The Williams Team was approached by a client who had retained our services to rent his co-op apartment annually. However, after several tenants, the client decided to sell the apartment due to the market conditions favoring sellers. Unfortunately, the current tenant in place was difficult and repeatedly refused access for general inspections and repairs. This posed a challenge for our team as it hindered our ability to showcase the property to potential buyers.
To address the challenges posed by the problematic tenant, The Williams Team took proactive measures to reach out and communicate with the tenant. After multiple unsuccessful attempts over three weeks and the threat of litigation, the tenant finally agreed to meet at a local coffee shop. During this meeting, our team addressed all of the tenant’s concerns regarding the upcoming listing. This helped to establish a better understanding between the tenant and our team.
One of the tenant’s main concerns was the showing schedule. To come to a mutually beneficial agreement, our team thoroughly reviewed the access terms contained in the lease between the owner and tenant. We provided the tenant with a proposed showing schedule that would not only accommodate their needs but also allow potential buyers to view the property. After much discussion, the tenant agreed to the showing schedule and also committed to keeping the apartment in pristine condition for upcoming showings.
It was important for The Williams Team to test the tenant’s willingness to adhere to the agreed-upon showing schedule. This was done to avoid any surprises or issues with potential buyers during showings. The tenant proved to be cooperative and adhered to the agreement, which helped to create a positive and smooth experience for all parties involved.
After successfully adhering to the showing schedule for four weeks, the Williams Team was able to secure an all-cash offer for the co-op apartment. This offer was $50,000 over the asking price. With the tenant’s cooperation and our team’s negotiation skills, we achieved a selling price that exceeded the client’s expectations.
The client was exceptionally happy with the outcome of the negotiations and agreed to accept the offer at $50,000 over the initial asking price. The Williams Team also successfully navigated the co-op board approval process with the new purchaser. After the approval was received from the board, the closing was scheduled within a week. This case study highlights how effective communication with all parties involved, as well as proactive problem-solving, can lead to a successful sale even in challenging situations. Our team’s dedication and expertise resulted in a positive outcome for our client and a satisfied tenant.
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