The Death Knock Buyer
What’s a death knock buyer? You are coming to the end of your real estate agency agreement and still no sale, you are thinking you might need a fresh start with another real estate agent when suddenly “the death knock buyer” shows up! It’s almost as if the agent could read your mind and knew they would have to produce a sale or lose your listing. Mmmmm, technically they can’t read your mind but they have been in this situation many times before and they know how it unfolds for them if they don’t come up with something… a buyer. So, voila here’s your buyer which we refer to as “the death knock buyer”.
Who is stalling for time, the buyer or the real estate agent?
What happens next will astound you as the excuses start flowing in from the Real Estate Agent as to why the buyer is stalling for time. “They cannot 100% commit until the sale on their place goes through” or “their money is stuck in a term deposit and they can’t touch it for a few more weeks” or “they have been suddenly called away they will buy it as soon as they get back they are definitely interested and will buy…. blah blah blah. All these excuses leave you wondering who is stalling for time the “buyer” or the Real Estate Agent?
The oldest real estate trick in the book
As a seller, naturally you want to believe this buyer is genuine, it saves you the headache of starting from scratch with another Real Estate Agent this is why agents use this technique in order to delay the inevitable, you taking your business elsewhere. This is especially true in cases where the agent has done very little to achieve a sale and/or where the level of service has been substandard to say the least, and the agent knows they are losing your listing! Now of course the Real Estate Agent is desperately trying to find a real buyer during the time that you are distracted by the “death knock buyer” so they can secure a sale and get paid. Some agents may even try the oldest trick in the book and convince you that they need another agency agreement signed to legally allow them to continue dealing with the “buyer”. Don’t fall for this trick.
No fear of double commission
There are options available to you should this situation arise. Handled correctly you can still change to a new Real Estate Agent and ensure that if this “buyer” is real you can still sell your property to them and have no fear of being hit for two commissions… one from the old agent and one from the new agent.