Vega Pao, a Sales Associate with RE/MAX Pros in Mill Valley, Calif., had to dig deep for tactics to help her land a client interested in an unusual multimillion dollar property.
The remote estate in Novato, Calif., had been seized by the U.S. government after its previous owners were imprisoned for money laundering of extorted funds.
Pao shares how she navigated this difficult transaction and offers advice to other agents facing a significant challenge.
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1. Prove yourself with actions
I did a lot of extensive research on the property to be able to answer my client’s many questions, and I learned to anticipate his concerns and offer solutions in advance. Telling a client you can do the job isn’t good enough – you have to show them you’re capable.
2. Use your knowledge
In a tough deal, knowing the minutia is crucial to being able to intelligently negotiate. I had an inspection done right away and worked closely with inspectors, appraisers and restorers. The grand total repair cost turned out to be a vital tool for negotiating the purchase price.
3. Keep the paperwork moving – and the buyer interested
Using psychology and people-reading skills kept the buyer from walking away in frustration. I kept in regular contact with the asset management company in charge of the transaction to be able to explain to my client what was going on. And I also told him about every price cut and showing. Competition is always a good incentive for a client to stay in the game.
4. Let the experts do their job – and learn from them
Treat the experience as an incredible opportunity to gain new skills you can later use to market yourself. I learned about navigating bureaucratic layers by watching the asset management company push the deal through. And I learned new ways to structure an offer by studying examples proposed by my client’s accountant and attorney.
Have you successfully closed a tough deal? Share your comments below!
Written by Dorota Wright-O'Neill
