Ask Candy: Symptoms of the Hot Market — No Call Backs from Brokers, No Nada
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What gives? A reader writes:
Candy,
I’ve had a couple of recent broker interactions that I found to be strange, and wonder if you could help me out. The pattern is this: a property in which I’m interested suddenly sports a for sale sign. I call the listing broker… then, I never get a call back. Within a week, the property is sold.What the heck is going on? Don’t brokers owe a fiduciary duty to their clients to, at the very least, return the phone calls of prospective buyers and test the market? How are they able to identify and recommend a sale to their clients within just a few days of a property being listed when they don’t even respond to indications of interest?
This doesn’t make sense to me.
Thanks – AP
Dear AP: This is symptomatic of a hot, competitive market where homes go on the market and are sold in DAYS. Did you see our post about the $400,000 starter home in Hollywood heights? 903 Monte Vista. Note the time-line: the home was offered up in January of 2014… listed Jan. 20, 2014, active in MLS February 20, 2014, first contract came in and was executed February 23, back-up February 24. Home had 24 showings and 6 offers, only one below asking, three above list. So it had contracts (multiple) THREE days after hitting MLS.
I think the agents are scrambling busy. They would like to keep a home on the market long enough to get a better price, but in a pressure cooker market like our’s, it simply may not be possible.
OK, anyone else agree with my response. Or disagree? I do think, however, a SMART agent or broker always returns a phone call IF he or she wants a future customer!
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Good agents, and good business people, make it a habit to return all calls, if not the same day, then no later than the following day. Even if the agent doesn't want or need a new client. It's just good business and common courtesy. I believe the rest of your scenario is right on.
Good agents, and good business people, make it a habit to return all calls, if not the same day, then no later than the following day. Even if the agent doesn't want or need a new client. It's just good business and common courtesy. I believe the rest of your scenario is right on.
By not returning calls, agents and brokers are turning off potential clients and referrals by not returning calls. They may not need a client right now, but who's to say they won't need one later. And that potential client will remember getting snubbed, I promise you that!
We know this, too: the market is hot right now, but oh baby can it cool…
By not returning calls, agents and brokers are turning off potential clients and referrals by not returning calls. They may not need a client right now, but who's to say they won't need one later. And that potential client will remember getting snubbed, I promise you that!
We know this, too: the market is hot right now, but oh baby can it cool…
Yard signs are still a good way to market a home for sale, but, it is a slower and less efficient means of finding a buyer. More buyers are online, than out driving the streets. It is such a hot market right now; sometimes, the house is sold before our sign is delivered and inserted in to the front lawn! I would suggest that this buyer hire a good agent who is connected and has proof of closed sales in the desired price range within the last 12 months. Then, that good agent will work for you to let you know about homes that are for sale. (Still not an excuse for not returning your call – that's embarrassing and should not happen in any business.)
Amen sista! I see several homes in print now that are already sold or under contract. Hec, sometimes even a Tweet is too slow!
Yard signs are still a good way to market a home for sale, but, it is a slower and less efficient means of finding a buyer. More buyers are online, than out driving the streets. It is such a hot market right now; sometimes, the house is sold before our sign is delivered and inserted in to the front lawn! I would suggest that this buyer hire a good agent who is connected and has proof of closed sales in the desired price range within the last 12 months. Then, that good agent will work for you to let you know about homes that are for sale. (Still not an excuse for not returning your call – that's embarrassing and should not happen in any business.)
Amen sista! I see several homes in print now that are already sold or under contract. Hec, sometimes even a Tweet is too slow!
No question, Candy… you never know what that call can lead to, and all calls should be returned. If an agent is too busy, they should bring in extra help.
No question, Candy… you never know what that call can lead to, and all calls should be returned. If an agent is too busy, they should bring in extra help.