Buying property – The incompetent agent

Once again, the poor ability of the real estate agent strikes again. As I posted in Buying property – Lazy agents, I have been in the process of buying an investment property through a less then impressive realtor.

Not only had he posted out of date photos that reflected the property in a poor light but he accepted, without negotiation, an offer that I consider was a fair bit under market value. His actions so far have not been to the benefit of the vendor.

Settlement date was due in a few days, when I received a call from my solicitor advising that the vendor was requesting an extension. The reason being that the owner was still looking for a property to rent. As I had been informed that the property was occupied by a renter and the owner was an investor, I saw no reason why the owner needed an extension for that reason. From my experience, it is usually the buyer that is seeking an extension to finalise finances.

So, I asked the solicitor ‘What does the owner looking for a new rental have anything to do with me?’. To which she replied ‘She is still living in the property (the one I sought to buy)’. I reviewed the contract and yes, the owner address was listed as the property address.

I called the agent to enquire and he apologetically confirmed that he thought the resident was a tenant and not the owner. The owner was still living at the property.

Ok, my bad also for not noticing on the contract but the agent had confirmed more than once that the ‘tenant’ was living in the property.

I ended up agreeing to the extension and the property settled a week later than initial contract date. An inconvenience to me only but did result in postponing potential open home viewings for prospective tenants.

It is interesting to note that the realtor had advised me that he had been in the business for 25 years. I would normally expect that an agent of 25 years would have better negotiation skills, have a sound understanding of his stock in hand and probably doing better than selling very low-level property.

Needless to say, if I do need to sell the property I will be looking elsewhere. If I need to buy again, however, he will be my go to man!

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