Sold for 81% of Asking!
Wow, wow and ….. wow!
Don’t worry “Sold for 81% of Asking!” is not what I said to my seller client nor am I talking about the American market. While performing my daily routine of browsing through the day’s sales, I found one sold for 81% of asking! You’ve got to be kidding me. Talk about not knowing how to price reasonably. Kudos to the buyer agent for talking some sense into the listing agent and seller and making the sale a reality. My issue is that the seller would have fetched a better price by pricing near market instead of starting at way above market. There were tonnes of comparables to use yet it was scrapped along with any logic and reason. Months of non-productivity could have been eliminated as well.
Yes, the listing agent is suppose to work in their client’s best interest and get them the best price, but there needs to exist some justification and needs to be within limits e.g. is it tastefully renovated? are you in a condo that everyone is fighting to live in? are you a celebrity? etc. As easy as it may sound, shouldn’t you drop your unrealistic client? A deal was eventually made, but at what cost? If a potential seller were to know about it, I think they’d pass the Agent 81% option.
