Do You Have All The Tools To Get The Deal?

Toronto Realtor Prepared or Unprepared

 You Need All The Tools To Get The Deal

At times I wish I were clairvoyant. This way I might just get some foresight into which realtors are going to be problematic.

You can never tell:

  1. It could be the realtor who has been working for 35 years and then tells me this is how we did deals during 80’s.  They usually have business cards with picture of themselves which was taken 10 years ago.
  2. Or the new agent who has no idea on how to write-up a purchase agreement and which is so full of errors and omissions that I will be forced to rewrite to avoid litigation.
  3. The last group is those who bill themselves at a top Toronto realtor, who have long since lost their motivation, therefore go through treating each deal like the last one and the one before that…almost on autopilot.

I unfortunately encountered an agent in this latter group last week.

There was listing I had in Toronto’s east end which was well priced and showed very well. Being the seller’s market that it is presently, I had a preinspection done by a well-known Toronto inspection company.

I knew we would be into multiple offers so on the listing I informed realtors that there was a recent house inspection, noted in the brokerage comments, which could be emailed if requested.

On the night we were looking at offers we had 6 potential buyers who had put together an agreement of purchase and sale.  (On a personal note, I always appreciate the time and effort which a buyer and their agent are committing to in submitting an offer.)

The funny thing here, not one of these agents had asked me to send them the inspection.    Considering that 4 of the 6 offers had no conditions you would think that reviewing the report would have been critical in any discussion an agent had with their buyer.

Two of the offers were both about $60,000 over asking and after allowing both to improve one buyer came up with an additional $10,000 which sealed the deal.    However, the night was still young and little did I know what was still to unfold.

Now the agent was a well-known realtor and you most likely have seen his pearly white smile peering down at your from roof top billboards across the city. 

After signing the agreement,and congratulating the buyer agent on their successful bid, the agent phone his buyer clients to relay the great news.  They were in the area so were planning to directly head to their bank which was 5 minutes away to secure the deposit cheque and then drop it off within the next 30 minutes.

So we past the next 30 minutes with small talk and as another 30 minutes ticked by there was less talk as it seems the new buyers were still a no-show.

Now there was a definite uncomfortable silence with everyone in the room as our hot-shot downtown realtor desperately tried to locate the AWOL buyers.

Finally the agent came back and informed myself and the sellers the wife of the news buyers was having a complete emotional breakdown.  Being first time buyers their major concern was they didn’t  know the condition of the house.    I jumped in to inform them that I could certainly alleviate their concern as I have preinspection report available for them to review.

The new buyers now joined us at the office and I was able to find a spare office where they both had the opportunity to go over the report.   I had to take the lead in this instance as I could see that the buyer agent was no longer able to manage or communicate with his distraught  buyers.

We know by know that this is not going to end well.  It didn’t.

Even with a great house inspection outlining a new furnace, a roof only 1-year-old and no major issues there was nothing that was going to salvage this deal.

The buyers left and their agent attempted a feeble apology but in the end this was crisis of his own making. If he had managed the situation at the beginning there would have a very different outcome.

At the end of the day I phoned the second highest offer and we were successful in finalizing a deal.  You could say we lost $10,000, but in reality we never had that first deal.

Ever real estate agent is different, but what you want is someone who is thorough and not a billboard cut-out.  So if you are putting together any deal you certainly want to go in with all the information and tools you need to be successful.