by Tim Olynik
on Friday, November 2nd, 2018 at 1:59pm.
A client called me today. He got a killer deal on a new house in the summer. He’s young and told me the house was lit. I almost called the fire department.
He’s been trying to rent his condo but hasn’t got many inquiries. We discussed selling it a few months back but, as you know from what I’ve written, it’s not a great time to sell, especially a condo.
But he’s going to be in the red with renting. Cutting his losses and selling is worth considering at this point.
‘Maybe you should lit it for the insurance money.’
‘Sorry, that’s old man humour. How can I help?’
‘What’s the blowout price to get the condo sold?’
I didn’t have an answer. I threw my arms up in the air and said ‘oh man… off the top of head… I have no idea.’
Even though I’m moving slowly after going to Beerfest last night, I lit a fire under my butt and got to work trying to figure it out. (I really hope that doesn’t mean something to youngsters that I didn’t intend)
It’s A Strange Market Out There
Last week, Karalee wrote an offer with clients on a condo that dropped their price $100,000.
Karalee called the other agent.
Completely unprompted, he started the conversation with ‘It’s not a typo.’
Karalee wrote up an unconditional offer significantly over the reduced list price and at a pretty fair market value. A good deal, but reasonable. The seller rejected it.
Not lit. (I think)
I guess they weren’t serious about their blowout price.
Our Plan To Kinda Firesale The Condo
After some coffee, some research, some more coffee, and some Halloween candy, I developed a plan to sell the condo.
I emailed the client and explained that I was like Puff Daddy mentoring Mace right now. He can stick with me, or go solo and still try to rent it. Either way, you’ll always be part of the Bad Boy Records family.
He had no clue what I was talking about. I’m lame. So I broke it down simply.
We certainly don’t need to drop $100k from the list price I suggested in the summer.
It would be a great deal we dropped the price about 5%. The condo would look great compared to everything else we’re competing against. He just needs to be comfortable selling at that number.
It’s a extremely unlit situation to be in. I get that.
But, I explained, if I’m being totally honest, I don’t know if that will that be enough to get the condo sold quickly. So you should continue to try to rent it.
I’m 100% confident we’ll get a slough of crappy offers. Investors sniffing out how desperate we are. We’re going to stick to our guns and not give the place away.