{"id":15471,"date":"2010-09-25T18:54:55","date_gmt":"2010-09-25T22:54:55","guid":{"rendered":"http:\/\/www.ewm.com\/internalblog\/?p=15471"},"modified":"2010-09-25T18:54:55","modified_gmt":"2010-09-25T22:54:55","slug":"how-facts-trends-saved-the-listing-a-real-life-scenario","status":"publish","type":"post","link":"https:\/\/blog.myewm.com\/?p=15471","title":{"rendered":"How Facts & Trends Saved The Listing (A Real-Life Scenario)"},"content":{"rendered":"

When you have scratched your head while performing a CMA for your listing appointment only to find out that there are barely-to-no\u00a0“relevant properties”<\/strong> to discuss with your Sellers, remember to use Facts & Trends.<\/p>\n

In the subject case — there were no relevant properties. This was one of those situations.\u00a0 Does this sound familiar . . . .<\/p>\n

(permission by Shirley to post to internal blog only).<\/p>\n

HOW FACTS & TRENDS SAVED THE LISTING . . . . <\/strong><\/p>\n

(e-mail from\u00a0Seller’s daughter)<\/strong><\/span><\/p>\n

Dear Shirley…<\/em><\/strong><\/p>\n

Thanks very much for taking the time to visit my mom’s condominium. As I recall,\u00a0your earlier\u00a0“recommendation” was\u00a0that an asking price of\u00a0$120k\u00a0was probably at the higher end of the range. Is this correct?<\/strong><\/em><\/p>\n

Yet, what I notice is that you have not offered your professional advice based on anything concrete that we can bring to our mother to make the case for\u00a0a specific asking price. It feels more like a hunch…a wing and a prayer, if you will<\/span>.<\/em><\/strong><\/p>\n

Understanding full well that even in her condo building one particular Canadian buyer is scooping up a number of properties at foreclosure after foreclosure, in my dealings with real estate agents over the course of selling several homes,\u00a0a market analysis is always presented that includes comps and a written assessment of value. An actual recommendation is stated (which the seller can then work from) and eventually the agreed-upon asking price is reached.\u00a0 And while Mom is happy to finally be selling, she is as smart as a whip and has no interest in anything less than a fully supported asking price especially since she realizes her investment\u00a0has depreciated. We also are aware that the first three months on the market are important ones…so a right price is vitally important.<\/strong><\/em><\/p>\n

My sister\u00a0was an appraiser for many years, and my brother was a real estate agent for several years; accordingly, we feel uncomfortable going further without a more comprehensive real estate analysis from you<\/span>. In fact, it was my brother who offered you one comp from a condo that sold quite well in the same complex. While not of comparable size<\/span>, it does anchor one end of the current real estate market in an actual fact. I do appreciate your recent trip to Ft. Lauderdale, but a casually stated email assessment is not what we had expected.<\/strong><\/em><\/p>\n

To assist you further in your assessment, here is additional information for you:<\/strong><\/em><\/p>\n

<\/strong><\/em>1)\u00a0The condo fee is $335\/month and covers landscaping, water, trash, painting, and general upkeep<\/strong><\/em><\/p>\n

<\/strong><\/em>2) The reserve fee last year was about $680. \u00a0The reserves are well maintained and have covered\u00a0a new roof a few years ago, all the screening and supports were done on the lanais, all the reentries were redone (and look very classy)<\/strong><\/em><\/p>\n

3) Mom’s upgrades:<\/strong><\/em><\/p>\n