Choosing The Wrong Agent

by Darrin DeRoches December 16 - 22, 2010

I find the methods people use to find their real estate agent really interesting. After the fact it’s always easy to cast judgment, but I must hear at least one horror story a month from people who pick the wrong agent. Here is this week’s sad story.     A lot of people ask your opinion on the housing market and then they go and pick another agent. This happens for a variety of reasons: friends, family, or marketing are most common.  In this particular case, the buyers fell for the marketing.  The couple is looking to relocate to London, and they started go to open houses, and they met an agent who claimed they were the number one agent at their brokerage for the past four years. So the buyers believed she knew what she was doing, and they decided to use her for their search.  A couple of weekends ago, they went out to London to view some properties.  They sent her listings for two homes they liked, and she picked out four others. The viewings began with the properties the agent picked out, which were all priced around $500,000, even though they said their budget was a maximum of $450,000.  All the houses they were shown were nice, but the final house – one of the two they chose themselves – was the front runner.     So while they were looking around they told the agent that they loved the house and would like to get their father through to help make the final decision.  They were really excited that they found a perfect house for about $400,000. Then London had a huge snow storm, and they call the agent to arrange a showing for their father so they can buy their dream home.  The agent says that due to snow, they cannot get in – but she also mentions that the house has been up on the market for two months with no offers, so not to worry. The couple stayed in London waiting to get access to the house so they could put in an offer.  Tuesday rolled around, and lo and behold, they could get into the house – but there had been an offer from someone else, and it was accepted.     They agent made excuses and the couple started to lose it. Well, the wife did, and she called the agent and freaked out; she called the selling agent and freaked out; she even Googles the property and finds the owners’ information and calls them.  After the dust settles, the agents got together and made up  excuses. The sellers are furious too, since they could have had competition and made more money on their home.      So, the moral of this story?     If the agent is talking more about themselves and how they are number one in their office (big freaking deal) and how they are this and that, run! Also, if you love a house, make an offer immediately. No matter what the agent says, write it and secure the property – your clauses will always give you an out.  Lastly, pick an agent by their business and negotiation skills, not by their ego and marketing skills. Bigger is not always better!  V Darrin DeRoches is a local real estate and mortgage broker. He can be reached to answer questions, comments or stories about real estate experiences through this weekly column at mail@uniquerealty.ca.