Here’s an example of the dialog between agents as they feel each other out on price. I don’t think it’s ethical for listing agents to be giving away this much information, and the art of taking these calls is to learn more about the buyers and their agent without giving up anything:
Quizzing The Listing Agent About Price
by Jim the Realtor | Dec 19, 2022 | Why You Should List With Jim | 3 comments
I have to agree with your assessment that the listing agent shouldnt be providing this level of detail.
The listing agent received almost no info from the buyers agent + dropped the price from 470 to 425. Maybe the listing agent is planning to try and work them back up to 430 but in general unless you’re playing offers against each other going up is much harder than going down on price.
I hope sellers are watching closely this is what’s coming to SD. It just takes a little longer than Gilbert AZ to happen.
in general unless you’re playing offers against each other going up is much harder than going down on price.
This is the problem. Realtors don’t have any experience playing offers against each other, and going up in price. As a result, it doesn’t even occur to them – they just grab the high offer and go back to sleep.
They only have one play in the playbook: Start high on price, and adjust down later if needed.
It worked fine during the frenzy, but now….
The conversations in this video are happening just like this in San Diego every day.
Listing agents don’t mind giving up their sellers when they have been on the market for weeks/months and they need a deal.