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Is real estate like Reality TV ?

Real Estate is like Reality TV. You never know if you are going to get Jerry Springer or One Life to Live ! 

It does not matter if you are selling a high-end piece of real estate or a lower priced home. Real Estate will offer you the drama and the twists and turns that can stand up to any Reality TV program. I suppose the reason is that people are very emotionally complex and are subtly effected by so many things from the state of the economy to our favorite sporting team performance.  And buying a home has been rated one of the most stressful times in a person's life (up there with loss of a loved one and loss of job). I think that most Realtors would agree that even the sweetest most balanced of individuals can transform from Jekyll to Hide during a real estate transaction. (Realtors included !!)  

When these dramas come (and believe me they will) we have found that it is important not to become just another character in the drama.  

Some things that work Some things that work

remain calm

wear the shoes of both parties

it is never a matter of right and wrong

good will and generosity is a great negotiating tool

never step over dollars to pick up dimes

admit when you are wrong  

 

Some things that do not work Some things that do not work

bullying

losing you temper

blaming and finger-pointing

greed

manipulating the truth

not listening  

The list goes on. I am sure you can think of may more things that work and things that do not work when it comes to working a deal and solving the dramas that can and do pop up pre and post settlement.   I do not think it matters how many settlement tables you have been to and how many years you have been in the business. Every sale and every deal has it's own story.

What is your most recent story ?  Jerry Springer or One Life to Live ?

Philadelphia Real Estate - The Somers Team

The Philadelphia Real Estate Blog

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43 comments • Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate • October 05 2008 09:38PM

Negotiating Real Estate Deals in the Philadelphia real estate market

On Monday, we had 2 settlements where they both got a little intense.  For pretty much every deal, there is always a tremendous amount of stress and anxiety that the people (both clients and agents) go through.  I believe the better agents handle these situations much better than less experienced agents which can be the difference of a smooth vs rocky deal or the difference between a deal closing or blowing up ! 

In any event, for one of the settlements, the buyers agent called in a panic in regards to 3 items that were agreed upon as a result of the home inspection.   They included a leaky valve in the basement, an electric outlet in a middle bedroom that was not grounded and a cord that was not replaced in the basement.  Her message and communication seemed to be that it was a deal breaker per se and what would be done in regards to these 3 items.  We notified our seller who went to the property - in turns out that the valve downstairs did not have a leak at all, an electric fuse was just turned off at the breaker box and he went to home depot to get the proper cord for the range.   The buyers agent wanted to escrow over $1,000 for these items or not settle !  Instead of getting involved with that, we were able to address the items quickly and have the buyer go back to the property to make sure that the items were okay.  It is amazing that we had to have several calls in regards to 3 items that in their aggregage might have been $100 in repairs alltogether, but it is what it is.  We could have yelled and screamed at the other agent but fortunately we had a super client who was able to respond to the "material concerns" promptly and thus we avoided any escrow issues and ended up settling the same day  !

For a different property, which was an investment piece, our seller promised that the property was completely "cleaned out".  When we went to do the walkthrough, the whole front porch was full of furniture, the basement was quite gross (will not go into details) and let's just say there was still a lot of "stuff" throughout the house.  We also represented the buyer whose main concern from the beginning was that the house be vacated and cleaned out prior to his settlement.  He was gracious enough to accept a $300 credit but the seller was convinced that the property was "completely cleaned out" and refused to the credit.  So, in this case, we told the seller to then escrow $500, and if the place was not cleaned out in 3 days, all funds were to be released to the buyer.  The seller went to the property after settlement and called me up and said "Chris, the tenant screwed us - give the buyer the money ! ".   So the buyer gets an extra $200 for the cleanout and everybody is happy with a fair outcome !

There is always something to learn and to experience from each and every settlement !  What we try to do is be as fair as possible and communicate all the options to the clients we represent and provide the best recommendations that fit the situation.

I love to hear about other negotiating stories and will continue to share ours !  Throughout every day, there is always something we are negotiating, whether it be an offer, a home inspection, a counter, settlement issues... etc.  We love it !

Chris and Stephanie Somers

Philadelphia Real Estate Blog

 

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1 comment • Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate • July 01 2008 08:17PM