Motivation. Are they motivated? What is the motivation of the client? Why do they want to sell the house? Or, why do they want to buy the house? Is it anyone’s business to question the what, where, how, when and why behind a transaction? Would you be offended if I asked you “why are you wanting to sell” (or buy)?
Some take offense when asked (usually by nosey neighbors) -“Why are they selling?” In many cases the real estate agent’s reaction to that question is a reflection of the principal (the Seller or Buyer) in the transaction.
Do you think that a client’s attitude about his or her motives can be adopted by the agent – either through feelings, interpretation, misinterpretation or actual instruction? I do. Is it a divorce? Are they trading up? Down? Job relo? 2nd home? Family expanding? Kids moved away and they would rather stay near?
You can probably guess what the answers to these questions mean in terms of eagerness to transact. In sensitive situations like death or divorce to name a few, I will ask my clients if they are ok with me explaining the reason(s) for selling.
Sometimes you can tell by the list price of the home or the offer price from the Buyer that the client is motivated. The trend lately has been to price properties slightly under their value to drive offers over list price. Only motivated Sellers use this strategy. Buyers don’t like it but it is very effective.
In a market like the current one, if a Buyer has had some experience and exposure to the recent sales data (Redfin) and the Seller is realistic with price, motivation can take a back seat to pricing for the moment. Once the property is in escrow, motivation becomes key again as issues arise that can slow an escrow or delay the process.
If you and I are working together, you can bet that even if we did not have the “why” conversation, your motivation has been a factor in the work we are doing together. If we have not yet done business please know that motivated clients move to the front of the line – because I am…..motivated 🙂
Here is your real-time real estate report:
There is one new listing that hit the market – the Cassidy home at 1508 Georgina Avenue. Last sold in 2011 for $3.3 million and is now listed at $5.889 million. 12,300+ square feet lot with around 4,000+ square feet of interior space. It had been leased for the past 5 months for $20,000 per month.
One listing went into escrow – the contemporary home at 528 25th Street that was relisted last month. No closed sales so far this week.
New Listings this Week
1508 Georgina Avenue – 4 bedrooms + 4 baths. $5,889,000. Big price but a beautiful location and property. Country English home on a 12,300 sq ft lot. Modern updates include newer kitchen with Miele appliances, new flooring. Last sold in March 2011 for $3,295,000 and last leased for $20,000 per month.
New Sales this Week
528 25th Street – 6 bedrooms + 7 baths. $6,898,000 $5,995,000. Reduced/ Relisted. Large contemporary style home, exposed steel beams, polished concrete floors, etc. Flexible floor plan, 3 levels, private guest quarters. Last sold in September 1996 for $712,000.
No Closed Deals this Week
Pence Hathorn Silver Active Properties:
Call me for a couple of upcoming attractions, priced from $1.9 million to $6 million – they are not in the MLS.
24142 Malibu Rd. – 3 bedrooms + 3 baths $8,000,000
640 17th St. – 5 bedrooms + 5.5 baths $5,250,000
802 San Vicente Blvd. – 3 bedrooms + 2 baths $3,300,000
11864 Bray St. – 2 bedrooms + 1 baths $799,000
1222 Princeton St. #12 – 2 bedrooms + 1.5 baths $599,000
Search for more homes, see real time analytics and learn about the North Santa Monica / North of Montana Avenue community on our North of Montana blog . Add your comments (scroll down to the “Add Your Comment” section) and read other blogs. And please call my mobile phone (310) 924-4014 with any questions.