Settlement Success in Castor Gardens
We had a settlement yesterday that was a culmination of a lot of hard work, communication and patience. We originally listed this property in Castor Gardens in November 2007 and had the settlement in January 2009. That is a long time ! There are a few very important items to take away from this.
o Never give up on the path to success.
o Reassess, adjust and make recommendations along the way.
o Communication with your clients is essential, imperative and critical.
o Know your market inside and out .
The property was one of few mixed used properties in the neighborhood and not the easiest to price or to appraise. The sellers expectations were too high in the beginning but not too far off. It took a couple of price reductions and the seller rejecting a deal before the first deal was accepted. One deal blew up after the buyer could not obtain financing which 4 months were lost and then finally the last deal went through.
Every step of the way we communicated with our seller, got the necessary extensions and navigated through the process. Without this, I am sure the seller would have relisted with another realtor. We never gave up and were determined to have the goal achieved. Further, with the trickiness of the market and the property, without our knowledge in terms of knowing the market and the sales, the last deal probably would not have gone through.
The big picture is what our market is providing is for the opportuntity for the energetic and experienced agents to gain market share as customers really need this expertise more than ever. Further, those agents that specialize in internet marketing for their sellers will be that much more in demand as well in 2009 and the years to come !
What are you doing today to excel in this market in 2009 ?
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The Somers - Philadelphia Real Estate
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JUSTA great blog - customer contact is important today. Love Philly - used to live there so much to see and do. Beautiful city!!
Christopher and Stephanie: I am glad for you that your sale went thru. Great job ! I personally cannot imagine myself being able to live in a neighborhood named "Castor" Gardens. It must be some old ghost from my childhood, I guess. Just wondering... has anyone else said anything about the "name" of the neighborhood ?
C & S,
I often consider myself the "Last Salvation" for some properties as I used to be able to never let go... It is a well appreciated lesson to be able to let go of a listing.
Sean
great advice, in this market, more than others, not giving up and perservearnce will be what seperates thouse agents who survive this housing market
Ah yes................."persistence"..........isn't that one of those most important attributes that we sales people are supposed to possess.....? Got to have it........
Great job!
Christopher and Stephanie,
If you feel it is the market, hang on and get to ring the bell. It should be a partnership of sorts between the listing agent and property owner. Communication is essential and understanding the market is paramount. If someone needs to sell it will happen. Everything will sell.
Richard
Kathy - you are right, customer contact is critical, whether it be done via phone or email or both. But nothing beats the phone in terms of communicating specifics and recommendations. And yes, Philly is awesome - you should come back for a visit !
Karen - LOL, I am not sure the history of the name "Castor Gardens" but will ask around : )
Sean - You are right. Surrender and backing away is sometimes the right move and the best move ! It is an art to determine when it makes sense to let go and when it makes sense to move foward. In our case, we were close many times and under contract it certainly did not make sense to give up. And in doing so, we achieved settlement success and have a very happy client. Of course, each individual case is different and unique. This is a good topic for another blog post !
James - Exactly ! And the sellers and buyers, in my opinion, will remember that and recommend and refer those agents that went the extra mile, went above and beyond, to their friends, family and colleagues. Word of mouth is a very beneficial thing for all businesses !
Steve - thanks ! Persistence is a great attribute to possess for sure.
Richard - So true ! One of our mottos is "Their is a buyer for every property... if the price is right". We should also now expand on that "Their is a buyer for every property... if the price is right and they have the right listing agent !" : )
Which gets to another point in terms of how critical internet marketing and exposure is to any seller is this market.
Persistance! I love it! Thank you for sharing your experience!!
Great word, Persistance. We ALL need to have it during these times. And the customer service that keeps people coming back to YOU.
Good persistance and communication habits usually always prevail. Good to hear you made it to the closing table!
Great job working with a client that long. It can be difficult for sure. The great thing is that they stuck with you guys, and that is probalby the reason it finally sold. Congrats.
Jared - Persistance is key !!! Sometimes it is "darkest before the dawn" : )
Carole - You are right... customer service is the main asset and catalyst for referral and residual business.
Bill - Thanks ! It was a long one but worth it ! All parties were quite happy.
Steve - Appreciate it. It is great when the hard work produces the returns.
I've learned that my most satisfying achievements are ones that I have had to work long and hard for and in many cases wait a long, long time to realize.
Congratulations on your perseverence and professionalism in getting the job done!
Chris... that doesn't help when the seller's expectations are to high to begin with. But yes, hard work, communication, and reviewing what you have been doing and could change things up. Congrats, I am sure it feels good now.
JoAnna - Thanks so much ! I agree that the deals that are the hardest sometimes are the most rewarding. A lot can be learned on those types of deals - from negotiating, communicating and working through bumps in the road.
Jeff - Yes, it feels great. Now it is on the next week's settlements. End of the month has been consistently busy for us all through 2008 and starting out in 2009 !