The Art of Real Estate: When Luck, Skill, and Coincidence connects Buyers and Sellers
We had a really rewarding settlement this past week where a buyer bought a completely renovated property from a seller in New Kensington. Every settlement to us is special but this one was a bit more special. When I look back it is amazing how things come to fruition. All the little coincidences, all the different directions that things can go, the unexpected twists and turns that required skill and luck (if you believe in luck). Below is our story that is an illustration of The Art of Real Estate: When luck, skill, and coincidence conspires to connect a buyer and seller making a happy ending for all.
Meet the Buyers: A couple was interested in moving from Virgina (my home State) to Philadelphia but did not know too much about the city of Philadelphia and all of the neighborhoods. They contacted us from a "fixer upper" in Old Kensington that we had been marketing on-line. They wanted a home that would accommodate a live/work space. One of the Buyers was a successful Artist which thrilled Stephanie who has a BFA degree from Moore College of Art and Design. The other Buyer was a natural heath practitioner and Stephanie's MS was in Natural Health. Really, what are the odds ? So, Stephanie took them under her wing. After many showings, many long travel days from Virginia, and one Agreement of Sale they backed away from, these buyers realized that a renovation would be too difficult for them to handle. The buyers were worn down from traveling back and forth from Virginia and needed more time to search for a home. They asked if they could stay short-term in one of our investment properties. As luck would have it, one of our tenants had just moved out of one of our properties in Old Kensington. So we agreed. The timing was perfect !
Meet Mr Seller: Mr. Seller was a Real Estate Developer who was in the beginning stages or renovating his investment property. This was not his first renovation, but his first in New Kensington/Fishtown. Mr. Seller needed a skilled and knowledgeable Realtor to discuss how he would move forward in finishing his full house renovation. He needed answers to questions such as what type of layout configuration sells best, what type of finishes appeal to buyers, what would be the best pricing and marketing strategy. As luck would have it, he called us because one of our "for sale" signs was on a house across the street. We had just put that property under contract. We made a Listing appointment to check out his property and we connected immediately. Our knowledge of the area, our solid marketing strategy, and our understanding of how to sell the Mr. Seller's end product was just what he needed. This would be the beginning of great client relationship. Coincidentally, we both graduated from University of Maryland, hung out at the same places back in the day and had many similar interests. We were both Terps !
One day when Stephanie was showing the buyers properties, she introduced them to Mr. Seller's house. They loved the idea that they could be part of the renovation process, choosing their finishings and the like without having to do it on their own. The beauty was they did not have to buy a fixer-upper after all but a completely renovated property that was hand-crafted by themselves along with the developer. They had the ability to create the live/work space and their dream home in a way they never considered possible. Mr. Seller was very happy because he was able to have his home sold before it was even ready to go on the market !
It was not a simple deal to put together but it was an obvious definite match. The seller was thrilled to have a buyer that early in the process, and the buyer was ecstatic to be able to participate in the renovation process. My wife Stephanie was amazing throughout the deal showing creativity and skill, connecting the buyer and seller, putting together several types of contracts and addendums that protected both clients, and negotiating their way finally to the settlement table.
We are so happy for both clients ! And moving forward, we know they are both very happy with us. It's a "win-win-win" all the way around. Luckily for us in our State, dual agency allowed us to orchestrate this success story. For those folks that are against dual agency, this deal would probably have never happened otherwise.
The Art of Real Estate is when luck, skill and coincidence conspire so that Buyers and Sellers can connect !
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