Like anything else that continues on the same path, the competition in our market has intensified over the last year. With off shore cash coming into the area, along with low interest rates, and high demand, the competition is steep.
Recently, in Seattle a client of mine put in an offer on a house in the very highly sought after Beacon Hill neighborhood. At the pre-inspection, I was approached by two other brokers who offered to share the cost of the sewer scope with my clients. My thought? “Wait a minute, you want to share the cost of this inspection, and then you want to compete against my clients?” This is common in Seattle, and one time I knew of eight buyers sharing the costs of the sewer scope on one house. Personally, I think it is fine to share this cost, but it is not fine to share the home inspection (which a lot of buyers do). Why is this?
What if there was a lot of activity on the property, but in the end there were only two offers (a common scenario). The other offer happens to be someone who you shared the home inspection with. Sharing the home inspection gives you no competitive advantage because now we are on even playing field. It is one less thing you have over your competition, and now you have cornered yourself. When entering the real estate arena, you must hold your cards tightly.
I leave you with this question… Just because something is very difficult to accomplish, does it mean you should give up, or be fair? Or would it make you appreciate it that much more in the end?