There are real estate agents in Las Vegas, NV that I truly don't want to work with. (Sorry about ending a sentence with a preposition.)
The reason is: I don't understand these agents obsession with wanting/having to double end every deal (List and Sell) that they have. I love double ending deals, too. But, if another agent has a qualified buyer, there's no skin off my nose to split the commission.
And, their mentality about this element is very, very annoying.
You call them to ask a question about one of their properties; and they never, ever take your call, return your call, nor even reply to an email.
(Now, I want to out these agents! I truly do. Yet, in the future, I will have to have some form of transaction with them (hopefully, not) but they are here and don't seem to be going away anytime too soon.)
Recently, I was talking to a group of attorneys who own a building where the three are partners in the building where they also have their offices located. One is moving on -- as in being kicked out of being an attorney (it happens); one is going on a mission (retiring); and the third wants another (better) location.
Anyway, I made a pitch for the listing and told them that I thought their building would sell at around $183 PSF! Good price given the fact that the last ten years worth of real estate foreclosures really drove prices way down.
Yet, when I was done with my presentation, one of the attorney partners boldly stated that I had used the wrong comparable sales!
Say what?
He said another broker (actually the other broker is an agent) had told them that he could sell their building at $215 PSF.
I was like, really? The partner attorney said that the broker (the other agent) had better comps.
I reiterated that I had used the best comparable sales within their zip code and all the zip codes around them.
I asked which comp specially did he use to use as in like to like properties? The partner attorney said the address. I was stunned. Apparently, the other broker (agent), had used an ambulatory building (an urgent care facility) as the best like property to their subject basic office building.
Now, the finishes in the subject property are upgraded; there is marble flooring in the entry -- and along the carpeted halls; there is wood trim everywhere with an upgraded reception desk, too.
But, since the ambulatory building sold six months ago to an investment group buying the property as a NNN investment, sure, the price PSF is going to be higher, but: IT'S NOT A COMP!
It's not a like for like property. It is a completely different building and use. And, the zoning is heavy retail. (They are in a Professional Office Park.)
And, I reiterated all of this to the group in the hopes of dis-swaying them, yet I got the feeling they were NOT impressed. They had been SOLD by the other agent.
Anyway, long story short -- I didn't get the listing.
After returning to my office, I was re-telling my adventure to one of my two agents. After, the retelling, she stated: Snake Oil Sales Men! She knows the agent to whom I am referring to.
I could only agree. Yet, I told her, there are three attorneys and if something goes wrong during the listing, at least I won't be the one facing 3 angry lawyers with the capability to sue.
God, I want to disclose this company's name. No, I better not.
Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88 AND Follow David on Twitter: @DavidAHowes
The reason is: I don't understand these agents obsession with wanting/having to double end every deal (List and Sell) that they have. I love double ending deals, too. But, if another agent has a qualified buyer, there's no skin off my nose to split the commission.
And, their mentality about this element is very, very annoying.
You call them to ask a question about one of their properties; and they never, ever take your call, return your call, nor even reply to an email.
(Now, I want to out these agents! I truly do. Yet, in the future, I will have to have some form of transaction with them (hopefully, not) but they are here and don't seem to be going away anytime too soon.)
Recently, I was talking to a group of attorneys who own a building where the three are partners in the building where they also have their offices located. One is moving on -- as in being kicked out of being an attorney (it happens); one is going on a mission (retiring); and the third wants another (better) location.
Anyway, I made a pitch for the listing and told them that I thought their building would sell at around $183 PSF! Good price given the fact that the last ten years worth of real estate foreclosures really drove prices way down.
Yet, when I was done with my presentation, one of the attorney partners boldly stated that I had used the wrong comparable sales!
Say what?
He said another broker (actually the other broker is an agent) had told them that he could sell their building at $215 PSF.
I was like, really? The partner attorney said that the broker (the other agent) had better comps.
I reiterated that I had used the best comparable sales within their zip code and all the zip codes around them.
I asked which comp specially did he use to use as in like to like properties? The partner attorney said the address. I was stunned. Apparently, the other broker (agent), had used an ambulatory building (an urgent care facility) as the best like property to their subject basic office building.
Now, the finishes in the subject property are upgraded; there is marble flooring in the entry -- and along the carpeted halls; there is wood trim everywhere with an upgraded reception desk, too.
But, since the ambulatory building sold six months ago to an investment group buying the property as a NNN investment, sure, the price PSF is going to be higher, but: IT'S NOT A COMP!
It's not a like for like property. It is a completely different building and use. And, the zoning is heavy retail. (They are in a Professional Office Park.)
And, I reiterated all of this to the group in the hopes of dis-swaying them, yet I got the feeling they were NOT impressed. They had been SOLD by the other agent.
Anyway, long story short -- I didn't get the listing.
After returning to my office, I was re-telling my adventure to one of my two agents. After, the retelling, she stated: Snake Oil Sales Men! She knows the agent to whom I am referring to.
I could only agree. Yet, I told her, there are three attorneys and if something goes wrong during the listing, at least I won't be the one facing 3 angry lawyers with the capability to sue.
God, I want to disclose this company's name. No, I better not.
Contacting David Howes is easy -- either by: davidATdavidhowesDOTnet OR call him at: 70 25 01 93 88 AND Follow David on Twitter: @DavidAHowes
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