Should listing agents follow up with buyers and their agents?

 

 




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  Should listing agents follow up with buyers and their agents? 

Introduction: Should a Listing Agent Follow Up?
Should a listing agent follow up with the buyer's agent to find out if they're going to buy a house or if their client is going to put an offer on it? Yes, absolutely. Some sellers expect the listing agent to say, Hey, what did your client think about the house? Do they like it? Do they not like it?

Why? And they get deep down into it. 

The Fiduciary Duty and Legal Risks

Here's the thing. There's a fiduciary duty for the buyer's agent to protect the buyer at all costs. And sometimes that kind of slips, and that's when lawsuits happen. And I hate to say it, but it happens, and it sucks. But that's just part of what's going on in today's world.

We're a very litigious society, and the reason why it's important for us to understand that. You absolutely should be following up and saying, Are you going to put an offer on that house? Is there an offer coming in? Should there be? 

Market Dynamics and Buyer Behavior

In times when it's turbulent and it's fast-paced, Agents typically don't need to do that because there's a sense of desperation.

On the buyer's side today, buyers are persnickety. They're taking their time. They're finally taking advantage of a slowing market. There are buyers out there, there are serious buyers out there, but they're also taking their time to look at different houses. If you price your house over what the average value is for your house, the house's condition, location, and market, meaning the pricing, your house is going to sit.

I don't care what you think; if you think that the agent isn't doing their job, and they're not getting follow-up on it. You know what? I follow up with every showing. 90% of 'em ghost me. It's just the way it is. It's just the market because we're so afraid of being sued or screwing something up or whatever, or they're just lazy, whatever.

It doesn't matter. I don't take offense to it. As a matter of course, I follow up with every showing that I have. It is what it is, but don't expect me to go and say, What do you think of the house? What did the buyers think? Because that gives you leverage. That opens up, like if you're playing cards, you're dropping a card down on the table, face up, so that your opponents can see what's going on.

Are you going to write an offer? Yeah, we're writing one right now. Okay. Do you have any questions about what the buyers or the seller expect? Yeah. Blah, blah, blah. We'll talk about that. But if you ask me, to follow up and say, what didn't your buyer like about my seller's house?

That's opening up a can of worms, and I could get sued, and you could get sued, and the buyer, it just could get really bad. It's an important thing for you to understand.

If there's something that could hurt your feelings, it will make you biased towards that buyer, towards that contract. It could be an implied bias if I said, I don't like your house, 'cause it smells like dogs like my house. If your house is old and not updated, and the pool looks like it has chips everywhere, and it needs to be redone, I'm not gonna spend that kind of money on this house.

No, I'm not. I'm not gonna tell you that as a buyer's agent, saying just doesn't fit the format period of what they're looking for. That's it. They're not interested in your house because of the price and the location, and the condition of your property. Buyers today are being very picky, and they would rather buy a turnkey house, whether it's flipped, well-maintained, versus a house that has not been maintained.

You can tell right away from curb appeal all the way to the back, the back fence, whether that house has been maintained or not. And when a house has not been maintained, they look at it, they look at the kitchen, they look at the bathroom, they look at the wallpaper on the wall, they look at the dated painting or whatever on the walls, and they say, This house hasn't been maintained.

I wonder what it looks like underneath. I wonder what the plumbing looks like. I wonder what the electrical looks like. If you have it priced correctly. There's going to be a bunch of buyers, and there's gonna be a bunch of offers, and then the buyers will determine the buyer. Buyers have always determined the price.

Challenges for Listing Agents

Price, but we're in a blind bid situation, challenges for the listing agent. On the other side of the coin, when a buyer's agent refuses to give big feedback, listing agents miss out on valuable insight that can help a property get sold, which can cause friction and damage professional relationships about common courtesy.

Yeah, I get that. I understand that. But you're opening yourself up to litigious or implied bias. And implied bias is. I don't like you because you hurt my feelings, so I don't like the look of your job. Or it could be racial, it could be political, it could be whatever you say, one wrong thing. And there could be an implied bias against that, and that could open you up to a lot of problems.

So what happens if I don't get feedback from a showing? I move on. To me, that's a no. And I have this thing in my world. In sales, it's called the gumball theory. When I first went into sales, I remember my sales manager telling me this: if you want a red gumball, which is your sale, yes, you have to put a nickel or a quarter into that gumball machine, turn it.

And if you get a blue one, then you do it again. That's called cold calling or sales or whatever. 

Current Market Conditions and Interest Rates

Fed cuts rate, but it's not enough.

As rates have come down in anticipation of the quarter point drop that Powell did, we saw that now we're at six and a quarter, six and three five, depending on the day. But that's still not enough to bring out the buyers. We need to bring it down to five and a half. The problem is, people who are stuck in their houses, 'cause they're at two and a half or 3%, they're not gonna budge.

They're happy where they are. They're happy paying their mortgage payment because if they move, they're gonna have to double up their mortgage payment. After all, right now it'll be like five, five and a half, six. So it's a conundrum. We're stuck in a situation right now where buyers can be picky. If they can afford that house and they're looking at it, they should absolutely buy it if they can afford it, if it makes sense to them. But there's no longer a need because of the rates being so low that it's historically low, which that I can't afford not to buy a house because now I'm economically locked in at 2.5%. That's the problem. There's a paradox that we've never experienced because we haven't ever seen two and a half percent go up to 7%.

We're at a place right now where this has never happened, and I'm happy. I've been telling people this for the last five years that I've been doing these videos.

I've been hoping for a contraction or a crash in the market. So buyers come out. I honestly do, because buyers right now are frustratedThey'rere finally seeing an opportunity to go in and buy a house. I have two offers on one of my listings, and they're playing their deal.

They're playing tough, and that's the way it is. It's good to see this. It's good that it shakes up the market a little bit because for the last three decades, we've been spoiled. Saying this is what we want. A seller is spoiled. They're like, I want this, I want this, I want this. I want the golden egg.

Alright. 
Home Buyer's Checklist and Featured Listings
This episode is brought to you by the home buyer's checklist. If you're planning on going to a home shopping or an open house this weekend, drop by this. Checklist and print it out, and take it to the four or five or six houses that you go and look at 

'cause it allows you to compare and contrast each house based on upgrades, if you like, the kitchen or not, that kind of thing. If it has air conditioning, if the pool needs to be redone, if the roof needs to be redone, that kind of thing. What the front yard looks like, what the backyard looks like. It's overgrown, dated, what have you.
Download this checklist, Cupertino House of the Week, $3.3 million, not my listing. McClintock Lane. This is up in the hills. Four bedroom, two and a half bath, 2300 square foot, built in 19844, 3 car garage. And if you know where that is, ZA is right over here. And yeah, let's take a quick look inside. So look, it's, it's a little dated, but it's not bad, right?

They have painted oak cabinets, the same format as the original. So I'm assuming that this is original. They dropped. Some nice granite on the counters. Sorry, I got the sun shining in my face. But they have a  nice KitchenAid. It's good. Carpet. So yeah, this looks like it was just updated.

They had the carpet in there.
Nice big garage. They have a treadmill for you if you want a big backyard. Good. Is it worth 3.2? Yeah, absolutely. That thing's gonna go in a heartbeat. This one is Willow Glen House of the Week, and I picked it because it's really walking distance to.

Downtown Lincoln Ave. Coolidge Ave, not my listing. $3 million, four bedroom, two and a half bath, 2,700 square feet. And this thing's beautiful. It's a great purchase. It's a great price, and I think it's a price to sell. If you look here, that's Coolidge Ave. You can walk down, have dinner, and walk back. There you go.

Let's take a look inside this. I like this plan. It's a beautiful house.

It's funny 'cause the soaking tubs are kind of outdated nowadays. What's happening is they're reform banding and it's giant walk-in showers, so they're eight to 10 feet long. I sold a house down here in Curry that had that.

So Nice. Thank you for doing the floor plan. Okay. 
Luxury Home of the Week
This is Luxury Home of the Week, Lupine Road, not my listing. Wish it were $25 million, eight bedrooms, nine and a half baths, built in 2006. Let's take a quick look inside. Oh, it's walking distance to the Los Altos Dog Park. So yeah, if you have $26 million just lying around and you wanna buy a nice property, this is it. I bet we can even get this rug included. Where else are you gonna put this rug?

The decor has some Beetlejuice vibes going onIt'sst really swanky living. Now that's a wine room right there. Look at that. A big movie room. Big gym. See, the funny thing is. I started my gym inside my garage during COVID, and while I enjoyed it, what I was missing was the social interaction. And I go to the gym every day to say hi to people, and it gives me that mental social click that I'm still connected to society, which is why, I mean, I get it. Iff you want to spend two hours in the gym, that's absolutely great. Do it with your trainer to come i,n or your friends to come i,n and then you go and have that. There you go,

Conclusion and Market Outlook
and nothing else is going on. Everything is kind of in play. So that's pretty much it. Nothing is totally outta the ordinary right now. Days on market inventory, everything is just settling out. I think we're gonna see it when November comes around after the third cut. If that happens, we'll see you play a little bit more 'cause that'll be a third-rate cut this year.
It'll be nice to see people freeing up, and it'll actually be nice to see if people actually put their houses on the marke becauseee they'll say that that's enough of a parody for me that I can afford to sell my two point a half percent house and buy a 5% house. Alright, happy Monday.

Thanks for watching. That's it for now. We'll see you out there. 

🔴 Gorgeous Custom Built Estate 1036 Ridgemark Dr https://www.youtube.com/watch?v=SiP41bXXA0E

Vito Scarnecchia

Real Estate Broker, Veteran, Dad

DRE#: 01407676

408-705-6817

Vito@abitano.com

FREE DESKTOP APPRAISAL https://www.propertyrate.com/agent/vitoscarnecchia

If you are moving ANYWHERE in the world - Let me know! I know a LOT of AMAZING Agents!


🔴 Willow Glen's five most expensive homes https://youtu.be/3A_E2ck0ePg

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