Give the real estate agent a 2nd chance or move on?

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Give the real estate agent a 2nd chance or move on?

Account Closed
Homeowner · Pittsburgh, PA · Member since 2014 · 854 posts · 511 votes

Although I wasn't really looking for a realtor, the property manager where we vacation recommended one to me to assist me in locating a vacation rental. She said she would pass on my name to him, and that he wasn't pushy. I didn't object because I could use someone to obtain information not included in the MLS.

He e-mailed me at work and despite getting my out of office sent another message asking me to contact him.  I sent him an e-mail last night that listed my vacation property criteria.  I specifically told him St. Pete Beach and even emphasized sections that we find more desirable.  I also told him that I am always interested in any listing in the particular resort that we stay, although I told him I would steer clear from back units based on my conversation with the property manager.  My criteria also included a price range.

Today I come home to find a couple e-mails from him. The first one mentions a listing he has in the resort we stay in. Although the price exceeds my limit, he states that it is an income producer. Well, the property isn't in the multi list and I am almost certain he doesn't actually have the listing. I was told last week that it was for sale (expired listing) but she didn't have a realtor. I am also friends with the owner's son of that particular unit. But even if he obtained the actual listing this week and hasn't submitted it to the MLS, IT IS NOT A GOOD INCOME PRODUCER! How do I know? The property manager told me. The owner's son has told me for 10 years that the unit doesn't rent well. So what in the world is he basing this on?

The second e-mail contained 22 listings, and only two were in St. Pete.  Both exceeded my price range.  Of the 22, maybe 6 were in my price range.  But most aggravating is that 20 out of 22 listings were for other beaches!!!  He is trying to sell me on Treasure Island and other beaches further north that sell for less.  I know they sell for less, but they were not included in my search criteria.

My wife thinks I should give the guy another chance, but I think I should just cut him loose.  I mean he totally struck out on all aspects of his first attempt.

Mostly this post is about needing to vent, but also curious whether or not you would move on or try to get this agent on the same page as you?

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Jean BolgerPro Member
Aurora, CO · Member since 2012 · 2k+ posts · 1k+ votes
12y

I'd drop him. You've already given him very specific criteria, and he didn't follow directions.

If he had written explaining that he really thought you might want to loosen your criteria and why, and then provided the other options, that would show initiative. This, though, is just scattershot. If you wanted a random overview you could get that yourself on Trulia :)

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  • Jean BolgerPro Member
    Aurora, CO · Member since 2012 · 2k+ posts · 1k+ votes
    12y

    I'd drop him. You've already given him very specific criteria, and he didn't follow directions.

    If he had written explaining that he really thought you might want to loosen your criteria and why, and then provided the other options, that would show initiative. This, though, is just scattershot. If you wanted a random overview you could get that yourself on Trulia :)

    3Reply
  • Elizabeth Colegrove
    Hanford, CA · Member since 2013 · 5k+ posts · 1k+ votes
    12y

    Trust me! Drop him, it doesn't get better. You will only feel more stuck. i find great agents looking on zillow at the number of reviews. Sending them you list and seeing who gets back to you.

    2Reply
  • Account Closed
    OP
    Homeowner · Pittsburgh, PA · Member since 2014 · 854 posts · 511 votes
    12y

    I forgot to add that he only included Condo Hotels, which allow for short term rentals.  I told him properties that allow for short term rentals were a preference, but I also wanted to see Condos with a Days in Lease of 30 days or less.  Not a single Condo property included in the list. 

    0Reply
  • Thomas Weir
    Investor · Riverview, FL · Member since 2014 · 114 posts · 33 votes
    12y

    I would probably move on since it's obvious he's not a good listener. You gave him your criteria and he came back with listings out of your specified price range and out of the area. Then again  I wouldn't expect too much from him as far as looking at it from an investor point of view. Maybe you could just get a few realtors to send listings in that particular zip code and do your own due diligence to verify if it's an income producer. I was looking at property on Pass A Grille, but was too pricey!

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    OP
    Homeowner · Pittsburgh, PA · Member since 2014 · 854 posts · 511 votes
    12y

    Follow up question.  Assuming I go through with dropping him, do I simply tell him that he didn't meet my expectations or do I list all of the ways he missed the mark?

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    OP
    Homeowner · Pittsburgh, PA · Member since 2014 · 854 posts · 511 votes
    12y

    @Thomas Weir 

    The thing is I really don't need a realtor for listings. I have an account on listingbook.com, which provides me with real-time MLS data. The only reason I want to develop a relationship with an agent is to request further information when I do encounter a property I like. Sadly few agents actually enter the details investors need to do a thorough analysis.

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  • Account Closed
    OP
    Homeowner · Pittsburgh, PA · Member since 2014 · 854 posts · 511 votes
    12y

    @Jean Bolger   @Elizabeth Colegrove 

    Thanks for the replies.  I do think I could get him on track, but I was so annoyed by his first attempt that I really don't want to. 

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  • Thomas Weir
    Investor · Riverview, FL · Member since 2014 · 114 posts · 33 votes
    12y

    @David R.

    Does listingbook.com show the listing agent for a particular property? If so they should be able to give you the information you need to analyze the property. If a listing is expired I would probably reach out to the owner directly. I understand having a realtor to get the additional information needed on a property, but they need to have some experience working with investors. I get frustrated when I ask them for operating data on income producing properties and they email me back with ballpark figures.

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  • Account Closed
    OP
    Homeowner · Pittsburgh, PA · Member since 2014 · 854 posts · 511 votes
    12y

    @Thomas Weir 

    No, it doesn't show the listing agent.  To get an account, you have to have a real estate agent set it up for you.  It is marketed as a tool to aide agents, and no agent would want to use it if their buyers had easy access to the listing agent. 

    As for the expired listing, I really don't have an interest in that particular property.  I am good friends with the owner's son and could easily negotiate with her directly. 

    0Reply
  • Thomas Weir
    Investor · Riverview, FL · Member since 2014 · 114 posts · 33 votes
    12y

    @Account Closed

    Here's a Free MLS site I use for the Bay Area that shows the listing agent and other information. Hope this helps

    http://myfloridahomesmls.com/HomePageMFR.aspx

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  • Account Closed
    OP
    Homeowner · Pittsburgh, PA · Member since 2014 · 854 posts · 511 votes
    12y

    @Thomas Weir 

    Thanks.  That is a pretty cool site.  I like how you can click on the different grids to narrow the search.

    0Reply
  • Doug Merriott
    Residential Real Estate Agent · Tierra Verde, FL · Member since 2013 · 276 posts · 130 votes
    12y

    @Account Closed you found a Realtor that did not listen to your needs??? That is shocking... 

    Every Realtor is told "no" a number of times during the course of the day. This guy should just roll with it and continue on to the next person whose needs he will ignore. 

    I really wish I knew the beaches I would reach my hand out. ...funniest thing is that my KW office is on Corey Ave in St. Pete Beach. 

    1Reply
  • Account Closed
    OP
    Homeowner · Pittsburgh, PA · Member since 2014 · 854 posts · 511 votes
    12y

    @Doug Merriott 

    Considering how eager he was to help me, I was really shocked he screwed it up so bad.  I was an agent here in Pittsburgh several years ago, and setting up lists for buyers was a pretty simple task.  Especially when they tell you what they want!

    I am going to type up an e-mail now to let him know he didn't meet my expectations.

    1Reply
  • Account Closed
    OP
    Homeowner · Pittsburgh, PA · Member since 2014 · 854 posts · 511 votes
    12y

    I typed up a response and sent it to the agent.  I originally blasted him about the solid income producer that he may or may not have as a listing, but I decided to edit it out before sending.  On the chance that he is in the process of obtaining that listing, I don't want any of my comments to jam up the property manager who revealed it is difficult to rent. 

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  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    12y

    Sounds like a used car salesman to me and you are right to give him the swift boot. While it is not your responsibility to train this agent, you may or may not want to educate him on how he failed so miserably and perhaps he can learn from it, either way, move on.

    Also, you are right not to mention your inside information, that is a need to know basis and this guy clearly does not need to know that. 

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  • James Wise
    Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 30k+ posts · 20k+ votes
    12y

    Just shoot him an email saying your going to go in a different direction.

    1Reply
  • Account Closed
    OP
    Homeowner · Pittsburgh, PA · Member since 2014 · 854 posts · 511 votes
    12y

    @Will Barnard @James Wise 

    I did explain to him how he failed to meet my expectations.  i.e. only 2 of the 22 properties being in my search area.  I am glad I proofread it before clicking send because it definitely wasn't necessary to reference my inside information, and it could have caused unintended harm.

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  • Account Closed
    OP
    Homeowner · Pittsburgh, PA · Member since 2014 · 854 posts · 511 votes
    12y
    1Reply
  • Paul S.
    Investor · Valparaiso, FL · Member since 2014 · 374 posts · 76 votes
    12y

    I would drop him and just say that you are no longer needing his help and thank him. Then I would look around on BP and make some connections in the area you are looking for then perhaps someone could recommend a realtor and you could establish a relationship with that person.

    Good Luck!

    1Reply
  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    12y

    Hi David,

    I do commercial real estate only. I have been a principal broker and investor now for about a decade and I had 50 agents at one time but got rid of them all.

    It's not fun having a bunch of agents if you have to babysit them all the time and do the work for them to get it closed ! lol

    That was on the residential side years ago when I was going to grow it big and have one of the larger residential companies buy that part of it out. I just decided it was too much headache. I just look at investments for myself now for commercial and work with clients one on one and love it. 

    Being an investor or not every buyer wants a deal. People like to feel they are getting ahead in the world at a faster pace than everyone else.......... : )

    Most times a regular buyer says they want something selling for 600,000 for 400,000. So agents show them things to prove it's not going to happen and they need to come up. Now if the buyer waits 1 year, 2 years do they find that one in a thousand shot?? Maybe or maybe not. For an agent that is a waste of time because time in is high and chances of finding the property, being the winning bidder, and closing it is very low. The agent might still look from time to time but not put a lot of energy into it.

    The fact that the agent said income generator means they possibly do not understand the numbers completely. While you may not like the property they have listed for sale and pay that price there are likely multiple buyers out there who would and they just have to find them.

    I have learned over the years in commercial each investor would pay a different price for the same property. For some they are overseas and it's just an investment. For others who are local they might accept a lower price to add to their existing portfolio and average returns higher with other properties. Someone might be doing a 1031 exchange and be under a time constraint to buy into a good deal but not a great deal. The reasons I have seen are endless.

    What the agent should have done is simply said they did a search and what you are wanting in that location for the price is very hard to find. All they would have to do is go back in MLS for 6 months to 1 year and see if anything in your area was close to your price range listed or sold. If nothing that pretty much says it will be a needle in a haystack scenario.

    The agent should have said simply they couldn't help you and leave it at that.

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  • Account Closed
    OP
    Homeowner · Pittsburgh, PA · Member since 2014 · 854 posts · 511 votes
    12y

    @Joel Owens 

    You make excellent points.  When I was an agent several years ago, I encounter some buyers with totally unrealistic expectations.  You're right.  In that situation, the agent either needs to decline to work with the buyer or explain that their expectations are not realistic in the current market.

    Although my range is definitely on the low end for that market, my expectations are not unrealistic.  He just simply failed to listen.  He only included properties that are classified as Condo-Hotels.  Had he included Condos there would have been plenty of St. Pete Beach properties in my price range. 

    As for the particular property he claims to have listed, the owner has had it on and off the market for several years.  She has unrealistic expectations.  She is trying to get Gulf Front $ for a Gulf View unit.  I was told what the seller was willing to accept and how much it grossed last year.  I truly think he was just talking out of his @ss with his statement about the income.

    1Reply
  • Wayne Brooks
    Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    12y

    Geeze, the agent doesn't know/care about the difference in a condo-hotel unit verses a condo unit?  Two different worlds.  I'd certainly question him on it, and see how he responds.

    2Reply
  • Matt Granger
    Elgin, SC · Member since 2013 · 42 posts · 9 votes
    12y

    Personally as an agent, if i sent listing outside of my clients search criteria, I would explain why I did it at least. Sounds like he just did a zip code search and blasted out all that showed up on MLS, it's not hard to find exactly what someone is looking for with MLS...and if there isn't alot in the target market, you explain that when you send out other listings.

    2Reply
  • Will BarnardPro Member
    Moderator
    Developer · Santa Clarita, CA · Member since 2008 · 15k+ posts · 10k+ votes
    12y
    Originally posted by @James Wise:

    Just shoot him an email saying your going to go in a different direction.

     James, I personally would not do this, why lie. What happens when he buys in that area and the agent sees the closing info, now it is clear you lied. There is absolutely nothing wrong with simply being honest and stating to the agent that he failed in your eyes and you are moving on without him. It has already been handled at this point and I believe it was handled appropriately.

    The truth shall set you free!!!

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  • Matt Granger
    Elgin, SC · Member since 2013 · 42 posts · 9 votes
    12y

    I agree with Will above. If I screwed up some how or didn't meet your expectations, I would like to know, so I can fix the problem if it is a legitimate issue.

    1Reply
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