Monday, February 12, 2018

Business Update - 2/12/18

by Osman Parvez
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On Monday mornings, we usually review business activity from the weekend and plan the upcoming week.  Here's the update for the week of Feb 12:

1. Our beautiful listing on Eagle Way had many showings over the weekend, which must have been challenging for our sellers who have a young child, but resulted in several offers. We are now preparing an offer comparison table for our clients to review this evening. Think of this as "deal points," similar to something you might see in an investment committee. 
To reduce the risk of a losing buyer claiming discrimination, we always remove identifying information (turning buyer names into initials, for example) and do not share personal notes with the seller, unless they are specifically asked for. After one of our colleagues informed us that their brokerage and one of their sellers were sued for discrimination, this has become a standard practice. 


2. We held a well attended open house on our Countryside listing. We typically hold open houses on the second listing weekend because most serious buyers schedule private showings. But hey, there's always a chance. One of the attendees is considering an offer. 

I'm surprised the listing wasn't snapped up the first weekend. Fewer buyers seem to know about the attractiveness of Niwot as a walkable, high quality alternative to Boulder. You can stroll to restaurants downtown, including the very popular 1914 House (one of our favorites, reservations recommended) and Colterra. There is an adequate grocery store in the retail plaza, plus a half dozen restaurants. Pub options include Powder Keg and Bootstrap Brewing with live music. In the summer, Niwot even has an outdoor concert series. It's well positioned with respect to the areas best cycling routes. You can be in downtown Boulder or downtown Longmont in minutes. 

As Oliver Frascona once recommended, we don't buy our listings, but I'm seriously reconsidering this policy. It's a fantastic property, priced right, and breaks even at conservatively modeled rent. I would live there personally if it weren't for the no dogs policy.

3. We submitted an offer for a repeat client on a CU investment property. It was a solid option but the fact it had been on market tempted us to offer low. We did as instructed, and while negotiating, another buyer jumped in and scooped it for closer to the asking price. That's okay, discipline matters when you're buying - especially for investment purposes. The fact that it would have been vacant for months was a big negative. If you know of someone thinking about selling an income property close to CU, please call me (ph: 303.746.6896). It's a bonus if it's currently rented.  


4. One of our clients wisely decided not to submit an offer on a property that they were very excited about on Sunday. I warned them about the proximity to traffic and the transmission lines overhead during a meeting to analyze comps. They eventually agreed that it was a bad idea. 

My rule of thumb is to not see property that is in a clearly compromised location. All you can do is talk yourself into a bad idea. Property that is impacted by traffic, transmission lines (not the same as distribution lines), or have other obvious issues take longer to sell and often sell for a discount. Sometimes, the only way to win is to not play the game. 

5. Finally, we are pleased to announce our transition from Realty Unique to House Einstein. Realty Unique will continue for our property management business.  House Einstein will is aimed at helping buyers and sellers make smarter real estate decisions.

We have spent years building the House Einstein brand. It's with great joy that we help our wonderful clients achieve their real estate goals and dreams. With our new House Einstein office and branding, we're excited for this new chapter. We appreciate all of our loyal followers! 


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The ideas and strategies described in this blog are the opinion of the writer and subject to business, economic, and competitive uncertainties.   We strongly recommend conducting rigorous due diligence and obtaining professional advice before buying or selling real estate. 

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