after it had been sold. Even worse, the seller never realized the mistake. Bottom line: The seller lost $50,000 because of his agent’s incompetence. While stories like this don’t happen every day, they happen more often than you’d think. It’s a very real risk you take when you hire an agent who doesn’t have a proven marketing plan. Had a sign simply been on the property, it definitely would have attracted more interest and possibly even started a bidding war, driving up the price. At $50,000 below market price, the listing would have been bid and counter-bid several times, possibly even up to or above the asking price.
Here’s a similar story.
In this case, a seller hired an agent whose incompetence cost her $75,000. Her agent completely flubbed negotiations when a “perfect offer” was presented. The buyer submitted an offer at full price for her home, no strings attached. Her agent dropped the ball and let a minor yet negotiable sticking point—one that should’ve been easy to resolve—ruin a perfectly good sale! The house sat on the market for another year and ended up selling for $15,000 less than the original full-price offer. Even worse, the seller wound up having to make another 15 house payments, while her home sat on the market and she wasn’t living in it. Ongoing house (mortgage) payments are a frequently overlooked cost of not finding a buyer quickly.
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