Real Estate Investing

Perhaps one of the most horrible things I’ve ever heard from a fellow real estate agent was, “What’ll it take to get you to write a contract for this house today?”

The listing agent didn’t place a lockbox on the door so he could be there while the house was shown. The agent followed us from room to room, working hard to sell the home that was hungry for some tender loving care. To his credit, the agent knew the home was worth about $10,000 less than the neighborhood because it did need new flooring and paint. But when the showing ended with the used-car-salesman “What’ll it take…” question, frankly I was rather embarrassed.

In today’s market, agents do seem to be swimming against the current. Like agents, home owners seem to be desperate to sell. One man offered to name the buyer of his home as the beneficiary on his life insurance policy - collectible if the seller died of natural causes within the next 10 years.

The insurance policy would only remain valid as long as the death is natural or by accident. There should be no interference on account of either party or the deal would be null and void. What are the odds? Fanning said he has no current health problems, but both of his parents died before age 79, as did his sister. He even indicated that he would be willing to disclose his medical records to the future buyer.

What I saw this weekend in no way compares to that extreme, but it was a first for me. I held an open house on Sunday for one of my colleagues. Another home was also open across the street. A buyer came in who was already working with another agent, so I courteously showed her around and gave her a packet of all the homes available in the subdivision. I suggested that her agent make appointments to show other properties of interest, but added the home across the street was also open if she wanted to see it.

She walked across the street and I busied myself turning off lights and packing up. Ten minutes later, I glanced out the front window and saw the agent across the street firmly planted in the front door, blocking the buyer from leaving. I loaded my free pens, notepads, and calendars, locked the side door and closed all windows. I then looked out the front window again and noticed the agent was still blocking the buyer. I took a picture with my camera phone, though you can only see the green skirt in the doorway.

That open house agent kept the buyer there for at least 25-30 minutes. I was amazed at her audacity and don’t believe I’ll be trying the linebacker tactic to sell a home.