Time to get Creative
The market is hot. Sellers are still driving the bus in this market and so when I’m working with buyers I often have to get very creative to get my clients what they are looking for. After viewing 6-8 condos with my buyer clients, I can usually figure out exactly what condo would be perfect for my buyer client. But what if this condo is not for sale? How do you buy a property that is not for sale?
I’ve been working with one buyer downtown for the past few months. Let’s call him MJ. MJ owns a condo townhouse near Yonge and Eglinton that has appreciated significantly since he bought it and he’s looking to sell and move downtown. After seeing several units in different buildings and in different areas, MJ narrowed it down to 2-3 buildings he liked and was looking for a 2 bedroom unit up to around the mid $500s. Problem was, there was nothing available for sale. We waited. We waited some more. Nothing was coming up in these buildings. Frustration was starting to set in. Time to get creative.
Some agents will solicit listings by  flyering or directly sending letters to specific units in specific buildings. The message being, “I have a buyer who will buy your condo for top dollar!”. I suspect this approach is not very effective as it inherently reeks of ‘spam’ mail. I decided to take a different approach.
There just so happened to be a unit FOR LEASE in the exact building that MJ was very keen on, and this unit’s floor plan was one he had seen before and liked it. I called up the listing agent for this unit that was for lease and asked if the seller had any interest in selling instead of leasing it. He said unlikely since he just bought the unit last year. I let him know MJ was a serious buyer, and low and behold after a few phone calls back and forth, we submitted an offer in writing and that offer was accepted! MJ was thrilled that he found a great condo in a great building and he did not have to go through the pain of a bidding war to get it! He’s now getting his townhouse at Yonge and Eglinton ready for sale.
Thinking of buying or selling a condo this spring? I’d love to help you achieve your real estate goals. Contact me to discuss.
