In 2021, an owner of a property was looking to sell their house. They were represented by a real estate agent ‘Salesperson A’. This agent treated a prospective buyer unfairly and caused a loss to their client - read more to find out how this happened.
Salesperson A received 2 initial bids of $1.27 million and $1.32 million respectively. Looking to sell the property fast and for the highest price, they chose not to communicate the lower bid to the owner and reject the bid (without consent). Uninterested in the lower offer, they looked to close the sale between the owner and the higher bidder as soon as possible.
Salesperson A then rushed the two parties to agree to an option to purchase (OTP) to the higher bidder, looking to lock in and close the sale quickly.
The buyer who offered the lower bid showed great interest in the property, counter offering $1.29 million and issuing a cheque of the 1% option fee to show their sincerity. However, this was not communicated at all to the owner.
By the time the owner had issued the OTP to the buyer who offered $1.32m, the other party had come up with a counter offer of $1.33m. However, since the OTP was signed, the owner was not able to sell the property to the new higher bidder - he didn’t even know of his existence!
Salesperson A’s personal interest to complete a fast transaction led to unfair treatment of the other prospective buyer, denying them an equal opportunity to purchase the property by declining their offers without the owner’s consent. This also resulted in an eventual monetary loss for the seller of the property, who stood to make about $10,000 more from the higher offer.
It would be easy to see how the seller of the property would be displeased. After all, $10k is no small sum of money - it could easily cover the bulk of renovation costs for their next property or even go into financing a holiday for their family.
Moral of the story: Make sure you find a property agent you can trust! Ensure that you are working with one that has a professional code of conduct, is transparent and possesses good communication skills to get the most out of your transaction!
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