When bad things happen in a real estate transaction Part 4
I recalled another San Francisco real estate transaction when my real estate client was not so loyal and how I handled it.
Would the outcome with Lucy and Jim, my Real Estate Sellers, be the same or would it be different? (See previous Real Estate Blog).
REAL LIFE STORY (Names have been changed)
I had nurtured a relationship with an out-of-town real estate developer for five years. That is how long it took him to develop this spectacular 4 level property. I loved the property atop of Nob Hill—not everyone’s taste for sure, but it appealed to the Italian artistic part of me. (And the fact that my Dad was an architect). I asked Shirley, the top agent in our office, to share the real estate listing with me, because I felt it would give me a better chance to represent this extraordinary property in the highly competitive San Francisco real estate market. Unfortunately, Frank decided to go with another team which promised him a million more. I was disappointed, of course, because I really felt I was the right agent to sell his specialized house, but I let go and let the Universe do its thing.
After six months the seven million dollar property hadn’t sold so Frank, the real estate developer, called me.
He wanted Shirley and I to be his real estate agents and we signed the real estate listing at the price at six million dollars – the original price we quoted.
We got an offer from a qualified Real Estate Buyer two months later. But Alas—some Big Wig European Banker saw our real estate sign on the property and called Frank offering to rent it at $14,000 a month and Frank felt that was a better way to go so he did not sign the offer and cancelled our real estate listing agreement. Second big disappointment.
The Universe wasn’t done with me yet though. The renter never moved in so I got another call from Frank six weeks later. But, Alas, this was not going to be a slam dunk. He was also interviewing other agents. When Shirley and I did meet with him, we brought our previous real estate market analysis, explaining we did all the right things. In fact, we reminded him, we had already procured one qualified buyer for him. Also we did not want to lower the price on his San Francisco home as the other two real estate agents advised. Frank liked our reasoning so he signed the real estate listing with us. We ended up closing the real estate deal a few months later.
Meanwhile here are a few hints which have helped me keep my real estate business on tract:
- First forgive and move on. Like Mother Theresa said: “People are often unreasonable and self-centered. Forgive them anyway.” I do my best to follow her advice.
- Let my mistake with Lucy and Jim, my Real Estate Sellers, be a learning opportunity. I need to get verbal real estate promises in writing even if it is a year or two out. Since, I have a real estate developer client who has promised me 5 listings this year; I told him I needed to have a year long listing starting now if he wanted me to continue working on his projects. Alex first resisted saying, he was honest and would never ever do what Lucy and Jim did (but who knows when some qualified Real Estate Buyer goes knocking on his door). I persisted, saying I just could not put myself in that vulnerable position again and give away my 35 years of real estate expertise. He and his partners gave in and signed the real estate listing agreements.
- My mantra on this experience with Lucy and Jim is: Their real estate listing or something better. So when a Real Estate Buyer for a three to four million dollar house in the Marina District of San Francisco found me on the Internet, it was the Universe giving me my Want. (This commission will be more than twice the money I would have made with Lucy and Jim). Thank you Universe!
Be aware that any clients names have been changed to protect their privacy. Furthermore, Paula Pagano does not accept any liability for the content of any Blogs and this Website or for any actions you take or resultant consequences of actions taken based on the information provided in this communication. Any advice is my opinion after being a 35 year experienced real estate agent in San Francisco.