Bidding Wars, Meetups and "The Talk" [Business Update]

--- by Osman Parvez

Last week was a good one. A few highlights: 

• After several months of seeing Boulder property, one of our buyer couples were successful and went under contract on a beautiful home in Noble Park. There were several competing offers, including at least one cash deal. In the second round of negotiation, my clients were able to improve their terms and it's possible the sellers favored a family, vs. investors. This particular property suited my clients extremely well and I'm very happy that we were able to help them lock it down. They're also fantastic people who work in climate change research at CU, a subject near and dear to my heart. The buyers scheduled their inspection right away and we're now buttoning up that process. The next step on will be the appraisal.

• The Boulder Real Estate Meetup was held last week. We had a high level conversation on an interesting mix of real estate issues. Participants included real estate investors, agents, architect/developers now a wholesaler, and a buyer and seller. One of the most interesting topics was a discussion on how to negotiate with a tenant who wishes to purchase their rental. The issues the tenant wanted corrected (or credited) were simply astounding and way outside the norm for real estate negotiations in Boulder. I hope the landlord/seller walked away with some good ideas for how to respond, but honestly, part of the value of an agent is their negotiation skills and experience. It was clear from this situation that not having professional representation was going to cost the seller a lot of money. We'll continue to hold Meetups - they're a fun opportunity to build community and learn. 

• I had a challenging meeting with client I've represented for some time. The takeaways were; (a) trust is important between buyers and sellers, but critical between agent and principal, (b) everything is easier when trust levels are high, and (c) it's not easy to admit to mistakes. The important thing is to take responsibility. Our systems and methods work well (30+ closing last year), but sometimes I forget how the lack of inventory can be frustrating - at all price points. Although we left no stone unturned, it was clear these buyers were unhappy about their limited options - even at the high end. We're always at the mercy of Mr. Market. 

• Leah was off on Friday and we enjoyed a long weekend in Moab. Sophie took the wheel and covered for our clients, which I deeply appreciate. It's a good feeling to know our clients are in good hands and won't ever miss out due to a lack of vacation coverage. 

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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. 


Please Note

This document contains forward-looking statements. You are strongly cautioned that investment results are subject to business, economic and other uncertainties. There are no guarantees associated with any forecast and the opinions stated here are subject to change at any time. Always consult your financial advisor before making an investment decision.