True Gotham

Manhattan is full of BIG egos.  Some would say that many of those egos help to pump life into the heart of this incredible metropolis.  Perhaps there is an element of truth to that but a big real estate agent ego can be an obstacle to selling your home.  Here's what I mean:

• An agent prices your home:  A big ego prevents them from seeing that they may have priced it wrong.
• An agent markets your home:  A big ego prevents said agent from diverting themselves from their typical marketing strategy because "they know best."
• An agent negotiates offers on your home:  The big ego reinforces their pricing and marketing strategy resulting in clouded judgment during negotiations (ex. an offer comes in "too low" in the selling agent's mind and they take it personally thereby convincing a seller not to counter or worse yet, to ignore the offer altogether).
• An agent facilitates a contract signing for the sale of your home:  A big ego here can be the kiss of death.  With so many parties involved in a Manhattan real estate transaction, there just isn't any room for another big ego.  Often 2 real estate agents, 2 real estate attorneys, and a property manager or closing agent are in some way involved in the process prior to contract signing.  If just one of these parties has the false sense that they are "the" (not "a") key player in the process then you've got trouble. 

The impetus for this post is a recent experience I had with one of my colleagues.  In this particular instance what I believe she and her seller perceived as being patience ultimately boiled down to the agent's ego IMHO.  First, she was insulted by my buyer's offer of only 5% below the asking price and stated that her seller would not counter.  In addition, she provided no guidance except to state that we needed to offer the asking price or better to procure the apartment.  Almost one month later, the apartment is still available and my buyer's offer of 5% below the asking price is shaky at best.  Who can blame the buyer for now thinking that perhaps there 5% underbid is too high? 

It remains to be seen how exactly this agent's ego will effect her seller's wallet or if the seller will even know how much money they may have left on the table.  There is one thing for certain...in a market with such low inventory for this type of space, the price of this property is wrong.  The bad news for the seller and their very proud real estate agent is that the perceived value of the property is only going in one direction the longer it sits on the market...and it ain't up!

Doug - I believe REBY members are required to inform clients of all offers on the property, right? Do you think your colleague in this case even relayed the offer?

I'm relatively certain that the offer was submitted. The point of the post is that the way in which it is submitted can greatly sway a seller's decision. In this case, I believe the "over confidence" of the agent's own pricing strategy enabled her to convince her seller that they shouldn't even counter an offer 5% below asking. A foolish move in my opinion and even more apparent as the place is still available.

Doug,
This sounds very similar to a situation that my wife and I had last year when we bought our apartment. By any chance, are the seller's broker's initials A.E.?
Craig

Not A.E. Craig but you've really piqued my interest. I'm running through my head trying to think of to whom you are referring.

Doug,
I just checked back in here...sorry for the delay. I would be more than happy to tell you and to give you some additional "insight" into what her practices were. I think she broke the law several times, but what proof could I have. Please let me know how to connect without blasting this all over the net...unless that is okay?