Thank You for Overpricing Your Condo – It Helped Sell My Listing In 3 days!

Brian Morgenweck August 9, 2015

Thanks so much for overpricing your condo. It helped sell my listing down the hall in just 3 days! We really appreciate it...

Remember when you called seven or eight months ago and we spoke for a bit?

You said you wanted to list your condo for $425,000, even though I told you that was around 18% over where the market was at that time. It would really have topped out around $350,000... But, you were adamant about overpricing your condo.

You insisted that someone would pay that price, since it was, after all, a  “sub-penthouse unit”.

I tried to explain about a buyer’s lender having the condo appraised and put a market-based value on it so they’d know exactly how much they'd lend...

Remember I also said it’s a 4th floor unit in a 5-story mid rise, so calling it a “sub-penthouse” probably wouldn’t fool all that many buyers into adding $75K to the market value?

You insisted on overpricing your condo and you also thought I should cut my fee to less than what I normally charge... You said that all agents & brokers are the same.

Remember, I tried to explain to you that you should do your homework before you sign a listing agreement with anyone and understand exactly what they’d do to market your property and earn their possible paycheck?

Remember I told you that you needed someone who knew how to maximize exposure for your condo and have it really stand out in this market to attract a qualified buyer?

Remember how I stressed the importance of proper pricing & offering a competitive commission to buyers’ agents and.....

Remember you thought that none of that was all that important? You just insisted on overpricing your condo and nickel-and diming the commission?

Remember, I told you that you’d probably be better off talking with someone else & having them list your condo, since I don’t overprice my listings, insult buyers’ agents, compromise my integrity or reputation, or put my clients in harm’s way?

Great! So you do remember me!

It’s funny. Just a couple weeks ago, your neighbor called me. Yes, the woman from two doors down... We met & had a nice conversation and she really understood.

Sure, she got the obvious stuff, but really was excited to learn about how a lot of the things she’d never have thought of made so much sense, as well. And the technology stuff blew her mind!

She knew about your condo and was very concerned about a unit in the building being on the market for seven or eight months with no action. I explained to her that she really didn’t need to worry since yours was never really “on the market” at all. In fact, it was nowhere near the market.

I hope you don’t mind...we kidded a bit at your expense, saying that DOM really didn’t mean “Days-On-Market” in your case. It was more like “Dreaming-Of-Moving”! Your neighbor even surprised me when she said you probably wouldn’t have to worry about paying ANY commission. Who knew she was SO funny?!

Oh, how we laughed!!! But, I’m getting off the subject...

Long story short, when I showed her the reality of all the comparable condos that were “on the market” and recently sold, we agreed it should probably sell for about $340,000. (By the way, that’s right around the value of yours now. It’s basically the same unit, square footage, floor plan, etc...)

Well, we listed it pretty aggressively at $345,000. We put it on the market with a competitive co-broke commission to buyers’ agents to keep them interested, as well.

Wouldn’t you know it, in just 3 days, we accepted a strong offer within inches of our full asking price with great terms! Turns out, the appraiser put the same # on the unit we’d agreed to with the buyer!

I just wanted to let you & your agent know...Oh, it’s the second agent now?! Hmmm...

Well, anyway, your sub-penthouse had a surge of showings last week at it’s current price and it actually helped to sell your neighbor’s “4th floor” unit two doors down. Just in case you were wondering where all the business cards came from. (We have the same ones.)

My client & I were laughing about something or other a few days back & after a while, she mentioned she’d seen you in the elevator a few times and you always seemed grumpy. I hope everything is alright.

Anyway, you should really stop by & say goodbye...She’s moving out tomorrow, you know.

Again, thanks for overpricing your condo. It helped me sell your neighbor’s in less than a week!

(This is just my little parable. I'd never speak to a seller directly while they're listed with another brokerage. Feel free to substitute the words, “House”, “Home”, or “Town House” in the above this scenario transpires in all categories!)

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