I finally got around to watching the real estate reality show “Bought and Sold” which premiered last Sunday. I don’t know if any of you watched it but it was interesting for me since I was able to analyze (okay nit-pick) what the agents did.
There were 2 transactions covered in the show. One was a Buyers agent that had 2 clients she was showing property to. She showed the first couple a home and they made a full price offer on it. She then had another couple who were sitting in the lobby while the other couple was writing up the offer. She showed them some properties, including the house she just wrote an offer on. She did disclose to them that she did just make an offer for another client and if they were interested, she would need to get someone else in the office to write it up. What was noticeably different in the 2nd showing was the agent was not into it. While she was excited showing the first couple the home, what they showed on the program was she was just sitting back and not really saying much. The 2nd couple did want to make an offer and she got someone in her office to take the offer over the phone from the clients.
After they wrote the offer, the first agent (who still referred to the 2nd couple as “her” clients) asked the other agent if they wrote an offer which she said yes to. Boy, if I was the 2nd couple, I would not be happy that the tele-agent told an agent they they were competing for a house against ANYTHING! The first couple came in at $399,000 (asking price), the second couple came in at $409,000 but with a contingency on selling their property.
The program then showed the agent getting the call on who got the home, and it was the first couple. But, here’s what was misleading. At the end of the program, they said the couple got the home for $415,000 (they had offered $399,000). They failed to include how many counter offers were made or what discussions the first agent had with the Listing Agent once she knew the other couple made an offer.
The other transaction followed a Listing Agent as he made a presentation to sell a mansion owned by one of Thomas Edison’s family. This one was funny to me as he prepared fancy food and champagne to take to the Listing Presentation. He ended up getting the 3.7 Million dollar listing. All I heard from what he was going to do to market the home was to have opera singers and good food at an Open House.
I checked the Internet for the agent’s name. His site didn’t show up in Google but I did find the home on Realtor.com. There was just one photo. No listing enhancement. I guess his marketing services don’t include anything much with the Internet or photography of this home.
The other thing I found interesting is that back in New Jersey, they still handwrite their contracts. When the first couple changed their minds and wanted to offer $399K instead of $395K, the camera showed that they just changed the amount by overwriting it with heavier ink on the contract. YIKES!
If you want to see some what goes on in a real estate office, this program is worth a look.