22 April 2013 ~ 0 Comments

My Rant on Inconsiderate Sellers and Weak Agents!

Recently I have come across a few blog posts by Realtors® sharing their rant(s) about current frustrations in the happenings of Toronto’s frenzied real estate market.

I have one to add to the list.

Inconsiderate Sellers compounded by weak real estate agents.

As all are aware Toronto’s housing market is in a complete frenzy as multiple buyers frantically search for a home, in a market that has too little supply.  Added to that is an intensified number of licensed real estate agents as members of the Toronto Real Estate Board.

The almost always taken listing price tactic being used today is pricing the home low, creating a stupid amount of showing activity over a one week period, and then setting a date in which offers can be presented (if any).

This tactic has gotten way out of control and no one in the real estate industry is doing anything about it. Free market conditions they say. Bul$%@* is my response!

My rant centers on sellers who limit showing times…. while holding back offers on a set date! The past few weekends I had tryed to schedule showings for two different clients, both looking in well established and demand areas.

On one property I was first confirmed for a Friday 6:30pm showing, which was cancelled Friday afternoon and asked to be rescheduled before 5pm. Offers are on Tuesday…and I can’t show it after 5pm Friday, Saturday, Sunday and Monday. The “seller” has asked that we come through the public open house over the weekend!!

Another property with an almost identical scenario, with the exception that we can show Saturday morning (all times double and triple booked the receptionist tells me) is on my list as well. Lucky me.

The third property also wants us to come through the open house, as the sellers are getting too many appointments I’m told!! WTF?

Here is where I say inconsiderate and greedy sellers along with their weak agents need to wake up! What about the schedules of the buyers? Do you not think they might have responsibilities as well? Maybe a job for instance? This would be nice…says so the bank who is going to lend them the money to buy the home!

How about kids? Do you not think they too might have kids of their own and schedules to adhere too as well? Is it too much to ask for a viewing in sort of a semi-private nature? Maybe without the noisy neighbours and tire kickers in tow.

AGENTS. Prepare your clients in advance on what will happen when you price your home $150,000 below the reasonable value. Yes it’s going to be busy…you are creating that by setting such a stupidly low price!

Maybe this needs to be taken out of the Realtors hands? Brokerages aren’t doing anything about it either. I think it’s time for the banks to come up with a rule. Maybe something like…they will only lend on the posted list price for sale + 10% max?

Yes I know this won’t fly in a free market economy but maybe even the threat of it will shake some sense in to sellers and their weak agents who keep perpetrating the anger that frustrated and some pissed off buyers are feeling.

Banks are starting to catch on and tightening up on their appraised values. Remember what you pay for a home is one thing. What the bank will lend you against that home is another.

As an agent I am used to this type of behavior and for the most part, it’s part of the job. But I’ve noticed it getting worse of late, which sucks for today’s buyers.




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