Uncategorized May 18, 2012

When an agent lists their property…

With so much information to post on the improving real estate market, I thought I’d ignore all that and focus today on a few observations from the recently attempted sale of my own condo.

-I wanted to give it the very best shot, so had my agent list it vacant and staged (thought it best to take the medicine I prescribe to others).

-When determining price, I found myself valuing the decisions that I had made – best floor plan! 2 parking! 2 storage, etc! – higher than the market does. (renewing compassion for other Sellers who do the same).

-I was anxious when after 1 day, I did not have an offer (reminding me of why providing immediate and plentiful information to Sellers is critical).

-After several weeks it became apparent, due to both the market and construction defect litigation, that I was “off” the market-making price. But, at the same time, the increased pace of sales in other similar condominiums emboldened my confidence in the market over time, so I felt less compelled to sell at what seemed to be at or near the bottom. And, I need to live somewhere, so…. I removed the property from the market and moved back in six weeks later. I felt that I’d done everything right except for meet the market on price, which I was unwilling and maybe even unable to do because my debt + closing costs exceed market value (sympathy for those who want to be Sellers, but…simply aren’t when the market-making price is not acceptable).

-While I would have preferred to have sold, it felt good to be decisive when I realized I wasn’t willing/able to meet the market (a reminder of how important it is to play from a position of strength).

-Since cancelling the listing, I have received calls from several agents looking to re-list my property. Most of them have no idea about what is going on in the building. The last one, when I returned her call 30 minutes after she called me, asked me what property _I_ was calling _her_ about (another valuable experience; demonstrating one of the less impressive sides my industry shows its customers and that we need, collectively, to be better than that).

Sorry this is so long, but…it feels like a short version of what was a fascinating experience for me; something agents should go through every few years.