In today’s rapidly paced real estate environment, it is vital for market participants to have the right expectations so that they can save time, money and needless frustration. Whether buying, selling or leasing, it is important to understand the key areas of price, timing, availability related to any transaction.
So how do principals looking to make a real estate transaction avoid these frustrating pitfalls and make deals come together? There are several things you can do....
Many buyers and sellers have experienced what it is to spend time working on a deal for months, or even years, only to have to change their expectations or walk away from opportunities.
A seller or landlord who is consistently getting ahead of the market upward and setting their price above realistic expectations risks:
A seller or A buyer or tenant who is consistently making very low offers gets beat out on deals as other buyers or tenants step up with more favorable offer terms.
While both situations can be disappointing and the word “almost” is inevitably used, the most frustrating part is the time that is lost. In the end, you will either not make the deal or one party will have to adjust their expectations.
So how do principals looking to make a real estate transaction avoid these frustrating pitfalls and make deals come together? There are several things you can do:
Have a genuine “heart to heart” talk with a qualified and experienced real estate professional who understands the nature of your transaction and the market associated with it. They will:
Therefore, to avoid the frustration, first make sure you understand the realistic expectations of price, availability and timing for what you are looking to achieve. It is okay to go for a homerun deal, whether you are the buyer or seller; but always remember when you swing for the fences there are more strikeouts then home runs…
In conclusion, if you are considering buying, selling or leasing, contact Christopher J. Destino today to discuss the dynamics so that you will have the right information as you move forward.
Christopher J. Destino, SIOR, a Principal at Lee & Associates, is an engaging, responsive professional who enjoys working closely with his clients and helping them succeed.