Good news from the Sherobee townhouse complex continued with another owner inviting us for a listing presentation. The unit is gorgeous and I sure hope it will break selling records in the complex. The problem is, we must buy something first and so far we are hitting the wall (other bidders). Yes, it’s still a super strong Seller’s market and will likely cool down only after July when school will be out and vacations will be in!
The last investment property has been sold and 3 new have been secured for my investors. One of those was listed by a commission discount company. As soon as I looked at the listing posted on MLS, I knew how much they (do not) care about the clients – this is my subjective opinion.
I have made trades in this building before and I knew many thing were wrong with the MLS listing. For one, it did not have the unit number, so after I called the owner herself, and as per listing instructions, I realized its a penthouse unit!
Secondly, it was listed as a unit under 500 square feet! The actual size is double that! For sure realtors didn’t bother to call the owner… but I did!
She agreed to pay a buyer commission so I arranged to show the unit and that same night we made a deal! 10k off the listed price! I also secured the deposit with my listing office rather then sending it to the commission discount company. When a deal was reached I sent a copy to the company as the act as the “listing brokerage” and instead of updating the MLS with a ‘Sold Conditional’ status they simply cancelled the listing and took it off the market… BUT the deal was not firm at all! What a disservice to the owner, but again, owner is not represented by them, therefore the owner is completely on their own and if anything goes wrong the owner is responsible and held accountable. In the end the Seller saved 3-4k on the listing side of the commission but could likely get more than that if properly listed with paying both realtors their fees.
And sometimes a realtor gets shorter end of a stick. I also sold two homes for a client giving the client a great discount on the listing commission based on his word that the client would purchase a property with me, once both sales were firm. Regretfully I was later informed the client has a friend who is a local Realtor in the area of interest to buy and this friend will look to help buy the new house.
Ah well, I served the client well, selling one property for market value and the other above market value. I, at least can sleep peacefully.
On a more positive note, my investment into my YouTube videos finally paid off when a new client called and said they were impressed by the YouTube videos We met to discuss real estate… and as I write this blog, I’m happy to inform, purchase has been made!
Long Live YouTube!