Kim's Story - How To Not Overpay

Posted by KaraLee Foat on Tuesday, January 9th, 2018 at 11:35am.

Kim is a 
wicked photographer with a smile that brightens up your whole day. 

Kim transitioned quickly from client to friend. She sent me the cover picture the night she took possession... after her girlfriend, Dani, found the bottle of bubbly I stealthy stashed in her fridge. Texts like that make me ridiculously happy.

Kim moved to Calgary from Ontario a few years ago to attend ACAD. Now, the time was right to stop renting, truly become an adult, and buy a home. Her family's go-to Realtor in Ontario referred KaraLee and I. We started emailing every day about what she wanted in her first home.

Kim's mom Kari came to Calgary for a few days. We looked at a ton of townhouses. Lots stood out. But there was a clear winner. The only problem was, it was overpriced. The other agent was new to the business and unskilled.

We looked at comparable homes that sold recently. We compared Kim's favorite to all the other homes we had seen over the last few days.  Beyond doubt, the home was overpriced by at least $10,000. We looked at days on market and months of supply. We discussed how much value a finished basement and end unit really adds to the house. We meticulously dissected the price.

From every angle, the house just wasn't worth what they were asking.

So we wrote a reasonable offer. The Sellers kept coming back with unreasonable counter offers. I wrote a long, logical email to the other agent. I walked him through the math of why our offer made sense. I backed it up with market statistics focussed on the neighborhood. I didn't even bring up the fact that swords and broken lights make the home not show well. 

He wrote a response with out of date numbers that made no sense. He then finished the email with ‘I think you’ll see the light.’

Getting my competitive juices flowing is not a smart thing. I know the light. I live in the light. It was on!

Kim loved the house. She was willing to give the sellers what they wanted. But that home simply wasn’t worth what they wanted. I told Kim, ‘we’re walking away.’ 

Later that night I got an email from Kari, who had flown back to Ontario. She was very grateful. She never thought a realtor would talk her daughter out of buying a house. Sometimes that’s my job. I’m not afraid of walking away. I’m more afraid of you overspending.

For two weeks we tried to find a better house. We didn’t. But, Kim would tell you, it was worth looking. She was 100% confident that she wanted that home. I was 100% confident I get her a good price now that it had sat on the market for two more weeks.

I texted the ‘See The Light’ agent see if the home was available. Of course, it was. I knew it would be. I know the market, there was no way it had sold.

I wrote up the same offer as last time. This time they saw the light. Kim won. She got the house, and she didn’t overpay.

I wrote a text full of middle finger emojis to the other agent… but I didn't send it. His clients probably sent him enough of those.

A few weeks later Kim supplied one of the most legendary #FoatQuotes of all time...

These days in Calgary, I have to know the market inside and out. Not just the overall real estate market. Every neighborhood in Calgary is experiencing something different. Every type of home is different. 

I have to know the market. You have to have patience. That’s how to win like Kim.


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