have your home listed at the longest, 72 hours after your dated agreement. Not 43 days. Now there are ways to not have your listing on the MLS should you so wish, that may even be the case here. If it is, well the correct paperwork is not being completed. This by the way is an MLS offense, and the listing agent may well be fined! The lack of care and attention to detail rears it’s ugly head all over again.
Pricing…….Here we go again with the price and the assessed value. This time we are $150,000 over the valuation the seller is paying real estate taxes on. I ask again, are the seller’s emotional needs being pandered to by a listing agent that apparently cares less about honesty or has no clue what they are doing? I think so, one way or the other, or even both. As Realtors isn’t honesty supposed to be what we all preach? Where’s the honesty? To me honesty means telling the truth and sticking to the moral of it – declining to ignore and take a listing anyway is the untruth.
Guess what buyers are going to see when presented these over – priced homes. That’s right, those white words are loud and clear. The buyers agents will see it too. And if by chance an unknowing buyer came along with mortgage approval in hand, well the third person to see those big white numbers will be the appraiser. Sale failed. Two sales failed.
The Public Has Such a Poor View of Real Estate Agents.
Say it’s not true, I dare you. We all know that real estate agents have a very poor rating by the public and none of the above is making it any easier to suggest otherwise. Honesty, Integrity, Professionalism. It’s what we all preach right? Where did it go? And why isn’t anyone looking………
Maybe if you are reading this you are wondering how unethical this post is. Well no it’s not. I have not mentioned any names, addresses or subdivisions. The photo is not of a home in the community, I bought it online and added some text. I am trying to make a point. This may indeed just be made up to prove my point! There are points about these examples that do indeed break the Realtor Code of Ethics. Honesty, trust, misleading clients, and quite a few more.
Real estate agents are not in control of home values! Sellers are not in control of home values! Emotions are not in control of home values!
Property values are determined by the current market, plain and simple, nothing else. We look at recent comparable sales. We can look at tax assessed values and an online valuation tool to see if we are close. We present you with this data. It’s the proof you need to truthfully understand what you can expect to sell your property for. Then and only then can you make the educated determination, should you list your home for sale. If you do it any other way around you are setting yourself up for clear disappointment. And guess where that finger is going to point when it all goes pear shaped? Yes, the real estate agent. And down goes our rating score yet again.
If you are in the market to sell your property, and really do want the truth, call me. Corinne 847-363-3686. I promise I can SHOW you how much your home is worth, not precisely but a range that has been established by the market.
Oh and by the way, one of these listings, real or not, is quite a comparable home to mine, square footage a little more but we have a finished basement, they don’t, ours is English, there’s is not. If my home was worth what they are trying to sell theirs for, I would likely put mine up for sale today and downsize. As it’s not, I am glad I am not them; if this was done to me I would be absolutely livid when it fails, and it will.
“Agents Must Learn How & When to Walk Away!”