Vail Daily column: Time to dump real estate agent?
Ask a Realtor
I am a real estate investor, and I actually have never run into this problem before. I don’t own any huge properties, but lots of small rentals, which has proven to be very lucrative for me. A few months ago, a bank-owned property came on the market where I own one other unit. It is in need of a lot of renovation, but that is fine with me.
The real estate agent I have used in the past has recently retired and he recommended someone else to help me. The new Realtor very reluctantly submitted my offer, saying he thought it would not work and that the property was worth much more. My offer was countered very close to the asking price, not close to what I offered, so I did not move forward.
Now the property has had a significant price reduction, and I want to submit my same offer, which is still substantially under the new asking price. My Realtor is refusing to submit the offer, saying it is ridiculous to try it again and I need to get realistic. My offer is all cash and I am very frustrated with the attitude and lack of assistance from this agent. I am willing to go up in price if the bank counters this time, but my Realtor has not even asked me if I would do that.
I hate to hurt my past agent’s feelings by dumping this guy, but I am very tired of arguing and would like some help acquiring this property. What are your thoughts?
I would say you need a different Realtor, unless I am missing much of this picture. I am guessing you did not sign a Buyer Agency Agreement, or the agent would never act this way.
There is nothing wrong with your Realtor advising you as his client, and certainly that is part of his job. However, if he were your buyer’s agent, he would be obligated to write and submit your offer(s) or terminate the agreement that says he is your agent and owes all his fiduciary duties to you.
Did your new Realtor ask you what your goals are and your financial capabilities and desires are? It sounds like you would like to have this property in your portfolio, if you can secure it at what you feel would be a fair price. I fear that if your Realtor’s skills are poor in dealing with you, it will be difficult to feel comfortable that he will do a good enough job negotiating your offer with the listing agent so that you might get an acceptable counter in return.
The problem you have encountered is something that seldom happens in our market, as we have many great agents with superb negotiating skills in our valley. I am sorry you did not experience these skills yet. Please check with your friends and fellow business people and get a good recommendation for an excellent Realtor to help you achieve your goals. The great Realtors are here and anxious to help you! Good luck.
Joan Harned is an owner and broker for Keller Williams Mountain Properties and heads up Team Black Bear, her own real estate team. Harned has been selling real estate in Eagle County for 27 years, is a past chairman of the Vail Board of Realtors, past Realtor of the Year, past director on the Great Outdoors Colorado Board and a member of the Luxury and Land Institutes. Contact her with your real estate questions at Joan@TeamBlackBear.com, 970-337-7777 or http://www.SkiAndTeeHomes.com.
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