13 Dec Bear this true story from an associate in mind:
During a housing boom, a beachside agent became acquainted with a lovely senior aged couple who were looking for a waterfront property. They were excited that their property in another state was under contract, (for the second time after the first contract collapsed), and they were finally able to buy.
Unfortunately, the second contract fell through, but they eventually sold and moved to the area and into their modest, ideally situated investment home, which they’d previously leased out for about 10 years.
The waterfront home search resumed along with their plan to also sell the investment home they were now living in. By this stage, they knew every agent in the area, who in turn knew they intended to sell this much wanted, perfectly located investment property. This lovely couple were inundated.
Annoyed by interstate agents who wanted to take over their previous listing, annoyed by agents who wanted to sell them a waterfront property and annoyed by agents who wanted to sell their investment property, they decided to take another tact. This is where the story really begins.
The agent who tells the story had maintained contact since the couple’s open home visit to a waterfront property that she was selling. Although the couple told the agent they were fed up with the real estate process and with agents, the agent wouldn’t give up and assured them she could sell their investment property, (while settlement on their waterfront home purchase occurred), without a fuss.
To the agent’s surprise, the husband stipulated the listing time, buyer profile and too reasonable price, which at first, the agent argued with.
A 24-hour listing was granted with only one buyer permitted and no photographs or signage to assist with the sale. The only contract conditions that were acceptable to the seller were the standard cooling off period, 14-day finance and seven day building and pest conditions. However, the seller stipulated the listing price, which he knew was under market value.
The agent argued that she could achieve more, but the seller was adamant that no price negotiations would be entered into with a buyer, thus the list price was to stay. The agent knew the price and property position was a phenomenal winner that any buyer would gladly snap-up, but she had to be sure the opportunity was offered to a buyer she could vouch for as reasonable and ready-to-purchase. With an extensive database of buyers, she selected one who stood out because he would occasionally visit open homes and drop into the sales office to check listings. Since there was a lack of properties in this desired location, the agent would often phone him about other properties, even ones that didn’t fit his criteria. But he was not rude, was always respectful and would explain that he and his wife were going to hold out for what they originally wanted.
Naturally, as the first buyer who came to mind, the agent immediately phoned him. The buyer arrived at the property with his family and within two hours a contract of sale was signed off on by all parties. All in all, the property was listed and sold in no more than two hours. The seller told the buyer how much he could have sold the property for, so the buyer knew the agent had acted ethically.
We believe the most important aspect of a sale for a seller is price – usually it is –but occasionally it isn’t. Maintaining a professional relationship with the agent was this buyer’s reward. For the agent’s part, it was some time afterwards that she was inundated by the buyer’s workmates in pursuit of the same ‘sweet deal’.
So, my final word of advice is:
Be smart and be primed for a financial windfall in such cases by engaging those who are closest to the goings-on of sellers and property – your agent.
For a list of agents who work in the area you are looking to invest in, call Kelly & Co Financial Services on 1300 54 94 54