I closed on two properties a couple of days ago. The sellers were a referral from another RE/MAX agent in Houston. It was a small transaction so the agent didn't even want a referral fee. No problem, much appreciated.
It turned out to be a very interesting situation. The two properties were vacant lots side by side. We were trying to sell them together as one so the buyer could have almost a 1/2 acre instead of a standard sized lot.
Immediately, the neighbor next door wanted one of the lots. Great! We can close this really quick! But, she's not interested in the second lot... back up... we really want to market them together first and if nothing comes about, we'll be back in touch.
For the next month, I spent a lot of time contacting many of the local, smaller home builders in the area. You would be amazed at how many builders cannot be found on the internet. Their name is very prominent in the different MLS listings, but when you try to contact one directly, it's like they don't exist.
And then there are the builders who don't return phone calls. Wow, do they want to build and sell houses or what? When I did speak with some, I would get the sob story of trying to sell down their current inventory yadda yadda. I was told by a few that the lots were great lots, but it was bad timing for them, but maybe at the end of the summer so they could build something over the Fall and Winter and have it on the market in the Spring. Good plan... but we wanted to sell now! I was told by others that the lots would never sell because the street wasn't paved and they would never build on a street like that... ok, personal opinion since there were already several houses on the street.
With all these different conversations noted, I went back to the seller and explained everything. I suggested going back to the neighbor and offering her something she couldn't refuse. They took that literally because they asked me to offer her something that I didn't want to refuse and that I would have personally accepted, but that wouldn't be fair, if that's the right word to use.
I called the neighbor, told her to sit down and take a deep breath, and told her the figure my sellers said. Nope, she couldn't refuse it. Instead of barely 1/4 acre of property, she now has a house sitting on 3/4 acres! Her son is already making plans to build on one of the lots to be closer to her.
So many people say Dual Agency/Intermediary doesn't work because "you can't represent both sides of the transaction fairly if you want to do your job to its fullest" (I hear that often). Well, It was truly a WIN/WIN for everyone and I love when deals like this can be worked out. I truly represented each side to its fullest just the way an Intermediary transaction should be done.
I love referrals and I love working with people who can walk away happy from a transaction even if they didn't net what they initially thought they should or could. It's not about what you "want" when you sell. It's about what the market will bare!!
**Are You Packed Yet?**
Austin TX Real Estate and the surrounding areas of Lakeway, Bee Cave, West Lake Hills, Cedar Park, Round Rock, Spicewood, Circle-C, Steiner Ranch, and everywhere in between... Hill Country Austin TX Real Estate and beyond. Whether you're buying or selling an Austin home, I'll be with you every step of the way.
** #1 Agent in my Office for all of 2008 **
Copyright© 2010 By Donna Harris, All Rights Reserved. You may re-blog with links back to this post.
* Dual Agency/Intermediary Relationships Work If You Know How To Do It! * was first published on donnahomesblog.com