I help my client get $5000 more when selling, how did I get it?
In a slowing market, I helped my client sell their property at a desirable price. They were planning to accept a conditional offer at the price $715,000, but I helped them sell at $720,000 with a firm offer several days later. How did I do that?
In a slowing market, I helped my client sell their property at a desirable price. The journey to sell this condo in the bustling city of Mississauga was full of twists and turns. Due to rising interest rates and seven other properties on sale in the same building, we didn't receive many offers on the day of bidding. Nevertheless, through strategic efforts, we secured a decent price of $715,000. However, the buyer had a condition related to the building management, and despite our efforts to convince them otherwise, they eventually backed out at the last moment.
To address this, I formulated the following plan for my client:
- Keep the price unchanged and continue marketing the property for a few more days to gauge the market response.
- Follow up with all the brokers who showed interest in the property.
- Increase advertising efforts and find suitable buyers. If the property doesn't sell within a week, we would reconsider adjustments based on the prevailing market conditions.
After two days without new offers, my client grew anxious and asked about the next steps. I advised them to be patient and continue listing the property for a few more days as there were still ongoing showings and brokers expressing interest.
As expected, an offer came in on Friday. Beforehand, I had thorough communication with the buyer's broker, so the initial offer was $715,000 with a financing condition, valid until 4 PM. To negotiate for a better price, I quickly contacted another broker who had previously shown interest. Eventually, they submitted an offer for $650,000 with two conditions. With this second offer in hand, I managed to push the first offer to $725,000, valid until 8 PM, still with the financing condition.
Considering the buyer and their broker's hesitation regarding the loan condition, we decided to test their sincerity. Close to 8 PM, I chose not to sign back the offer or contact their broker, strategically creating uncertainty. At 8:02 PM, as expected, they called to inquire about the situation. We informed them that the seller decided not to make a decision that evening and would give both offers a chance, waiting to see which party would waive the conditions first. The buyer then voluntarily increased the offer by $5,000 while keeping the condition due to concerns about the loan.
Around 9 PM, the seller agreed to accept the offer of $720,000 with conditions. To create a sense of rarity for this offer, I withheld sending it to the buyer's broker immediately. At 11 PM, a third broker called, showing interest on behalf of their client with an unconditional offer of $700,000. After some negotiation, we managed to secure an unconditional offer of $720,000, which the client accepted. This price is $5000 more than the offer we accepted on the offer day.
Through diligence and flexibility, we successfully sold the property for $720,000, achieving a satisfying outcome and securing the best deal for our client. Throughout the process, we faced challenges of a slowing market, intense competition, and buyer conditions. However, with perseverance and strategic planning, we garnered buyer interest and obtained a satisfactory offer.
The sales process for this property was filled with suspense and uncertainty. We handled each turning point with focus and intensity, maintaining constant communication with the buyer's brokers, revisiting potential buyers, and intensifying marketing efforts. Crucially, at decisive moments, we utilized psychological insights to test the buyer's sincerity, ultimately reaching a mutually satisfying agreement.
The journey was dramatic and challenging, with each twist presenting new opportunities. By persistently employing our expertise and adaptability, we demonstrated the importance of professional experience and strategic approaches.
Whether in real estate or any other industry, continuous efforts and innovation are crucial to achieving success amid uncertainty and competition. If you have any thoughts, questions, or ideas about the key moments and strategies involved in this process, or if you are interested in the decision-making and risk management throughout the process, feel free to contact me directly at 647-779-9186. I'd be delighted to share more details and strategies with you.
Trusted Professional, Diligent Work.
— Ming