I started to write this post in early November, soon after my clients and I ratified the contract on their house and right about when the story was published on the Newsplex. I almost didn’t do the Newsplex story.* (see the end of this post for the rationale)
A few of my rules for real estate:
â€œUnder Contractâ€ â‰ â€œSoldâ€:
– â€œUnder Contractâ€ means: â€œwe need to get through the loan application, loan commitment (including appraisal), home inspection and any other contingencies.
Most importantly – What did we do to get a contract on this house in three weeks? Put simply:
1: My clients worked hard. For a long time; we met last year and discussed strategies for getting their home ready to put on the market, the value of pricing the home right, what they needed to do and what I needed to do to prepare for the marketing of their home.
2: We priced it right; tracking the real estate market, the sold competition and most importantly, the active and under contract competition.
3: We worked the first offer we got. One of the real estate truisms is that the first offer is usually the best offer; you might not get another offer.
4: We got lucky with the buyer’s agent; she’s one of the best in the area and that was one of the factors we evaluated when evaluating the offer. I’m probably going to touch on this aspect in a later, separate post, but the quality and competence of the opposing real estate agent matters. If I can advise my clients that there is a reasonable expectation that the transaction will go relatively smoothly in part because the other agent agent is competent, that’s a serious component we evaluate. (as a contrast, if I don’t know or trust the other agent, that’s a factor as well)
5: My clients worked really, really hard and were realistic about the market and their expectations. I can’t emphasize this one enough. Selling a house is hard work – for the sellers and their representation. Being willing and able to work, be realistic and reasonable is invaluable.
6: Lastly – price absolutely matters, but it’s not always the most important factor. (as an aside, my feelings from the linked post regarding other agents’ competencies have shifted quite dramatically as I have gained much more experience; when I wrote that I had been in the business just over three years; now I’m entering my 11th year)