I see properties listed ridiculously over its value all the time, I call the listing agent (when I have a client interested on the property of course and insists on me calling) and the listing agent kindly explains:
Yes, I know is WAY over-priced but he is not interested in selling otherwise, he just asked me to place it on the MLS to see if some crazy investor will pay his price. If he does not get his price he is simply not going to sell.....
I am talking about properties that are listed 50% or more above their fair market value!!
Thank you but no thank you.
Honestly I do not have the time to waste on such a transaction, phone calls, showings, emails, reviewing reasonable offers and trying to convince the Seller every time that even though our market conditions are currently appreciating his $200,000 home will not sell for $400,000.
Mr Epstein thumbs up, take this listing and
Did the seller communicate with you before taking the listing that he wasn't in any rush to sell? If so that was a warning flag.
In our profession we are compensated when a meeting of the minds has been fully executed. If your seller is not allowing this to happen and you're not receiving leads from this listing contrary to popular belief it's time to have a professional heart to heart talk with the seller to determine where does the working relationship go from this point moving forward.
Also a final thought in closing, I recommend reading over the listing agreement to just check if your broker included a clause on handling matters such as when a real estate agent brings a ready, willing and able buyer to the table offering list price or above (if this is the case) is the seller liable for commission.
Real Living FSR
I agree with you, but many of these FL realtors often take a brutal beating by sellers and buyers who have no problem using and abusing their good faith efforts because they won't stand up for their selves.
They're terrified of enforcing their own contracts...."scared of getting a bad reputation" for what? Demanding compensation when they have fullfiled their contractual obligtions and not allowing being taken advantage of?
If more realtors would enforce their contracts it would help clean up the industry and there would be a lot less of this BC that the poster is having to deal with!
Also although some well known firms may limit their agents to only work as a "Transaction Broker" my firm actually encourages all Realtors to act on a "Single Agent" basis representing either the Seller or Buyer--unless the property is listed by our firm then the buyer and seller would have to agree "in writing" to be able to transition to the lower form of representation of "Transaction Broker".
With normal exclusive right to sell listings thats part of the contract, seller will provide access, and pay compensation laid out. Is this part of FL transactional brokerage deal I hadnt thought of before? You FL agents represent the transaction so that means if there is no transaction you have no recourse. In IL we go after sellers that get sneaky and win!
I would be paranoid that the buyer has contacted the seller directly and is trying to cut you out.
Unless you get a full priced cash offer (doesn't sound like it's possible) you can't take legal action to try to collect a commission. Also would not be good for your reputation!
What I would suggest is hiring an appointment desk like 800-Showing to take all appointment requests and they will contact the Seller for showings.
Hopefully you didn't agree to accompany every showing!
Some may roll their eyes at this, but whatever...
If the seller is a man and if the listing agent is an attractive female, the first thing that I would wonder, is he not selling because it would mean the end of the seller / realtor contact?
If this could be the case, try bring on a male realtor partner to help handle the deal, NOT becuse they are better realtors, but to see how the seller reacts.
Is this the situation?
The Keyes Company
You state the offers are over recent sold comps. Are the offers over his list price? If they're not, I'm assuming you took the listing at a list price over comps? Why? Did you discuss with him the possibility of lowering price if no offers at list price? (I won't list properties over current market value if seller won't agree to lower price if no offers in 30 days - at too high list price). If he won't take offers under his too high list price, you might want to just keep hoping someone will buy the property for more than it's worth, or cancel the listing so as not to waste your time if it's never going to sell due to seller delusion.