What Do You Do When You Have A Very Educated Manhattan Realestate Buyer?
I currently have this overpriced apartment in Manhattan that no matter what sort of advertising you do, no one is going to touch it with a 10 foot pole. We understand– but my seller doesn’t seem to. I have tried every reasoning process known to man–from telling them no one will pay for their memories; to buyers needing a loan and it won’t appraise; to even suggesting getting an appraisal to manage their expectations.
One day I’m having an open house on this overpriced Manhattan property, and in walks in a very educated buyer who not only knew sq ft as well as any Manhattan broker who has been doing this long enough–but because he was in landscape. There was no way for me to fudge 50 square feet extra on a 350 sq. ft. apartment. These guys too, use price per sq ft to give quotations to their clients. He quickly crunched the numbers and right there on his I-phone were the big numbers of price per square foot being so far out of left field…all I could say was, “Sadly, I can only do what my seller tells me too, even if it is against my professional advice.”
The best part is, he just lives a couple of blocks away in a co-op doorman building which is pretty “luxury” for that area, due to the low number of doorman buildings in that neighbourhood. He cited that the units for sale in his building were larger than the unit he was standing in; and with a doorman and other amenities; and is cheaper than the price my seller was asking for. Like a parrot, I re-iterated the same phrase: “Sadly, I can only do what my seller tells me too, even if it is against my professional advice.” I was cringing…
Not only did I feel like such a fool because of someone else’s irrational mentality, but it bit closer to the bone because I am a working Manhattan real estate appraiser and I SHOULD know better! I do–but an powerless to do anything about it. All I can do is voice my expertise but I cannot make them listen. Not yet– anyway.
As a seller, correct pricing is your most powerful marketing tool.
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