Beware of Agents That “Buy” Listings

By: Jorge Lopez, June 15, 2016

One of the traits of a reputable real estate agent is to help you determine a price that’s competitive but will still get you as much money for it as possible. This is one of the many reasons why you should stay away from agents that are willing to “buy” your listing.

Agents willing to buy your listing are so intent on selling your home, they will agree to whatever price you determine is best even if it’s well above what comparable homes are asking. They are well aware that the odds of your home actually selling at such price are slim and that you’ll eventually agree to several reductions in price. Buying the listing may work for select agents because they get cut into a commission payout that they would not have received had they lost the listing to competitors who counseled lower prices. They also enjoy the perks of having their name on the For Sale sign.

As a homeowner, overpricing your home can mean several months of waiting for it to attract any buyers, even if the price is reduced. Serious buyers will ignore new listings with inflated prices and there is a chance they won’t return once the price of the home is inevitably reduced. By the end of the home sale, you risk possibly having a final price that’s well below what you could have realistically received had you priced the home competitively right from the beginning.

When evaluating agents take a close look at their sales record, their marketing expertise and references so you don’t end up with someone who just wants to make a big commission or attract new clients.

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