I was having withdrawals from “Million Dollar Listing” this past week. Hope everyone had a great 4th of July! But I’m happy the boys are back and closing some big deals this week.
In real estate, some agents say the only real motivators for people to sell or buy property are “The 3 D’s: Death, Divorce & Debt.” As sad as it is, these are very common factors playing a major role in today’s real estate market. I have had several clients forced to sell due to these circumstances, and it is a very fragile and challenging situation. As an agent, you must handle with the utmost care and discretion.
A great example of this is Flagg’s buyer Perry who is going through a divorce. Flagg gets off easy on this one, only having to represent Perry as the buyer. It becomes a bit more tricky when representing a home when the couple is divorcing and playing the middle man for the couple. Usually, one person doesn’t want to sell and/or the couple cannot communicate, and you are stuck in the middle. This is when it is a good strategy to bring on a second listing agent so that each seller feels they have a representative on their side.
On a lighter note, I have to compliment Flagg on his style this episode, in particular the white tuxedo jacket with pink accents. He took a risk, and I think he nailed it! Anyway, congrats on the sale Flagg and best of luck to Perry in his new chapter.
I know we already covered this in my last post but can we talk about how Altman tells me that I’m right when I call him out on letting his pride get in the way of an amazing listing? Okay, I’m gloating now so I’ll move on. “Low ball” offers can be a great way to get a deal as long as the offer is presented in the right way. Buyers must be aware when submitting a “low ball” offer to either preface the offer with supporting facts/numbers and emotional reasons as to why the offer is low, or pick a number that is low enough where the client is not going to be offended like Gary, the seller, was. Gary is an educated client who put a lot of time and money into his home, and he was not going to give up his home that easily. Gary and Altman played hard ball with the buyers and ended up selling the home less than .03% less than the asking price.
This year it appears Madison has been faced with some difficult clients and properties. Again, Madison is forced to sell what will be an amazing new construction view property, but in its current state, it is more of a war zone and risk for a lawsuit if a client were to get injured walking through the home. Madison is correct when he says, “You never get a second chance to make a first impression.”
From my experience, most buyers do not have the ability to visualize what a property’s potential could be; this is when a good agent steps in with a marketing strategy. I would recommend for this particular listing to provide elaborate renderings of what each room will look like once completed and a sample of the materials used for the finishes. The seller wants to sell immediately and strike while the iron is hot, and I don’t want to miss out on the listing because if I don’t take it, another agent will. This is the best marketing strategy for the seller to maximize his profit and as an agent to spend my marketing dollars. It will be interesting to see how this listing ends up!
Our Agents’ Corner features posts written by our agents and management team about a broad range of topics, from thoughts on the real estate industry to commentary on everything but real estate, including entertainment, art, charity, food, sports and more. All views shared are those of the writer, unfiltered.