Another great episode! I would like to start by saying welcome aboard to Madison’s new assistant, Paige. She seems lovely and qualified, and I wish her the best because trust me, it’s not all roses. This week the “Million Dollar Listing” boys were definitely challenged by their clients.
Josh Flagg listed the condo literally across the hall from him. How convenient! The condo is done to the nines, has amazing views, great location plus the prospective buyer would have Josh Flagg as a neighbor. Haha! Flagg runs into a snag right off the bat with the seller, Glenn. Glenn decides to stick around for the first showing, and it’s never a good idea for the seller to be present as it makes the buyer uncomfortable. The buyer also becomes distracted and does not speak candidly about the home.
The next hurdle Flagg is not able to bounce back from. Flagg presents Glenn with a strong offer, which scares Glenn out of selling, and he takes the condo off the market. I have a philosophy that real estate is like dating and relationships. In this case, the relationship moved too fast and the other person (Glenn the seller) gets cold feet. I don’t think Flagg could have done anything differently to keep this one together. Better luck next time. Oh, and by the way, Edith is hysterical. “The bed is too small!” This is coming from a woman who barely stands at 4’10”!
I think many people are surprised at the advice Josh Altman gives his clients, Tim and Tom, during the multiple offer situation. Most people would have gone for the full price offer but Altman knows how difficult it is to secure financing right now. If the financed deal would have fallen through, he could have lost his sellers more than $40k in carrying costs, plus time and the risk of shopping around for another buyer. Cash is king as they say. Plus, Altman was able to play hardball with the cash buyer and still make his sellers a good profit.
Watching Altman on this listing appointment was so frustrating. “You don’t need this listing and I don’t need to sell!” I get it, Realtors only want to work with realistic sellers or it’s just a waste of time and money for us, but in this case, I think my man let his ego and pride get in the way of this meeting. I’m so happy I called him out on it and laid down the law. Otherwise, I was going to call Gary.
In regards to Madison’s Park City home, I found it odd that Madison and the listing agent exposed their cards in front of the buyer’s agent. It left them with little to nothing to negotiate. At least his parents got their bottom line. I’m a little jealous that I wasn’t there to enjoy Madison’s moms cookies. That was one of the perks to the job!
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