Sellers switch brokers as market slows
February 09, 2009 01:50PM
Brokers have yet another reason to be frustrated. On top of dealing
with the glacial pace of sales, they are now increasingly faced with
sellers switching to a new broker with the hope that the change will
bring in new buyers. "Frequently when the market gets tough, sellers
believe for some reason ... that they're going to
do better if they move from one exclusive agent to another and we're
seeing more of that these days," says Frederick Peters, president of
Warburg Realty. On this week's Webcast, The Real Deal's Jen Benepe
talks to Peters and to Paul Purcell, partner at Braddock + Purcell,
about this phenomenon and how brokers should cope. Click on the image below to hear the Webcast.
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Comments
Anonymous
If brokers were smart they would be firing their clients. I saw a 2 bed 2 bath rental yesterday for over $12K - there's no way it rents for more than $8K. I can't believe the broker would waste time like that. Fire your client or get him to lower his price. There are thousands and thousands of units out there, you must be more selective in what you chose to represent.
Comment #1 Posted By: Anonymous 02/09/09
Anonymous
A bit late for that! They should have fired their broker before buying! These people have dragged thousands of buyers into making a terrible investment! All they cared about was getting their cut with no concern whatsoever if people could actually afford the property. I wish them to pay a harder price that these irresponsible buyers currently are. Greedy B#stards!
Comment #2 Posted By: Anonymous 02/09/09
Anonymous
Its called business. If you are selling and someone is buying, that's business. If you are selling your product for more than its worth and someone buys it, its called a profit. I don't see how we can blame the real estate brokers for this.
Comment #3 Posted By: Anonymous 02/09/09
Anonymous
Hardly unusual really. I dont think anyone should give a broker a listing for more than 90 days, after that they lose interest anyway.
Comment #4 Posted By: Anonymous 02/09/09
Anonymous
A good broker has always been able to keep his customer past the exclusive period. Not anymore. There are too many worries for sellers and the sinking feeling that maybe the problem is the firm you listed with is too big, or the broker isn't a name brand is pushing the sellers. I agree with #1. If they're not going to drop the price they're not goint ot sell the property anyway.
Comment #5 Posted By: Anonymous 02/10/09