Counseling the Broker?
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The SEC prides itself in counseling our clients. However, many times we have to deal with other brokers that don’t take the time to counsel their clients or don’t know how.
For instance, I want to buy an asset that is listed at a highly over-valued price. When I ask the listing broker how he established the price, his response is “This is what the seller wanted”.
When I ask him to justify the price, he says he can’t. But he hopes that after he has the listing for a good while, the seller will listen to him and lower the price.
We all know the more likely situation is that the first broker will be fired and another will get the listing at a lower price and make the commission but that is beside the point. I want to buy the property now.
A lot of what we do as creative real estate brokers and principals revolves around “Counseling the Broker” in our transactions…
We are soliciting ideas for a new SEC Observer Column to be named “Counseling the Broker”.
If you have experiences or ideas you are willing to share, please e-mail them to Bill@Wilson-Stonaker.com.
