I recently experienced something quite unique, amazing and extremely lucrative. We had two open houses on back-to-back Sundays, one on Feb. 20 and another on Feb. 27. To everyone’s surprise, including both sellers, we had 35 clients and 11 brokers with their clients show up and wait on line as we only allowed two couples or individuals in at a time.We still followed CDC protocol and to be as safe as possible, also asked if they were vaccinated, too.

We received seven genuine and qualified offers at and during our first open house. We sat down with the owners and went over all of them one by one. We not only looked at the prices offered, but the terms and conditions. When it came down to the nitty-gritty, the homeowners decided to accept the one that had the highest price.

But the icing on the cake was a very cursory inspection of less than 45 minutes and again no deduction on the price as the home was in triple mint condition and we had enough back-up offers that the seller wasn’t going to reduce the agreed price by a single penny. It was also non-contingent on the appraisal even if it came up short on the agreed and accepted contract price as the purchasers would make up the shortfall out of their pocket.

This was put in the contract of sale to bind the buyers to that agreement. I surmised that they not only wanted the home, but they needed it so much that they stepped up to the plate and did whatever it would take to secure the premises to be the No. 1 offer. Most important it was selling for way above the listed price. Emotion obviously became the dominant factor and not the asking price.

During our second open house the following Sunday. we had 25 clients show up and four brokers with their clients, again waiting on line to get in. We followed the same process and protocol, while all the necessary and proper paperwork were filled out as required for housing discrimination and agency disclosures. Covid forms are now optional as per each office and/or sellers request.

During that open house we had five offers and four more that night. We spoke to these sellers on the phone and went over all the details, price, terms and conditions and after going back and forth settled on a final offer that was very close to the asking price. Terms this time were no inspection and again non-contingent on the appraisal. Both homes were considerably above the $1 million listing. Once again the psychology and emotion that the buyers displayed during the negotiations were a blueprint and duplication of what we experienced with the previous week’s clients and were tantamount to their purchasing the home.

There are needs and wants and when the needs are greater than the wants (champagne tastes and beer pockets), those purchasers will do whatever it takes to secure a home or even an investment property, as long as it makes some sense in the brain and the cents in their pocketbook. The ultimate question is how one goes about dealing with clients whether they are yours as a broker or salesperson or an outside broker’s or agent’s clients at your open house. It’s a must to separate the “wheat (the real buyers) from the chaff (tire kickers and lookie loos).”

So much time is wasted in coming to a satisfactory conclusion of getting the highest price in the quickest time with the most advantageous terms and conditions. In my mind, dealing with a seller and purchaser requires quite a lot of skill and expertise over years of learning and gaining the necessary knowledge to create a win/win environment so we create a happy seller and buyer. I always say that a seller will only come down so much and a buyer will only come up so much, although there are some exceptions to that rule, too. We as professionals cannot strangle either one to force and push people to do what we may sometimes want them to do. It is all about consulting and guiding both parties through the arduous and many times complicated process to create a successful and happy closing for all parties.

Recognizing and knowing the emotional attachment that comes with purchasing not only real estate but any commodity with those who are truly qualified is an art. A certain methodology over time must be learned and constantly practiced, like learning how to ride a bicycle. I have been involved and have heard of transactions that either fell apart due to lack of communication, disclosure or out-and-out lies or a combination of both. This obviously isn’t what the public wants or needs. What they require and demand is some caring, being candid and upfront, a clear line of communication, accurate information, and the exchange of thoughts and ideas to formulate a plan that satisfies and solves problems if and when they arise. In this fashion the broker and/or agent is able to walk away knowing that future referrals will come about and be an extremely and very important factor in growing their business.

Philip A. Raices is the owner/Broker of Turn Key Real Estate at 3 Grace Ave Suite 180 in Great Neck. He has 40 years of experience in the Real Estate industry and has earned designations as a Graduate of the Realtor Institute (G.R.I.) and also as a Certified International Property Specialist (C.I.P.S). For a “FREE” 15 minute consultation, a value analysis of your home, or to answer any of your questions or concerns he can be reached by cell: (516) 647-4289 or by email: [email protected] Just email or snail mail (regular mail) him with your ideas or suggestions on future columns with your name, email and cell number and he will call or email you back.