There’s no one I know who is as big a fan of The Colony as I am. I love the people, the amenities….I love how beautiful The Colony presents, as I ride along Via Veneto with the high rises, standing aside like soldiers at attention.
When a resident requests a market evaluation out of reverence to them and respect for the process, I make sure that I share the truth about the marketability of their residence. The least gentle question I am inclined to ask a prospective seller is, “Do you want to list your property or do you want to sell it?”
While this may seem, on the face of it, a sarcastic question, the reality is, sellers want to hear the highest “estimated” price, often make their real estate listing agent selection based on that response solely.
Listing Colony property for sale, in my opinion, is partnership between the seller and I. My motive is to fetch the highest and best offering from a buyer. But if I truly mean what I said, that I respect the process, I have to tell the truth. I have to decline listings where sellers want a price based on what they paid. This is a failed approach to selling a Colony residence. Among other issues, it won’t appraise. Experience has taught me this.
While I believe that we need to keep our prices up to the very best of our ability, the demand is simply still not strong enough to warrant an asking price much over 15% of the most recent closed sales.
Getting listings, as a Realtor, is certainly a vital part of my business model. Far more important is my track record in getting properties sold.
If you are a seller and not a lister, know that the most important time in the listing is (in our seasonal area) six months. Make the greatest impact you can in that period. If you are not getting offers, you have made a listing agreement based on the least important criteria-which agent most agrees with your biased opinion of your home and gave you the highest price.
Those in The Colony who sold their properties were committed to the process. They got showings and ultimately contracts. My guess is that if you more than 15% over the market value, you are interested mainly in sharing with strangers (escorted by real estate agents) how beautiful your home is or, you are awaiting the arrival of an ignorant buyer…that is, if you are getting showings at all.