Connecticut Real Estate Blog - Real Real Estate in CT

Two potential multiple offer situations. Two listing agents.  Who’s working in the best interest of their client?

Agent A

My clients and I went to see Agent A’s listing which had been on the market for just one day and was listed right before the weekend.  They liked it but weren’t ready to dive in just yet.  I called Agent A for some additional information, from which he inferred that my clients were considering putting in an offer.  I communicated to him that it was possible but it would likely be a few days, if at all.  He told me that his clients, the sellers, had received an offer but that they were going to wait it out for a few days in case my buyers or anyone else offered more. 

Agent B

I took my clients to see Agent B’s listing which had also been on the market for just one day and also listed right before the weekend.  These clients also liked the property and wanted to put in an offer -but some really important information was missing on the listing sheet and disclosures such as the property taxes and the age of the mechanicals.  I called Listing Agent B to get the information before my appointment to show the property and again immediately after the showing. 

Two days later, I still hadn’t heard from the agent (three calls and an e-mail).  I learned later that the property went on SHOW status before I even saw the property with my buyers and before the listing agent had even spoken to me - a buyer’s agent calling and asking questions which would indicate that I had buyers who were interested in her clients’ property.

Who’s Working In the Best Interests of Their Client?

If you said Agent A, you win!  Sadly, my gift can only be a lifetime subscription to my blog - lucky you.

While both agents should be commended for obtaining offers on each property immediately upon being put on the market, Agent A is really working to get his client the most money.  More buyers generally means a higher price. 

It is almost always better for the seller to get multiple offers.  And the time you’re most likely to receive multiple offers is when a home first comes on the market.  Agent B’s listing went on SHOW status before I could even present an offer, which could have driven the price up on the home.  As the buyer’s agent, I’m not in favor of my clients paying more for a property just because there is competition.  But if my clients want the house, it’s my job to go get it for them.

Why wouldn’t Agent B want other offers?  It’s possible that Listing Agent B’s client was really anxious to sell and took the first offer.  It’s also possible that the listing was being marketed by Agent B before coming on the market and Listing Agent B already had a buyer.  If Listing Agent B had secured the buyer and the buyer was unrepresented, then Listing Agent B gets double the commission (cha-ching).   But does this really benefit the seller?