Saying No to a Client is Hard to Do
Yesterday I met with a client who wants to move out of town. Her plans had changed and she would like to go back to the town where she grew up. She has lived in her home for two years and has had major work done to her house.
She paid what was then market value, then put in a new kitchen and finished the basement.
We had a very pleasant chat as we examined the value of her home in today’s market. Her goal was to recover the price she paid for the house two years ago, plus the cost of renovations and some profit for her efforts.
After looking at comparable homes that have sold on her street and in her immediate neighbourhood in the last three months, it became clear to me that she would not be able to do this.
Based on my experience, I knew that in a best-case scenario she might be able to walk out with a fifty thousand dollar shortfall. We went over a few other options she could consider but none of them satisfied her.
She insisted I take her listing and proceed to market her property. I had to be as firm as she was and told her I would not be prepared to market her home at the price she wanted.
Had I gone ahead and listed her home, the end result would have been a lose-lose situation for both of us. She would have eventually realized my assessment was correct, she would have failed to get all her money back, and she would have been inconvenienced by a further delay of her plans.
Most damaging is that I would have given her false hope and spent time and energy on a project that had no chance of success. She appreciated that I was willing to be honest with her in giving her an honest assessment of the market.
Today when I look at homes that have been on the market for six months or longer, I often see the case where an agent was afraid of telling her client the truth.
As usual, honesty is the best policy, and accurate information is the best basis on which to make any important decision.
Having trouble putting a value on your home? For a no-strings-attached opinion write to me, or call me at 416-482-8330, ext. 3519