There is this real estate company I know of called Magic Realty. It is a very successful company. Somehow they seem to be able to defy the laws of nature.
They are able to take listings at price levels, which cannot be supported by any recent sales, and by sheer force of the vendors’ will, they get them sold. They are able to take a property in an inferior location and sell it for the same price as the better located properties just by their unique sales technique.
They are able to ensure their sellers get a 10 per cent return for each year they have held a property when they sell it – no matter how long they have held it, or bad the market is when they need to sell. They can find an investor a property to buy with a real 10 per cent net return, even with rental rates falling and bank CD interest rates at less than 1 per cent.
You ask: where is this company that can do all that? Well, I am really not sure, but it must be out there because so many customers are expecting this level of performance. So they must have got it from someone at some time or other?
Obviously I am joking! But it really is amazing that so many property owners who want to be sellers right now don’t understand they are asking and expecting the impossible. No realtor can sell your property for more than market value. Market value is what your property is really worth – and that is only determined when it sells (with all due respect to the valuers at Lands & Survey).
What I can tell you with surety is that assuming your property is in a saleable condition and it has been exposed through the MLS and other mediums, if your property still hasn’t sold, 99 times out of 100 it is because it is priced too high.
When that happens, you have two sensible choices: lower your price, or take it off the market and put it back on when the market improves. Leaving it on the market and expecting your realtor to sell it is a waste of everyone’s time. And it is actually counterproductive because it increases supply, which further depresses prices.
But you say you need to sell your property? Well, then here’s my advice:
Find a realtor who:
- understands and believes in traditional economic theory of supply & demand;
- will do an objective analysis of your property to determine its likely value;
- will be honest with you about the location, condition and pricing of your property;
- has a good track record.
Hire them, take their advice and let them do their job. If you do, you will experience less hassle and a quicker sale with a better financial result in the end. Or you could keep searching for