Million Dollar Listing

I became a licensed Real Estate Broker in 2007. Relatively new in the industry, I get to ask co-brokers on their ways and strategies in getting their listings and buyers as well. With the passing of the RESA Law, I'm quite apprehensive ... and excited on changes that may happen concerning our trade. I'm also quite interested in how brokers go about their business in other countries - well, in the US, in particular.

I'm glad to have chanced upon MILLION DOLLAR LISTING being aired on 2nd Avenue at 9pm (better take note of that so I can regularly watch this show). It's about 3 different Real Estate Brokers handling individual listings and buyers just call to inquire on listings. I'm not really sure how they get their clients - maybe from referrals, old clients and advertising... maybe. Anyways, what struck me in tonite's show was when a buyer stated at the end of the show that "It's rare that brokers and their buyers remain friends after the sale. Only reason why we're together now is that you did a good job." Nice.

The good job mentioned by client on the show came about when a mansion that buyer liked had a listing price of Usd 5.3M. Upon knowing that property was seized by Government (and Government would want to be rid of the property right away) broker recommended that buyer offer Usd 4.5M. Client was actually fearful to go with the price since he might be turned down and might lose the mansion to someone else's offer. Still he went with broker's figures. Imagine the savings the buyer got when his offer was accepted. Commission of broker is Usd 111k. He could have gotten more since buyer was willing to buy property for Usd 5M.

I can only say that good brokers tend to put their client's benefits first before their own. Good service first before commission.

Personally, I don't mind losing a sale if clients do not like me or my servicing. I've been in Sales, account management and servicing for most of my professional life. I've been trained to be of service since that's what I got paid to do. It just became natural for me to be of service even if I didn't get paid. Good training does pay off. Now, it's even simpler. I just put myself in my clients' shoes. I only suggest and do things that is amenable to me.

I can also say that I've been blessed with understanding, reasonable and intelligent clients. Haven't had any "pasaways" so far. Maybe because I've already sorted them out and didn't mind losing them. But as I said, if they're not happy with me, maybe they're meant to be with another broker.

My loss.