My client, a couple from New York, is buying a condo. They liked the unit priced below any other one bdr. unit in the building. On a $230K unit we submit a $200K offer. They counter at $225K. We are trying to figure the trajectory, where we can get it. My guys would be happy to get for $210K, and ready to pay $215K. This is our goal, our magic number.
I am sure the agent representing the Sellers, does the same calculation, and I hope we have the same number in mind.
Ask my clients whether they want to counter at $210K, or they still would like to test the waters again and offer $205K. That's what they want. There is the understanding that $205 is unrealistic, and they understand it and are fine with it.
Submitting the offer for $205,000. Waiting and are ready to go with a higher number. The fax comes, the offer is signed at ....$205,000. I am looking at it in disbelief. I do not understand why the associate broker with tons of experience, who is representing the Seller, worked for my clients? She knew we were ready for higher number. Why didn't she advise her clients to counter? She just gave it to them and left them to decide whether they sign or reject.
By not advising to her Sellers, she allowed the price to be knocked $10,000 down. What good is it to set the right (realistic) price to win the Listing, if you do not fight for that price? There are so many situations that you have to agree so that the deal goes through, but that was not the case here, and she knew it...
There is one test that in my opinion she miserably failed. If she were the Seller, she would get her $215,000. She has the knowledge, has the skills, but after 25 years she is taking an easier route. They signed, screw them, that's their money.
Not that I am trying to pat myself on the back, but I would do crazy things fighting for the clients penny, actually I would do better for my clients than for myself. When I am hired, and my client want to pay 50c on a dollar, I go and offer, and do all the calculations, and the letter to the Seller in order to win. I would not feel comfortable doing it for myself.
But it is bothering that there are so many indifferent agents.
Jon Zolsky, your Daytona Beach connection