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?**
Donna Harris, REALTOR®
RE/MAX Austin Skyline
www.DonnaHomes.coma
Donna@DonnaHomes.com
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.
For real time Austin TX listings, click here.
** #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
I think the whole dual agency scenario totally depends on the situation, if that makes sense.
Donna - An interesting story for sure. With our dual agency aggeements in NJ, we haven't had that happen to us so far. Good job in being there for both sides. It can get sticky sometimes... But hey that's what we do right?
Donna
Closed referrals are great thing. Congratulations on the sales.
Good luck and success.
Lou Ludwig
Congratulations on the sale, You did a lot of work to get to the end, but it sure paid off.
Jean, It could possibly depend, but a well rounded agent who knows what they're doing can always work in this situation, and I've done it many times.
Robert, I don't get sticky...
Lou, Yes, they are!
Lesley, Thanks!
Hi Donna... Congratulations on a great deal. WIN - WIN transactions are always the best kind... everyone walks away with a smile on their face.
Dual agency definitely works! You worked really hard for this seller and it sounds like the buyer and seller were delighted with your efforts. Congratulations on your excellent work!
Congrats Donna! I think if done correctly, it can certainly be done... I just think there are agents that do not work it correctly, therefore you hear the comments. You have shown that it can obviously be done. Congrats again!
Donna: Dual agency should not be shied away from if you feel you can really help both sides.
Ty
Donna I just acted as intermediary on a lot sale myself. It worked out well for buyer and seller especially since a lot of communication was necessary to navigate the particulars of the buildability and special circumstances of the property. The message stayed clear to all parties and after many twists and turns, we got closed with buyer and seller both satisfied.