Property: 6771 Springpark Ave, Unit 106A
Today, we closed on an amazing 2-bedroom, 2-bathroom condo in Ladera Heights. We priced the condo right at $499,000, pictures and floor plan set, and created repour with the tenants to make it easy for a smooth sale.
But we hit a roadblock. We literally launched it the Monday before the Shelter in Place order went into effect. We were fielding phone calls and were prepping for showings for the weekend. Everything was halted. No showings, no nothing. Essentially dead in the water. The only saving grace was that there were amazing tenants in place that were paying the rent.
During the Shelter-In-Place, I still received inquiries. So instead of just sitting on the sidelines, I kept a buyer list. Our buyer list totaled 28 buyers. In addition, throughout the quarantine, I kept in touch, making sure buyers were engaged and kept my Seller not only informed on the buyers, but also what was happening in the market. I would send data on the market and what experts were saying about the future of real estate.
As we started getting word on the ability to do showings, I got to work. I worked with the Seller, tenants, and potential buyers on scheduling showings. Prior to scheduling the showing, I sent out a list of information about the condo, including making sure the buyers viewed the photos and floor plan prior to seeing it. In addition, we required the necessary signed disclosures AND a copy of the pre-approval from a direct lender prior to the showing. If I am going to show the unit while there are tenants there, we needed to know that these buyers were ready to go.
Some of the agents I reached out to didn’t answer. Others ended up buying something else or decided to pass. We schedule five showings on a Saturday back to back. To make sure that I was able to give everyone the right attention, I brought a co-host. I could show the unit and discuss offers and she would be able to show the rest of the complex.
During the showings, I received a call from another agent who wanted his client to see it but couldn’t see it that day. He wanted to schedule for Sunday. Knowing that there were tenants living there with a baby, I wanted to make sure that if I was going to interrupt their packing, this person had to be worth it. Therefore, I did a virtual tour with the agent, as he knew exactly what his client would want. He agreed that it was worth her seeing, so I showed it the very next day. That’s six showings in two days.
Monday rolled around, and we received two offers. That’s what we needed to get the best price and terms for my client. And sure enough, we got what the Seller wanted! And it was from the amazing buyer where I did the virtual tour with the agent. Today, we closed at $520,000. That’s $21,000 above the list price.
I’m happy to report that the Seller is happy. At times it was stressful, as the uncertainty of the market was at hand. But with the right communication, negotiation tactics, and tracking of the market, we were successful in exceeding the Seller’s expectation and a successful close here in Ladera Heights.
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