I should warn you before you read further that my comments about why some London Ontario apartment condos take longer to sell are based on frustration and exasperation. I do not imply that the events that occurred will happen again. (Can pigs fly?)
My clients were interested in downsizing from their 2-storey home and in seeing 2-bedroom units in this particular building, all within $35,000 of each other in price.
We chose a Thursday for the viewings, so I made arrangements for showings on Tuesday morning. Five were listed for sale because we were interested in only this building.
One Realtor replied within an hour that the scheduled time would be fine. Another replied the following day, and one replied in the afternoon that it was okay to show the units. As I had not heard from the other two, I called their offices and used our appointment scheduler, Broker Bay. One called back immediately and said she was sorry; she forgot to confirm.
I never heard from the other realtor, and, even after three attempts. Three weeks later, this condo is still listed for sale.
Checking The Facts
The evening before the scheduled showings, I did some homework. I pulled up everything sold in the building over the last two years. Even called a past client (who had purchased from me years ago) in the building. I asked how happy she was and if she had any complaints. How the property manager was, and how solid the condo corporation was. Other pertinent questions that would enable me to inform my clients about the condo culture of this building.
I pulled up the city’s current unit taxes, and two out of five were accurate, as shown on the listing data form! I don’t mean by a few dollars; in one case, there was a $1732.00 difference!
The condo fees shown for all five units were $166.19 different! How can that be? Subsequently, after checking on things and talking to the property manager, I found that only one condo unit had an accurate, current condo fee. That was because the listing Realtor had a current status report ready.
Fair is fair, I thought. Mistakes happen, and I will include clauses if my client decides to submit an offer to verify all condo fees, taxes, and any other discrepancies.
The Day of Reckoning
On the day of the showings, I meet my clients in the lobby, where lockboxes hold the keys for entrance to the building and individual units. My day is not starting well. Nine lockboxes and only one with the unit number were identified. Opening up a few, some keys were tagged with the unit #, but some weren’t! My male client thought this was funny or laughed at me because I only have four pockets on my pants and could only keep track of 4. He also had four pockets, so he helped!
A couple of the units we saw were, as per the listing data, appliances, room sizes, and amenities. One unit was a disgrace, one unit, the occupant would not let us in (nobody told me you were coming, she said). Two units were out to lunch in the price.
We return to the lobby and play Russian roulette with the keys and lockboxes again! I say to my clients, “ Well, what do you think?” with a straight face.
Other than the usual comments like poor layout, overpriced compared to others, and condition of the units, my clients just kept shaking their heads and asking themselves, “Is this what they want to do or move here?”
The Outcome
They did not purchase anything that day. One week and two buildings later, they purchased a beautiful unit they liked. They know, and my past clients know why I work with just a few clients at a time. Preparing correctly before every showing because of a lack of faith in the listing data is time-consuming. It creates a bit of mistrust in the MLS listings for buyers.
Again, I want to reiterate that not all real estate agents were like some of the above. If you do list your condo, check weekly that the information on the listing is accurate. This will ease the buyer’s uncertainty and prevent you from having your condo sit on the market while others sell!
Note: I wrote this four years ago. Pigs still have not learned how to fly; I have had similar challenges twice this year.