I have a client that I started working with, he is completely new to the process and I explained to him how the market currently is. He was pre-qualified (not preapproved) for $400,000 for a condo. He wants to look at $450,000 condos and negotiate down to the $400k, oh it also has to be a turnkey property. I explained to him that the market right now has no inventory, everything is lasting on average 1 week for what he wants, and everything is going over asking. I explained to him how because of the current market, it would be next to impossible to get a property under ask unless it was overpriced or if it needed a lot of work. I told him let's look at properties for 400k and under, but of course he wasn't having it. He threatened to find a new agent, and I simply told him that I am very transparent and efficient when I work, and I want to get the most for his money, but my job is to advise and actually get your properties. I do sometimes overspeak the truth which is a bad thing, but how else should have I handled this conversation. I am ok with letting him walk, cause as great as I am at negotiating, I am not going to make wine into water in this market. How would you all have handled this?
PS: he asked me why I couldn't tell him the lowest price the landlord was willing to go, and I told him how it is illegal for them to tell me. Also, we are looking for properties in Stamford, CT aka the #1 city in all of Connecticut.
