What Are Stories of Persistence Leading to Successful Sales in Real Estate?
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What Are Stories of Persistence Leading to Successful Sales in Real Estate?
Imagine transforming the toughest real estate challenges into success stories that inspire. In this post, insights from an experienced Broker and a savvy CEO reveal the art of persistence in real estate. Discover how a broker's timely intervention can generate multiple offers, and learn from the creative financing that secured a dream home. With seven powerful insights, this article equips readers with the knowledge to overcome the odds in the real estate market.
- Broker Intervenes to Generate Multiple Offers
- Finding Investor for Inherited Home
- Persistence Pays Off with Investor Offer
- First Sale Teaches Valuable Lesson
- Helping Homeowner Avoid Foreclosure
- Door-to-Door Effort Leads to Sale
- Creative Financing Secures Dream Home
Broker Intervenes to Generate Multiple Offers
A few years ago, one of my agents faced a tough challenge with a family looking to sell their home in a neighborhood that wasn't seeing much buyer interest. The property was listed for over six months, and the family asked our agent to take their property off the market for a while due to lack of interest and personal issues. The sellers were feeling defeated and unsure if selling was even an option.
As the Broker, I stepped in to support my agent in devising a strategy to turn the situation around. We analyzed the strengths and weaknesses of the property and relisted the property focusing on unique features that would allow our agent to highlight all the strengths and eliminate the weaknesses. We launched an entire new listing campaign focusing on specific tasks that would generate more interest and traffic, both on and offline, including professional listing photos with aerial photography, targeted open houses, and a neighborhood-centric marketing campaign aimed at attracting all types of potential buyers. We also launched a targeted organic and pay per click campaign on Google to ensure maximum traffic that ultimately resulted in multiple offers for our seller.
Finding Investor for Inherited Home
I worked with a family to sell an inherited home that had been vacant for years and needed significant repairs. Most buyers said no to the property, but I saw its potential; I worked to find investors who would see the same opportunity that I did. After countless calls, emails, and personal walkthroughs, I finally reached an investor who had never even considered the area until I approached him with my pitch.
The negotiations were very tough, with problems arising at every step; I stood firm, though, and found solutions to every problem. The investor finally closed the deal, and the family left with more than they had hoped for. This taught me that persistence is not only essential in real estate—it's actually the very foundation upon which success can be achieved.
Persistence Pays Off with Investor Offer
There was one particular listing that really stands out. It was a charming but somewhat outdated home in a neighborhood where the market was slowing down. At first, the listing couldn't get much attention despite the home having good potential. Buyers were somewhat hesitant about the property's age and it was a pretty tough time for the local sellers in that area. However, I believed in that property so I didn't give up. I took a different approach. Instead of waiting for buyers to approach us, my team and I reached out to different investors in the area who were searching for properties to renovate and sell for greater profits. I organized various private showings where the potential buyers could see the property up close and envision how the home could look with a little work. I also updated the listing with new pictures and a fresh marketing campaign that focused on the best features like its large backyard and classic hardwood flooring. I stayed persistent and followed up with interested buyers regularly. After a couple of months, an investor who wasn't initially sure about the property made an offer. The sale proceeded successfully and both the buyer and seller were thrilled. It was a perfect example of how a little persistence, the right vision, and being proactive can help close the deal, even with the odds stacked against us.
First Sale Teaches Valuable Lesson
My first real estate sale was a $25,000 mobile home. My broker didn't want to deal with it, but I was eager to learn everything I could about selling mobile homes. It turned out to be an RV, not a mobile home, which made the process even more complicated. After the sale, my broker still took a large percentage of my commission. Now, as a broker myself, I have the ability to sell anything!
Helping Homeowner Avoid Foreclosure
A personal example of persistence leading to success involved a homeowner who was facing foreclosure and was overwhelmed by the situation. Initially, they were unresponsive to my outreach, as they felt there was no solution to their problem. I stayed consistent but respectful in my follow-ups, providing clear information on how we could help them sell their home quickly and avoid financial ruin. Eventually, they agreed to meet, and after listening to their concerns, I tailored a solution that worked for their unique needs. The deal required navigating tight deadlines, coordinating with their lender, and resolving legal challenges, but through persistence and collaboration, we closed the sale in time.
Door-to-Door Effort Leads to Sale
I once had a property that just wouldn't sell, even after using all the standard listing methods. Determined not to give up, I spent several weekends going door to door in the surrounding neighborhoods, talking with homeowners and sharing details about the home. This extra effort helped me find a neighbor who had a friend looking to move into the area. Shortly after making that connection, the home went under contract and eventually sold. It was a reminder that persistence and creativity can pay off when the usual strategies aren't getting results.
Creative Financing Secures Dream Home
I'm in the middle of a transaction right now that I never thought would come together. My buyer clients are bursting at the seams in their current home - they desperately need more space as a result of some life changes.
Where they live in Reading, MA, there are a lot of older homes, typically capes, which were built in the 1940s. They have a standard floor plan, around 1,250 square feet, typically with two bedrooms upstairs and another downstairs. This is a tricky layout for younger families who want to sleep on the same level as their kids, and those who are becoming wary of having to climb steps. They also often lack a second bathroom, and they can feel pretty small. Although some have removed walls or added rooms, they all generally have the same feel.
Reading has been undergoing a huge building spree, knocking down these older houses and replacing them with 2,500-3,000 square foot homes that tend to sell for around $1.5-$2 million, out of the price range of the typical homebuyer.
We found a large home that is in foreclosure. The house went under agreement a few times and my clients' offer hadn't been accepted... we kept making tweaks and resubmitting offers when it came back on the market to no avail. I had talked with them about the odds of a bank accepting their offer contingent upon the sale of their own home (not to mention the challenge of not really knowing the timeline at which the bank would actually be ready to sell the home). We tweaked price, timeline, downpayment, earnest money. Nothing would work.
After countless conversations and submitted offers, I convinced them to talk with my preferred lender to see what they could do to remove the home sale contingency... could it even be an option? The loan officer took a deep dive into their finances and looked for every dollar, every option, every creative solution to help my clients carry both houses... he found the solution, and they're slated to close on their new home in just 2 weeks. And the appraisal came in above the purchase price! Immediately after that closing, we'll put their existing home on the market, seeking a quick sale that maximizes sale price. In the end, when everything goes to plan, they'll only have to carry the 2 houses for just one month. And we even factored in that cost by not increasing the price of their latest offer... so they're getting the home they need, with free equity, and with minimal hassle or additional expense.
