What gives? A reader writes:
Candy,
I’ve had a couple of recent broker interactions that I found to be strange, and wonder if you could help me out. The pattern is this: a property in which I’m interested suddenly sports a for sale sign. I call the listing broker… then, I never get a call back. Within a week, the property is sold.
What the heck is going on? Don’t brokers owe a fiduciary duty to their clients to, at the very least, return the phone calls of prospective buyers and test the market? How are they able to identify and recommend a sale to their clients within just a few days of a property being listed when they don’t even respond to indications of interest?
This doesn’t make sense to me.
Thanks – AP
Dear AP: This is symptomatic of a hot, competitive market where homes go on the market and are sold in DAYS. Did you see our post about the $400,000 starter home in Hollywood heights? 903 Monte Vista. Note the time-line: the home was offered up in January of 2014… listed Jan. 20, 2014, active in MLS February 20, 2014, first contract came in and was executed February 23, back-up February 24. Home had 24 showings and 6 offers, only one below asking, three above list. So it had contracts (multiple) THREE days after hitting MLS.
I think the agents are scrambling busy. They would like to keep a home on the market long enough to get a better price, but in a pressure cooker market like our’s, it simply may not be possible.
OK, anyone else agree with my response. Or disagree? I do think, however, a SMART agent or broker always returns a phone call IF he or she wants a future customer!
