Do you not accept a listing because you don’t make enough money?

short sale listing agentsWe have a lot of homeowners calling us for help. We like to give those listings to agents we’ve worked with before because we KNOW those agents can perform. They know short sales. They know how to market, show, deal with BPO’s and can assist in getting the property closed.

We took an intake call last month. As usual, I spent almost an hour on the phone with the homeowner trying to explain the risks of a short sale in Massachusetts.  I like to make homeowners aware it’s not all cake and cookies when they are doing a short sale and it can become quite a long process.

I called Nick and asked who we should give the listing too. He said he had just come from lunch with a fabulous new agent that he wanted to work with.  She was one of the top agents in the state and had short sale experience.  He was very impressed with her.  She was thrilled to outsource her negotiations as I guess it took up a tremendous amount of her time.  It seemed like the start of a great new relationship.

I emailed the agent and introduced myself and told her I had a listing and explained it would be a tough one.  The loan had MI, a second with BOA, and NOTHING in her building could be financed (It was a condo) so only a cash buyer would be able to purchase or someone with perfect credit. There were other obstacles, but this new agent for us seemed excited and called the homeowner.  They spoke for some time and then the agent sent her out listing paperwork.  She was then to get over to the unit and take pictures and pick up the listing agreement.

Only, that never happened.

Suddenly the agent seemed to have disappeared into thin air. I got a call from the homeowner who stated she had tried to reach her several times and she vanished.  I then emailed her without a response so I picked up the phone and she answered.  She explained she was having a family emergency and she would meet the homeowner before the end of the week. So, we waited. It never happened. The homeowner then told me the following Monday she STILL hadn’t heard from her.  So I emailed the agent who was standing in on the day of her family emergency.  The agent responded that the family emergency was definitely over and said the next moment she spoke with this agent she would find out what was going on.  Another day went by and I emailed her again and her response was, “Oh, I thought she had contacted you.”

Needless to say, she never contacted me NOR the homeowner.  Now, unfortunately, this reflects poorly on the US as 3rd party negotiators.  It’s very upsetting.  This is one of the reasons I don’t necessarily like to work with new agents as you can never be sure how they will perform, or NOT PERFORM AT ALL.

I was embarrassed I had to call the homeowner back and tell her we had to move on.  We called another local agent that took the listing, but what was interesting was when she looked into the property, she too was not keen on taking it.

The listing price was in the range of $40,000 – $47,000.

Now I realize an agent doesn’t walk away with much of a commission here.  I certainly understand that.  It’s frustrating that someone would think this is not worth their while.  Yes, the pay is LOW, however, the homeowner works in Boston and imagine her talking about the AMAZING Realtor that got her home sold. Not every home is a slam dunk in commission and sometimes, you have to take the tough ones with the lucrative ones. If you can build relationships with homeowners who sing your praises to other homeowners, isn’t it worth taking on a tough sale?

It’s very frustrating to me that this homeowner was “blown off” for lack of a better term by this TOP agent. Doesn’t she deserve the same respect a million-dollar property owner would?

Maryann Little, Short Sale Mitigation, LLC

Massachusetts Short Sale
New Hampshire Short Sale

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