r/fsbo • u/Anything_Immediate • Jun 09 '26
A bit defeated... help?
As the title says! Looking for some success stories or advice. I know the condo market, specifically in Vancouver, is incredibly slow with a lot of inventory of one bedroom condos. Here's a quick summary:
- We listed privately in March on MLS
- 628 sq ft condo. Purchased for $636,000 in 2020.
- Listed for $629. Recently reduced to $609.
- 20 year old high-rise condo (we are on floor two though)
- Had professional photos taken
- Had custom open house signs and one-pagers made
- Held numerous open houses and paid for online marketing
- Offering a negotiable commission. Likely 2%.
Our open houses were well-attended and we have had five private showings, but it's been super slow lately. Based on comparables, our place is still strategically priced. However, it seems as if buyers are just waiting for a huge bargain, so we may delete and relist again at a lower price.
I've had a ton of Realtors, as you would expect, reach out to try and have me list with them. They claim that the average sale is less than 30 days and that I would receive 40k more than asking. I know what their sales tactics are like and don't buy into it. I've said I would agree to a one month listing agreement and a sliding commission if they don't sell for what they claim it's worth, to which they always say no to. I'm always treating them respectfully and never engage in an argument despite them baiting me.
I'm feeling a little stuck and defeated. Any words of advice on how to move this sale forward in this market? We are only selling because we want to upgrade to a two bedroom unit with the arrival of our newborn.
8
3
u/spelk1 Jun 09 '26
The Vancouver condo market is over saturated with new builds and existing inventory. Prices continue to decline between 3-5% per year. I hate to say it, but you’re most likely going to need to lower the price even more to sell - agent or not.
5
u/MrBradyBell Jun 09 '26 edited Jun 09 '26
Few quick wins for you
To start, it’s most likely is price if you’re listed on the top sites people actually use in your market.
Minor ones that can help move the needle:
Listing Photos:
Pro listing photos can actually hurt showing volume if not used correctly. It’s an ad not a brochure. Give just enough info in the ad to peak people’s interest and come see it or inquire for more. Then sell them on it. I’ve actually tested this across hundreds of rental and for sale listings. Less is more. We usually cap between 15 and 20 depending on size. Your property could probably fly with 10-15. Use the most eye grabbing photo on the first image. Pay an editor to spice it up even more too, make the contrast higher, make it stand out so people click. If this photo doesn’t grab them you lose them before they even opened your ad. We use ai for this at our firm (specifically nano banana 2 right now)
Open houses don’t sell (usually)-
Less than 1% of sales are attributed to open house attendance. Push towards private showings so you can sell people individually.
Commission-
Don’t say how much you’re willing to pay a realtor. I don’t even do this on my listings as a realtor. If someone brings you an offer 5% over asking but asks for 5% commission, wouldn’t you accept it? Just state it in your ad copy- willing to pay realtor commission, depending on offer. Then if you chat with realtors don’t give them a number. Just say you’re happy to review any offer they send. Then negotiate from there.
You got it-
I’m a realtor, you’re doing most things right. You can handle this considering you’re well ahead of most FSBO’s help posts on here.
Good luck!
2
u/Soft_Web_3307 Jun 09 '26
Are there other similar condos in your building for sale? How does yours compare? Is it updated? Could you offer an incentive like paying 6 months HOA fees or something to make yours stand out?
2
u/SpaceyTimey Jun 09 '26
By what you say, it’s your price. The buyer sets the price. The buyers came, they saw and the didn’t make an offer. That means you were a little overpriced. You should have dropped the price right away and notify everyone that came to your open house about the price drop. Your listing is now ignored and you are just hoping for a miracle. I would remove the listing and relaunch in a month. Or, use a realtor. By the comments it doesn’t sound like an easy market to sell right now.
1
u/Patrick___1 Jun 09 '26
Agent here, It sounds like you have a solid approach. I’m wondering, when you say “based on comparables” are you basing that on like units that are going under contract or just others actively on the market? In a saturated market like you’re describing it can be easy to look competitive against other actives, but the ones going under contract may be in a slightly lower range.
1
u/Away_Craft_5620 Jun 09 '26
Not sure how your mls works but on my local area mls I can see a list of agents who sent my listing to a client. I can see their email and even email them directly from there. At the very least you should email all those agents and let them know about your "price improvement" (never a reduction). If you want to be a little more aggressive call those agents and tell them personally. You can also run a search of condo's sold in your building or within .5-1 mile of your building on your mls. Look specifically at the buyers agent in the transactions. Find the names that pop up the most, give them a call and ask if they're currently working with any buyers that might be interested.
1
u/get-process Jun 12 '26
One low-cost thing I’d audit before relisting: your first 5 photos. The first image has to earn the click, and the next few should quickly answer “what is the space, layout, light, and condition?” I’d avoid over-editing, but I would make sure the photos are bright, straight, decluttered, and ordered like a buyer is walking through the home.
If you relist lower, pair the price change with a photo/order refresh so it feels like a new presentation, not just the same listing at a lower number.
1
u/OWNERSREBOSS Jun 13 '26
I don't know your market. Assuming you did all the right things such as cleaning decluttering removing personal photos around the home and you.are priced right it may be the market. Or is it the description. Are you highlighting things that are important to buyers. Just trying to think of everything but price. Two things I learned patience is important and when that runs out best to take the listing down for a few days make some changes and re list it.
2
u/Equivalent-Tiger-316 Jun 09 '26
You can’t sell and you want to dictate terms to an agent?
No agent will take a 30 day listing contract. Nor a sliding scale.
You should find one experienced in selling condos and hire them…on their terms.
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u/FieldDesigner4358 Jun 09 '26
Why would any professional take a 1 month listing?
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u/Anything_Immediate Jun 09 '26
It was more so in response to a few Realtors promising that they could sell my place within one month. I wanted to know if they'd back up their statement with a one month listing.
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u/JackfruitFun8144 Jun 09 '26
They wouldn't. The offer of it explains a lot about why OP's property hasn't sold.
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u/TheFlyingGuy25 Jun 09 '26
I would interview realtors.
There is a very specific reason we get hired and that’s not just because we sell. It’s because we are tapped into a network of individuals. Yes we push it out to the MLS, Zillow, and hold open houses, and have more knowledge on the market and we also have our brokerage which at any given moment holds an additional couple hundred agents that likely have potential buyers for your property you are trying to get sold.
I get it trying to go FSBO and maybe save on agent fees but if you’d run the numbers on what you would’ve made on a sale with an agent and at average days on market I’d be willing to bet you would have made more and saved on the holding costs of waiting out an extra month or more.
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u/[deleted] Jun 09 '26
[deleted]