When you hold offers, it should be done efficiently and effectively. However, some agents have no common sense and just waste everyone’s time.
So this is basically going to be rant blog post of a story of a listing agent that is stupid. I’m just going to call it what it is.
Let’s define “stupid” first…a quick google search brings this: “lacking intelligence or common sense.”
I think that’s good definition…keep that in mind.
I’m in the process of helping a couple friends find a home in the Toronto area. We’ve seen a bunch, bid on a few and lost and then came across this beauty (pictured above).
Good lot, well kept inside but very dated inside. Great location, in between the Yonge-Eglinton and Davisville station. It was listed just under $1.1M.
So we do our research, see what has been selling. The one directly across the street sold within the past 3 months for $1.475M but it was fully updated inside, large kitchen, updated bathroom etc. A great comparable to determine our offer price.
Offer day comes and we decide to go in at $1.35M.
I call up the listing agent, and they seem very organized saying offers presented at 6:30pm…they’ll go through them very quickly and there’s currently 6 offers.
Seems good so far. We arrive at the listing brokerage’s office and clients come as well to see if we can sway the Seller in anyway with our offer…we were then notified that it was 21 offers total.
The listing agent should be updating all agents who are presenting with the # of total offers…but obviously they didn’t. Maybe they got a bit overwhelmed. Whatever…we’re going in at our max price point clients feel comfortable with.
I present our offer just before 7pm and I was probably the 5th or 6th to present. Unfortunately they didn’t let any potential Buyers into the presentation, just the representing agent…that’s okay.
In the presentation, I let them know, I don’t want to waste anyone’s time…if someone beat us, let me know and we’ll leave…then they say “you never know, just stick around, we’ll be done in 20 mins”.
Okay, that’s not too long…
20 mins go by…
The listing agent comes out, brings another offer in to present and says “we’re almost done…20 more minutes”…
So we wait another 20…
At this time, all the agents waiting were getting pretty frustrated and we jokingly were trying to see who had the highest offer to figure this amongst ourselves instead of waiting for this listing agent that doesn’t seem to respect anyone else’s time.
And we wait another 20…
I figure this listing agent knows how to tell time as much as Jayden does (my 4 year old son)…which is not very well!!!
We’ve finally waited almost 2 hours and all agents have presented the offer.
The listing agent comes out and talks to a few agents, and they leave. They come to me and said, “your offer wasn’t strong enough and we’ll be working with someone else”….
You made us wait 2 fucking hours to tell us this?
I said to them..”why would you make us all wait if you knew we were beat? why waste everyone’s time?”
And they go “oh give me a break”.
Seriously wanted to drop-kick them right there.
At this time we don’t know how much the sale price was.
We found out after that the sale price was $1.6M.
The winning offer beat ours by $250K and you still made us wait around 2 hours. What common sense makes it that you would keep us around?
How stupid are you?
Ok end rant. lol
Offer presentations, especially with this large number should be done efficiently and effectively. Take a base offer, if you don’t come close, you should just tell that agent / buyer to go home, they’re not competitive enough.