Too much, or not enough?
How much information is your listing agent giving away to get the deal done…?
When it comes to real estate negotiations… there is a fine line between too much information to give away, and too little.
So where is the line drawn?
Well, it’s not specific.
If my seller or buyer requires a strict timeline for conditions or closing… then I need to find a way to implement it into negotiations.. without revealing why.
The second a listing agent reveals that their client(s) HAVE to sell by a certain date, you know right away that you have grounds for intense negotiations (as the buyer).
It’s kind of like the listing agent is a witness in a court of law and being pressed be the opposing counsel.
You have a truth to tell… but you need to do so without incriminating yourself (jeopardizing your client).
Although… if you don’t work toward accomplishing the goal your clients have in terms of pricing or timelines.. then you’re really not doing your job as their representative.
I’ll give you an example which happened to me yesterday…
My client and I viewed a unit in High Park over the weekend… my client found the unit functional for his needs.
So, I called the listing agent to try and dig.
I did a little digging through conversation and I found out that the seller of the condo in High Park had purchased a home which he closes on May 15th… and that he must sell this unit with a quick close for May 14th 3-weekk timeline).
My client is able to do a quick close… Which the majority of the market is not able to do. Making us one of the small pool of buyers out there.
So we submitted our offer way under the list price.
The list price of this unit was fair and it should of sold for the $549,000 it was listed for.
We got the deal accepted today.. It’s conditional so I cannot release the price but I can let you know that we were able to leverage our position of being informed for my clients benefit.
Is your agent giving away too much.. or too little information when it comes to accomplishing your real estate goals?
I would suggest you press them a little and see what type of reactions they get under pressure… You may have a different view of their representation of you afterwards.