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 arranged 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 responded the following day, and one responded in the afternoon that it was acceptable 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 apologized, stating that she had forgotten to confirm.
I have not heard from the other realtor, 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 retrieved all sales 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 building's condo culture.
I retrieved 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 $ 1,732.00 difference.
The condo fees shown for all five units differed by $166.19. How can that be? Subsequently, after checking and speaking with 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 were identified, only one of which included the unit number. Opening a few, some keys were tagged with the unit number, but some weren’t. My male client thought this was funny or laughed at me because I have only 4 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, according to the listing data, equipped with 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 the 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 thoroughly before every showing due to a lack of confidence in the listing data is time-consuming. It creates some mistrust of MLS listings among buyers.
Again, I want to reiterate that not all real estate agents are like those mentioned 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 have not yet learned to fly; I have encountered similar challenges twice this year.
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