The Fastest Seller Does Not Always Win

There is a reason the expression “slow and steady wins the race” exists.  Just like the fable of the tortoise and the hare, a realtor who prioritizes selling quickly rather than profitably often misses out on a big win for the property seller and themself.  Unfortunately, there are many agents who try to sell a property so quickly that they miss out on selling for a higher price.  In fact, there are realtors who accept an offer on behalf of the seller in just three days!  The amount of potential buyers lost by selling to the first acceptable buyer is enormous, and somewhat irresponsible to the property seller.  A longer period of time is necessary to ensure enough buyers have seen the property.

A reasonable amount of time for a property to be on the market is two weeks.  Having the property on the market for at least two weeks increases the likelihood of a stronger offer coming in, perhaps above asking price.  There is a zero percent chance of finding a better offer once the property is sold, so there is no reason not to hold out and wait for the best offer possible.  While a realtor may worry that they could lose an acceptable buyer by continuing the selling period for the full two weeks, a buyer who truly wants a property will wait for it or bid higher.  Keeping a property open to buyers for a longer period is the more responsible choice for a realtor to make.  By holding a longer selling period, the realtor can confidently assure the property seller that they found the best price possible, which is the realtor’s fiduciary duty.  Conversely, the agent who sold at the first acceptable offer cannot truly assure the property seller that their property received the best price.

One might question the legality of accepting an offer too quickly.  Valon Nikçi, Principal Broker and C.E.O. of Link NY Realty, looked into this question.  He contacted the Hudson Gateway Association of Realtors (HGAR) to determine the legality of overly-quick acceptances.  HGAR explained that there is no rule preventing this, and it is not illegal.  They stated that the seller decides whether to accept the quick offer.  Thus, while accepting an offer extremely quickly is legal, Link NY Realty still believes that realtors should hold a longer selling period for the benefit of the property seller.  We are aware that some sales must happen quickly, but this should not be the norm.

Returning to the story of the tortoise and the hare, the tortoise won because it paced itself while the hare moved as fast and he could and then took a break once he was certain he had won.  Realtors who sell as quickly as possible to the first acceptable buyer are like the hare; they are certain they have won, but lose in the end.  Contrarily, realtors who hold a selling period of at least two weeks are like the tortoise; they pace their sales ensuring a better price and a bigger win for the property seller.  Realtors and property sellers who take the time to see more buyers will always be the winners in the race to sell a property.