When the rental market is soft, selling might be your best answer. This client had successfully purchased multiple rental properties with Craig, but when it came time to find a new tenant, there were no good applicants. After analyzing the sales market’s strength in comparison to rental options, the seller decided to test the market. Within 5 days, Craig had staged the property, completed professional photography, videography, and floorplan renderings. A quick turn-around was crucial to selling success. The property was listed on the market for $815,000, which was a bit aspirational for the neighborhood at the time, but renting was still an option if a good tenant came forward. Within 24 hours of being on the market, the property had received 8 showings and received an all cash offer $40,000 over the ask price. The seller said sell, so the property went under contract in 2 days. While the offer was all cash, it did have a home inspection. During this process, the buyer asked for a large credit, but Craig was able to negotiate it down to a reasonable amount and the seller still netted almost $30,000 over the list price.
The following weekend 4 similar properties came to the market and had to compete against each to win buyers, none of which sold for nearly as high as this property. The morale here is that being adaptable and quick to act secured this seller tens of thousands of dollars more than she would normally has expected. We keep in-house staging for this exact reason. We can install it quickly, when needed, and avoid unnecessary delays in marketing.
Neighborhood: Petworth
Who We Represented: Seller