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Ruthmarie Hi…, Real Estate Pro in Westchester County, NY

Agents: can you truly trust yourself to be objective in listing and selling your own property?

Asked by Ruthmarie Hicks, Westchester County, NY Tue Aug 14, 2007

I recently had a negotiation with an agent /seller who in many ways seemed to be his own worst enemy. I’ve noticed this trend before in agent/sellers. They seem to want the moon and stars – not unlike some of my clients. In my experience, agents selling their own properties also tend to be more emotional about their own listings. Recently, just for the fun of it, I tried to put a price on my own property and found myself trying to justify a very high asking price. Perhaps this is a compelling argument for the value of third party negotiations. Discuss.

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9
Ruthmarie,
I wish I had Sylvia's resolve... For a primary residence: I think most of us would make poor decisions for emotional reasons. For an investment property: the detachment may make this possible, but not advisable due to licensing and liability risks.
1 vote Thank Flag Link Thu Aug 16, 2007
Ruthmarie
In my office you are not ALLOWED to sell your own properties. For all the reasons mentioned, "an attorney who represents himself in court has a fool for a client"
Keith
1 vote Thank Flag Link Wed Aug 15, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
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No, plus this is a risky proposition since most E&O insurance does not cover you when selling your own property. I think most prudent brokers would prohibit this practice if they knew about their coverage limits or knew their agents were doing this.
Web Reference: http://www.teamlynn.com
1 vote Thank Flag Link Wed Aug 15, 2007
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
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O.K. I am the loner here. I guess I answered straight to what was asked - if I could trust myself to be objective enough in listing and selling your own property. And to be honest, I also put a disclaimer …’ just wait for that complex negotiation comes in .’

I was also not addressing all the other issues – legal, liability,. ..etc – all the good logical thinking parts.

Update on the story I cited in my previous post – the agent did put the house back on the market with another realtor representing him.. So I think he decided against to sell it by himself again after all.
0 votes Thank Flag Link Thu Aug 16, 2007
Sylvia Barry,…, Real Estate Pro in Marin County, CA
MVP'08
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I recently sold my husbands house (he had it before our marriage) and boy was that AWFUL. He was everyone's worst seller. It has since sold and we were able to move forward. When it comes time to sell our home again I will co-list with an agent that I trust to shoot me strait.
Web Reference: http://www.mtils.com
0 votes Thank Flag Link Thu Aug 16, 2007
I would not risk my license. I would hire another Realtor to do this for me..
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Thu Aug 16, 2007
Cindi Hagley,…, Real Estate Pro in San Ramon, CA
MVP'08
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An interesting question, and something I actually experienced a couple of years ago. I listed my (and my husband's) own 2-flat, and found myself to be my worst pain-in-the-you know what client. When we received an offer, I actually got offended by the price rather than trying to be open-minded about working towards a happy middle ground! This is the one thing I always encourage my own clients to do, and look at me, the hypocrite agent.

In the end, because my husband and I were too emotionally attached, I found myself longing for another agent to handle our transaction.

Anyway, we ended up taking it off the market simply because we had a lifestyle change, but it was a good lesson that helps me better understand my clients now.
0 votes Thank Flag Link Wed Aug 15, 2007
Patti Pereyra, Real Estate Pro in Chicago, IL
MVP'08
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Absolutely Not!

When I buy or sell a property I always use another Realtor to represent me. It is well worth the time, money and energy involved. I believe we can be too emotional when we are acting as our own representative. As you said, sometime we get in our own way.
Web Reference: http://pamwinterbauer.com
0 votes Thank Flag Link Wed Aug 15, 2007
Pam Winterba…, Real Estate Pro in San Ramon, CA
MVP'08
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In another posting recently, we kind of discussed this Agent FSBO his/her own property, which I included below.

As far as I am concerned, I think I can be pretty objecctive because I was a math/statistics major, and managed big projects/teams before, I can be very analytical and detached at points, that side of the brain. So, I think I will be O.K. but oh, wait until that complicated negotiation comes ...

Previous post http://www.trulia.com/voices/Home_Selling/What_are_the_drawb…

I am pulling out my story about a local realtor, here it is again...

A very experienced agent put his house on market on MLS actually, and marketed it. The house is gorgeously remodeled top down, and looked great! After of couple fo times, it's now off the market.

When I chat with him, he said that he actaully had a pretty good offer, but when they got down and were negotiating the details, he could not detach himself from certain things and the contact fell through.

However, when I asked if he'd let other agent list the house when it comes back on market again, he said that he wants to list it himself again, but he has learned form this lesson and will try to treat this more like a regular sale rather than selling his own home
0 votes Thank Flag Link Wed Aug 15, 2007
Sylvia Barry,…, Real Estate Pro in Marin County, CA
MVP'08
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