I'm 'not a serious buyer,' according to a realtor/broker!

Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes

I made a $60K offer on a property listed for $78K. The listing broker refused to send the contract to the seller. When I had my agent insist that the offer be forwarded the listing broker forwarded but only after commenting that your buyer (meaning me) wasn't serious and ranted on about how buyers like me are a waste of her time... Funny thing is I have three other houses under contract with the same listing agent. I asked my agent to ask the listing agent if they would forego their commission for those three houses since I'm not a serious buyer! :)

Obviously, they are contractually obligated to forward all offers but the sheer laziness of some brokers is galling. They do a fairly limited amount of work and are paid very well for it, but yet they still complain.

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Roy N.Pro Member

Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes

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Originally posted by @Cal C.:

sorry for the confusion but she is a broker!

Report her unprofessional behaviour to the real estate board.

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Helen Kolton
Investor · Perth Amboy, NJ · Member since 2014 · 53 posts · 6 votes
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totally agree with you, I am disgusted with them. we had a pretty bad year dealing with real estate agents. We've been fired at least 4 times and I had fired at least 5 agents.
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Jacqueline Carrington
Investor · Corona, CA · Member since 2014 · 746 posts · 372 votes
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Ooph, making a bad name for the good agents out there lol.
3 Reply
Al Wilson
Investor · Daphne, AL · Member since 2014 · 1k+ posts · 242 votes
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Everything's negotiable. Sometimes, the brokers forget that basic premise. Good luck.
1 Reply
Ned CareyPro Member
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Investor · Baltimore, MD · Member since 2008 · 17k+ posts · 13k+ votes
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I would be calling that agents Broker.
7 Reply
Cal C.
OP
Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes
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sorry for the confusion but she is a broker!
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Roy N.Pro Member
Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
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Originally posted by @Cal C.:

sorry for the confusion but she is a broker!
Report her unprofessional behaviour to the real estate board.
8 Reply
Cal C.
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Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes
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Unfortunately it wouldn't be a good idea...
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Rod Desinord
Real Estate Agent · Pompano Beach, FL · Member since 2015 · 249 posts · 73 votes
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Funny thing is if you offered $1 they would have to send it to the seller for review legally. Thats the type of broker that gives agents a bad name. Do your job.
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Adam BartomeoBusiness Member
Real Estate Broker · Cape Coral, FL · Member since 2015 · 2k+ posts · 1k+ votes
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I am not a fan of realtors or brokers and your example is another reason why. I have run into the same problem before. And, have pulled their punk card by telling them that they were legally obligated to submit the offer.
The more interactions I have with realtorsand brokers the more convinced I become about the complete lack of professionalism and ethics.
I could go on a rant but I won't.
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Lola Traylor
Residential Real Estate Broker · Tehachapi, CA · Member since 2015 · 1 post · 2 votes
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First that Broker may not be the managing broker so you can possibly speak to her "boss". I agree that any real estate agent/broker should submit all offers and it's not their place to speak for the seller. Sounds like she was a little too big for her britches.
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James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
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Did the owner accept, decline or counter?
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Cal C.
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Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes
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Originally posted by @James Wise:

Did the owner accept, decline or counter?
They countered.
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Cal C.
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Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes
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Originally posted by @Adam Bartomeo:

I am not a fan of realtors or brokers and your example is another reason why. I have run into the same problem before. And, have pulled their punk card by telling them that they were legally obligated to submit the offer.
The more interactions I have with realtorsand brokers the more convinced I become about the complete lack of professionalism and ethics.
I could go on a rant but I won't.
My realtor has been nothing short of excellent and has certainly enhanced my investing! My previous realtors, Carol and @j Scott were even better!
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James Wise
Real Estate Broker · Cleveland Dayton Cincinnati Toledo Columbus & Akron, OH · Member since 2013 · 31k+ posts · 20k+ votes
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Originally posted by @Cal C.:

Originally posted by @James Wise:
Did the owner accept, decline or counter?
They countered.
What was it?
0 Reply
Jonathan Pliszka
Financial Advisor · Lexington, KY · Member since 2012 · 150 posts · 66 votes
11y
@Cal C. The short of it is that you probably need a new agent. It sounds like you've been pretty clear with your intentions as you have 3 other properties under contract with the agent already. Very unprofessional and unwarranted on the agent's part. If this was the first time you were working with this agent, I'd be a bit more sympathetic towards them. From an agent's perspective, I've been on the other end when the listing agent absolutely lights me up for the offer you've submitted and insists on never working with you again. This is a legitimate concern of realtors. In smaller communities, this is particularly troublesome because more often than not, the same buyers and sellers agents are interacting quite frequently. Fortunately, I'm in Chicago, a big enough city where I'm less likely to run into the same agent multiple times (although I have) and because my brokerage business is my "second job,' I have no shame in submitting anything for anyone. I've come to learn that with respect to anything in life, it doesn't hurt to ask.
I do agree with @Adam Bartomeo. So many realtors are very unprofessional and are very unethical, not to mention lazy. In many cases, it's amazing how many times I have to contact a listing agent to have a potential client (or myself) even view a place or ask questions.
Long story short, I get your agent's push back, but they're in the wrong here. I'd suggest linking up with an agent who themselves owns property. It's amazing how many realtors own nothing more than the roof over their head. Best of luck with everything, Cal!
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Cal C.
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Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes
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I was mistaken when I write $78 originally it was $79.8 they countered at $78. I countered at $64. This is probably a good deal ~$70, but of course it's a better deal the less I have to pay. :)
I'll pass on it if I can't get them down to my number $70 or lower since I have a lot on my plate already.
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Cal C.
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Investor · Peachtree Corners, GA · Member since 2014 · 1k+ posts · 1k+ votes
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Clarificatiion
My agent/realtor is excellent!
The listing agent/realtor who is also a broker is not!
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Mindy JensenPro Member
BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
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@Cal C., the agent is REQUIRED to present all offers to the seller. She is breaking her fiduciary responsibility to her client by not presenting all offers, thereby breaking the law. (In my state, anyway.) She can and should be reported to the state licensing board.
You said that wouldn't be a good idea. It is a bad idea for a bad agent to continue to practice. Low bids are a part of being an agent, and if she can't handle them, she shouldn't be in the business.
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Brie SchmidtBusiness Member
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Real Estate Broker · Chicago, IL · Member since 2013 · 6k+ posts · 5k+ votes
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Originally posted by @Cal C.:

Clarificatiion
My agent/realtor is excellent!
The listing agent/realtor who is also a broker is not!
Being a Managing Broker myself, I can tell you the hardest part of my job is dealing with other agents. It blows my mind what others think is acceptable communication and work ethic.
That being said, it is against the law for them to not present the offer. I would see if the listing agent is the boss (some states are salesperson licenses with the broker as the boss. Some states are broker licenses with the managing broker as the boss)
I recently had to call the agent's boss about something and it was handled immediately.
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Renea Steward
Massage Therapist · Chicago, IL · Member since 2015 · 613 posts · 84 votes
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@Lola Traylor
Welcome to Bigger Pockets. I noticed that this is your 1st post. We appreciate you sharing with us.
Enjoy as you prosper.....
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Russell BrazilBusiness Member
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Real Estate Agent · Washington, D.C. · Member since 2012 · 17k+ posts · 30k+ votes
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I think what a lot of investors on here often forget is that the listing agents fiduciary duty is to the seller, and not you the buyer. Of course they are legally obligated to submit all offers in most situations. (Although a seller can say dont bring me any offers less than $X).
You may have offered $60k, but for all you know the seller has already turned down offers for less than that. Getting angry at a listing agent telling you your offer of 75% of list price isnt serious is not going to do you any good. They have a duty to theit client to get as much money for the property as possible (Or a duty to execute the transaction as they see fit, it may not necessarily be fore the most money).
One of the biggest jobs of a real estate agent is the negotiation process...so being upset with the agent on the other side of the equation is really not realizing the role of everyone involved. When I get low ball bids I tell the buyers agent that it will not be accepted. I try to be nice about it because that is my style, but many agents style is to be adversarial. And that works wonders for some people.
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Tabor Tollefson
Tucson, AZ · Member since 2013 · 55 posts · 9 votes
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Based on the information provided so far, I'm going to have to disagree with you in spirit @Russell Brazil. I agree with what you've said but I've had experiences like this as the buyer and the seller's agent and every time, it was a case of the listing agent acting in their own interests, not their client's. I've seen way to many agents who don't want to actually negotiate. They just want to complain that they actually have to do work to get their commission. Too many agents want to take listings and let them sell themselves instead of actually representing their clients. Threatening to break the law (at least here in AZ) by refusing to submit an offer isn't a valid negotiation tactic. It's laziness. I've seen situations where seller was unrealistic about their expectations of the properties value. Holding costs were eating them alive and by allowing the client to continue believing they would get what they were asking was in my opinion, a breach of their fiduciary responsibility to the client.
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Hope N.
Chicago, IL · Member since 2015 · 13 posts · 6 votes
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Ugh what an unprofessional way to do (or not do) business. I've been through 5 real estate agents in Chicago until I finally found one I'm working with now. It's pretty ridiculous how unresponsive they can be.
One showed up 30 minutes late to a showing and then when we went inside, she looked at one bedroom and walked out because she didn't realize it was listed as a two bedroom. One was super pushy and insisted I "could afford more." Another wouldn't return my texts or emails for a week at a time so it was impossible to schedule showings. The next one said I "didn't need to worry" about the condo bylaws that we still didn't have two weeks before close. Turned out they passed a bunch of rental caps so I had to pull out of the deal. Yikes.
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Jerry Stanford
Chicago, IL · Member since 2015 · 469 posts · 81 votes
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Maybe my perspective is a bit different because I've done customer service in different industries for 20 years before becoming a broker so I respond to everyone with kindness and respect despite what I may believe their position or resources may be. I also help everyone as I believe in making a win for everyone I come in contact with if I can. I have a duty and responsibility to the buyer/seller to uphold their best interests but I don't make decisions for them. Some brokers make decisions for the client instead of offering the client all available options and letting them decide. We are in an advisory capacity and can use our expertise to create a win for our client but we must allow the client to decide ultimately what is best for them according to their needs and wants whether we agree or not. I believe the broker should have kept those comments to themselves and presented to offer to the seller and let the seller decide with the broker as an expert advisor.
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Jay HinrichsBusiness Member
Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
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@Cal C. Real estate is Is Real Estate 10 to 20% of all agent/brokers make the majority of the commission income in a given market ... I suspect in RE investing and wholesaling ( well I know) 10 to 15% of those that try make 90% of the deals.
Ever talk to a wholesaler that's an absolute idiot,, does not know what they are doing could care less about you or the seller ( for sure it happens every day)
Agents are no different.. this is a great industry and for those that can rise above and be professional in their work do not get emotional about the deals they can and do do very well.
For all those Investors out there that are small time players IE your buying a hand full or less of sub 100k homes and are ragging on agents well your just as clueless as those you call idiots.. your not really worth a lot to an agent and an agent only has time to sell so when I hear those say they fired 5 brokers and 4 fired them I say they need to look in the mirror easy to rag on the agent what about the crappy buyer LOL...
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