2 Factors That Are Affecting Some Deals

Factors Miami

One of my number one objectives of any client I serve is to keep things as simple as possible. With that said, with all its moving factors,  brokering a sale isn’t always sunshine and rainbows for everyone involved.

Over the last few weeks, I’ve had the unlucky opportunity to encounter a lot of obstacles while working with some clients. To be honest, by “obstacle” I’m referring more than anything to an overall lack of good habits that create these obstacles. These difficulties in my trade have been a part of the industry for quite some time. Nevertheless, a part of me tells me that I’ve seen more of it than ever before.

Long story short, the observations below are making an already difficult process even tougher to accomplish. They should, however, be easy to solve if everyone took a bit more pride in their work. Enjoy!

Factors Affecting Some Deals

 

#1 – Overpriced Listings

I promise i’m not trying to sound like a broken record but this is the definitely what’s causing the most trouble out there. As I write this, I’m trying to finish up a deal where the listing is priced over $30,000 higher than the last two comparable sales for no reason! In this particular example, selling this unit to my client will be extremely difficult because, like other buyers in this market, she needs financing. Case in point, even if my client were to make a full price offer (which she won’t), the unit will likely not appraise. Some Sellers are trying to avoid this by only accepting cash offers, but the same principle still applies. Cash or financed, most buyers ask to look at the comparable sales in order to make sure they’re paying a fair price.

I’ve written article after article about this, pricing the unit appropriately is a must. This is real estate 101 at its best.

 

#2 – Misleading Information

This one is probably the most irritating one because of the fact that it’s in part due to laziness from other agents/sellers. This category includes the various errors I often see on the MLS that are extremely misleading for many, including out of town buyers. It all end up as extra work that wouldn’t be there if the right information had been there in the first place. Some examples to this include:

  • Not including the condo fee online/mentioning the wrong condo fee online
  • Mentioning the wrong square footage/not including the property’s square footage
  • Adding a water view to the property when the balcony doesn’t even face the water
  • Failing to disclose any potential issues such as future construction nearby

This happens so many times I could write several articles about just this! The worst part is knowing how easy it is to solve this. It all comes down to having the right work ethic and some good etiquette when it comes to sharing information. Stay classy, Miami.

In conclusion, I hope my readers don’t think of this as a rant of any kind. The factors in this post are just some observations coming from someone who works within the real estate trenches on a daily basis. My sole objective is to improve our local market through the use of ideas and collaboration. I firmly believe that delivering a higher standard will yield stronger results for everyone.

Lastly, Downtown Miami Real Estate is our specialty! As a Downtown Miami real estate blog, We strive to provide the most comprehensive real estate data and trends in the area to help you reach your goals. Call us today at 305-305-3885 or e-mail us at steinmander.m@ewm.com if you’re looking to buy or sell in Miami!

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