What If Your Real Estate Agent Could Have Sold Your Home For More Money But Didn’t?

What If Your Real Estate Agent Could Have Sold Your Home For More Money But Didn’t?  Karly Moore - Toronto Real Estate

Earlier this month I had an experience with another real estate agent that left me scratching my head.

First of all, let me clarify. This situation is not typical. Most real estate agents work hard to get their seller clients the most money for their home. However, this situation was different.

It was a Saturday and I had shown my clients five homes so far that afternoon. When we got to the sixth showing, my clients fell in love with the house. It met everything on their “need” list and most of the things on their “want” list. They couldn’t stop talking about this house.

However, we had only just started their home search so naturally they wanted some time to decide whether they were ready to put in an offer on this house or not.

Here is when things start to get fishy and frustrating.

I called the listing agent to let him know that my clients were interested in the house and asked him to keep me posted if the seller’s receive another offer in the meantime.

Listing Agent: We have another offer already.

Me: Really? When is the offer valid until?

Listing Agent: 11:59pm tonight.

Annoyance #1: As a listing agent, it is standard protocol to inform the agents who have scheduled showings for the property that there has been an offer submitted. I never received a phone call/text/email informing me that there was an offer already on the property.

ME: Ok, I will get back to you shortly to let you know if my clients are going to submit an offer. Please hold off on accepting or signing back the other offer until I call you back.

Listing Agent: Ok

A short time later my clients decided they wanted to submit an offer. They knew they were competing with another offer and they were prepared to offer full asking price.

So I called the listing agent right away and told them that my clients would be submitting an offer and asked what time I could present the offer to him and his clients.

Listing Agent: We already accepted the other offer.

It was 4:30pm. The other offer expired at 11:59pm.

Annoyance #2: I know you are a big shot agent and you likely think you have better things to do then wait around and see if your sellers could get multiple offers or not. But, how are you working for your client’s best interest if you don’t work to get them the most money for their house possible? Having a multiple offer situation almost guarantees your clients sell their home for more money than if they had a single offer.

I then had to call my clients and inform them that the house they had fallen in love with had sold and they wouldn’t get to submit an offer. They were crushed. And I felt awful for them. The three of us couldn’t understand why the agent and sellers would have accepted the other offer before getting the offer from us. They had several hours that they could have waited to see if our offer was better than the one they currently had. I assumed that the other offer they got was for full asking price and that was why they were so eager to accept it quickly.

My clients and I were curious to see what the house ended up selling for. When I the sale price was posted a few days later I was even more puzzled.

It sold for less than asking price.

Annoyance #3: The listing agent sold his clients house for less than it could have sold for. My clients were prepared to offer full price. I suspect the sellers were never told that there was another buyer interested in submitting an offer. I also suspect the sellers will never know that they could have sold their house for more money than they did. It’s a shame. Their real estate agent probably just wanted to sell their house so he could move onto his next listing. Quality service wasn’t a priority.

My clients ended up finding an amazing house and are thrilled to be able to call it home in a few months.