Advice requested, Advice given, Advice accepted = Success

Email from client: "Lottie:   xxxxxx and I have decided to offer $860,000. And see how that goes. If you have some concerns about it please let us know. xxxxx"

My response to client: "$860,000 sounds good, but I did a study to see what the sales price to list price ratio has been lately for single family homes in San Mateo listed in the $750,000-$900,000 range. Here's the result:

 

"$860,000 is roughly 6% over; $875,000 is 8% over list.  Any chance you'd be comfortable going that high? We usually don't get a chance at a counter offer."

Reply from client: "Lottie as long as there is not a counter, let's go to $880,000. I will keep my fingers crossed. Good luck. xxxx"

Yesterday I presented my clients' offer. It was a multiple offer situation as usual, and touch-and-go, but the sellers signed my clients' offer. The search for a home is over.

Take the time to show clients why you suggest a certain price, a certain strategy -- they usually listen, increasing the odds for success. Nothing is guaranteed, especially in the hot sellers' market we've been experiencing in the San Francisco and San Mateo County areas for the last 2 years, but it helps to know and show clients what's likely.

--- Come for a visit; Stay for a lifetime!

Lottie Kendall, Realtor®

Today | Sotheby's International Realty

San Carlos, California, 94070

CA BRE#01215160; 650-465-4547

Lottie@LottieKendall.com;

www.LottieKendall.com

www.SFCondosForMe.com

 

 

Comment balloon 40 commentsLottie Kendall • June 28 2014 08:57AM

Comments

Lottie~ GREAT JOB & GREAT ADVICE!... You prove just how valuable "you" are in the home buying process and I for one am so happy for you and your client...

Posted by Jon Kolsky, Licensed California Real Estate Broker (Kolsky Realty & Management) over 3 years ago

Thanks, Jon. Sometimes it helps to show people as well as tell people why one makes certain suggestions. We're elated!

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) over 3 years ago

Great info. Have a fine day ahead and a terrific weekend.

Posted by David Saks over 3 years ago

Great post...and well done, you!  When our clients see the reasons for our advice, it's always "easier".

Posted by Li Read, Caring expertise...knowledge for you! (Sea to Sky Premier Properties (Salt Spring)) over 3 years ago

Lottie, congratulations, and glad your clients took your advice and won the bidding war!

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) over 3 years ago

Thanks, David, it is a great day here; wishing you the same.

Hello Li -- thanks for your kinds words. "Showing" is often more effective than "telling."

Joan, don't you love it when your clients are successful, especially in this multiple offer environment? 

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) over 3 years ago

Lottie, Congratulations!! Nicely done.  Amen that your clients listen to you and rely on your expertise and the DATA.

Posted by Kathleen Daniels, San Jose Homes for Sale - Probate Broker (KD Realty - 408.972.1822) over 3 years ago

Isn't it great when you provide good advice and the client accepts it?

Posted by Michelle Carr-Crowe-Top 1% Diamond Certified Real Estate Team Sells Cupertino San Jose Homes-Just Call 408-252-8900, Family Helping Families Buy & Sell Homes 40+ Years (Get Results Team...Just Call (408) 252-8900!) over 3 years ago

Lottie it is always great when our clients listen to us. And of course it makes our job much easier. Congratulations to you and your clients on getting their offer accepted. Great post.

Posted by Lanre-"THE REAL ESTATE FARMER" Folayan, I don't make promises.I deliver results. (Keller Williams Select Realtors-Buy a home in Washington DC. Sell a home in Washington DC) over 3 years ago

That mutual respect is one of the greatest feelings in all of humanity I think.

 

Love and light,

Laura

Posted by Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher (Feng Shui Manhattan Long Island) over 3 years ago

Kathleen, more people are visual learners than auditory ones, so showing them stats, especially from a respected 3rd party, helps them understand.

Hi Michelle, it's very hard to know where a sales price will land; but taking time to really hone into a particular market is helpful. It worked in this case!

Thank you, Lanre. I knew this transaction was very important to my buyers, but not until their offer was accepted did I learn the whole story. I can't tell you how happy I am for them.

Amen, Laura. Mutual respect is key.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) over 3 years ago

Lottie - Nicely done in showing your clients why they needed to be at a higher number! Those are impressive over-asking numbers for the San Mateo area!  Great advice from a great agent!

Posted by Laura Allen, Lake Tahoe - Truckee Real Estate for Sale www.TahoeLauraLuxuryHomes.com, Tahoe Real Estate Agent Helping Buyers and Sellers (Coldwell Banker, Tahoe City, CA (530) 414-1260) over 3 years ago

Thanks, Laura. I think this chart really shows just what one needs to expect. My buyer took the information to heart and offered accordingly. Now, her daughter has a fabulous home to rent from Mom and Dad!!

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) over 3 years ago

Yes, smart move sharing the data & the logic.  Glad your client listened and glad their search is over.

Posted by Debbie Gartner, The Flooring Girl & Blog Stylist -Dynamo Marketers (The Flooring Girl) over 3 years ago

You are a good buyer agent . Your clients are lucky to be working with you.

Posted by Gita Bantwal, REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel (RE/MAX Centre Realtors) over 3 years ago

Nice move.  We educate our buyers and sellers about the market all the time.  Thanks for sharing your story with us.  

Posted by Amanda Christiansen, Christiansen Group Realty (Christiansen Group Realty (260)704-0843) over 3 years ago

Lottie, with proper education our clients will know what to expect. Good job!

Posted by Michael Setunsky, Your Commercial Real Estate Link to Northern VA over 3 years ago

Lottie does a lot! Case in point. She is used the old reliable skill called credibility...

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) over 3 years ago

Lottie, you're the best.... you have great fans here in the Franklin MA/Wrentham MA area....

Posted by Barbara Todaro, "Franklin MA Homes" (RE/MAX Executive Realty ) over 3 years ago

Nicely done, Lottie. Knowledge is power. It's great to have the respect for each other that makes thinks happen. Congratulations.
Bruce

 

Posted by Bruce Kunz, REALTOR®, Brick & Howell NJ Homes for Sale (C21 Solid Gold Realty, Brick, NJ, 732-920-2100) over 3 years ago

Geesh... for $860,000 that translates into a dozen and a half houses. Every market is so so different.

Posted by Andrew Mooers, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) over 3 years ago

Lottie,  Congrats to you and to your clients who not only listened and read your chart, but also acted on it!

Posted by Marge Draper, REALTOR, Keller Williams Realty, Menlo Park CA (Keller Williams Realty Palo Alto) over 3 years ago

Over list price offers are an interesting area and it sounds like you know that area well. Good job.

Posted by Brian Rugg, Sun City TX Real Estate - Georgetown, TX Real Est (Rugg Realty LLC Sun City Texas 512-966-3200) over 3 years ago

Thanks for sharing. I will not likely need this tool in the near future, but there is definitely still a takeaway lesson for all agents in the way you presented your reasoning/handled it.

As for the SP, SP:LP ratio, and DOM ... Just wow.

Posted by Drew Moody, Your Augusta & Waterville, ME Area REALTOR® (Century 21 Nason Realty) over 3 years ago

DebbIe and Gita, thank you. These buyers listened and communicatd so well we had success I the usual multiple offer situation.

Hi, Christiansens, I think the visual aid of the chart was helpful to my clients.

Michael, education is part of the job.

Hi Richi, without credibility we dont't have,uncheck.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) over 3 years ago

Barbara, and I have respect for you all in MA! 

Bruce, thank you! Knowledge is power, indeed.

Andrew, if we didn't know that before our AR days, we definitely do now.

thanks, Marge. I usually  have great clients, like these!

 

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) over 3 years ago

Hey in that price range . . . what's another $20,000?  If it nabs the deal, then why not?  Also good to show reasons for the why!

Posted by Carla Muss-Jacobs, Principal Broker (503) 810-7192, Buyer Focused ~ Buyer Results (BuyersAgentPortland.com | Portland Metro Exclusive Buyers Agent | 100% Buyer Representation ~ 100% of the Time) over 3 years ago

Funds aren't unlimited in any price range. While the dollar amounts vary according to area, the concept doesn't. And when it's a hot sellers' market, buyers need more than ever to understand what's going on. What are you seeing in your market, Carla?

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) over 3 years ago

Lottie~ That is definitely a formula for success for you and for your clients!

Posted by Donna Foerster, Metro Denver Real Estate Agent (HomeSmart Realty Group) over 3 years ago

Fast moving markets start a trend of their own. Sellers start pricing higher and everyone gets used to paying OVER list price and then the market goes really nuts.

Posted by Than Maynard, Broker - Licensed to List & Sell - 405-990-8862 (Coldwell Banker Heart of Oklahoma) over 3 years ago

A well educated buyer does make for a happier buyer. As long as they know what they are getting into and they trust you.  Sometimes however, the same chart would suggest to a buyer that they need to ratchet down the price of the homes they are searching for in order to be able to make the offer they need to make in order to secure the seller's agreement to sell.

Posted by Claude Labbe, Realty for Your Busy Life (Real Living | At Home) over 3 years ago

Lottie:  I feel that a great deal of what my clients are really paying for is my knowledge, experience, and expertise.  It's what my advice is based upon and why I feel that advice is valuable.  You proved that very point with your figures.  Your expertise and experience was proven of high value and worth ... and your clients found success because of it ...

Gene

Posted by Gene Mundt, IL/WI Mortgage Originator - FHA/VA/Conv/Jumbo/Portfolio/Refi, 708.921.6331 - 40+ yrs experience (NMLS #216987, IL Lic. 031.0006220, WI Licensed. APMC NMLS #175656) over 3 years ago

Glad to know that your clients have an agent like yourself. The markes are forever changing and it is important to know where to put in a offer.

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) over 3 years ago

Donna - I find it really helps buyers if they see exactly what's happening, not just in the town or area, but in specific price points, too.

Than, we've had high appreciation for the last two years. Employment is up, land is limited, and people enjoy living here.

Claude, you're absolutely right, and that's a good thing. Most buyers have a top dollar they can spend on a house purchase; when I show them what's likely to happen, it's futile for them to spend time and energy wishing the market were different.

 

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) over 3 years ago

Thanks, Gene. Helping clients know what to expect, and educating them about the current trends is vital to their success.

Joan, thanks for your kind words. The market does, indeed, change constantly.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) over 3 years ago

You cannot argue with facts and figures.  If you really want the home you need to make a serious offer on it.

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) over 3 years ago

Right, Evelyn, and the only way to know what's likely is to study the numbers.

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) over 3 years ago

Very Good Lottie!  Present the facts and let them decide whether they want it or not.

Posted by Bob Crane, Forestland Experts! 715-204-9671 (Woodland Management Service / Woodland Real Estate, Keller Williams fox cities) over 3 years ago

What a great post today, I had a pleasure reading it, cannot wait for the next one, have a great day! Liz in Chandler

Posted by Chandler Real Estate Liz Harris, MBA, #ChandlerRealEstateAgent (Liz Harris Realty) over 3 years ago

Thank you, Bob. It can help clients to show them the data as well as tell them. It worked in this case.

Hi Liz, I'm glad you enjoyed this. I'll post more about this type of statistic--very powerful way to show clients exactly what is going on in their micro-market.

 

Posted by Lottie Kendall, Serving San Mateo County and San Francisco (Today | Sotheby's International Realty) over 3 years ago

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