Now is the time of year that Boston luxury condo buyers begin to hunt for condos and lofts in Boston’s Back Bay, Beacon Hill and Midtown areas. When looking at these luxury condos, please be aware of the importance of price per square foot. Most important, and I have said this before, the price per square foot can vary dramatically based on where the unit is located in the building. I often deal with agents who mostly work in the suburbs, presenting offers on listings based on price per square foot. Trouble is these units were far inferior to the one I had listed. You cannot compare a 12th floor unit with views of the Boston Common or the Charles River to a 3rd floor unit that is looking into an office building. It is also difficult to compare a unit with a deck with city views to a unit that is ground floor with no outdoor living space and less security.
I specialize in Boston Proper condos because I want to be an expert in what I do. Today, too many agents try to be all things to all people. In the end, they become experts at nothing because you cannot understand every part of the city and the nuances of every area. If you are looking for a home in Dorchester, I am not your guy. There are agents in that area who know the market very well. Why as a buyer, would you use an agent from who does not understand the delicate balance of pricing based on the difference of just a couple of blocks?
Why work with a buyer’s agent that does not understand the nuances of the condominium market or the pricing of this market? As a buyer, it does not cost you more to work with a specialist. The truth is, it pays. As for someone who is selling their condo, it becomes even more important to work with a specialist. Last year, I spoke to a seller who was told by a competing agent ( who works for a company that does very marketing on Google, stating they can save their clients thousands of dollars) that they could sell their condo for 5% higher than the Zillow “Zestimate”. Problem was that the Zestimate was extremely low for this property, which is not unusual. Had that person only priced their condo 5% higher than Zillow’s Zestimate, it would have cost them many thousands of dollars. In addition, the same agent, whose company says it can save you money on commissions, could have cost that same client thousands of dollars because of the lack of experience.
In addition to correctly pricing a unit, sellers should consider this one thing: Is my agent in the condo market everyday marketing my Boston condo to buyers everyday. Every week I speak with folks walking by my office on 137 Charles Street in Beacon Hill who come from all walks of life looking for a Boston condo to buy. This presents a huge marketing advantage. I have said this before, a typical agent cannot go from marketing homes in Boston burbs one day and then flip a switch and fill up their pipeline with Boston proper condo buyers overnight. It just does not work this way.
And for that same agent to understand Boston condo pricing overnight? It does not happen.
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