This post is a response to Jared's Above and Beyond! October contest. In the spirit of his message I'm sharing one of my many stories, and I look forward to reading those of other agents that go the extra mile for their clients. I know many of us do!
A few years ago - when foreclosures and short sales were almost half our market - one of my clients called me out of desperation. His wife had just lost her job and without her income they might lose their primary home. They were panicking. Could I get a quick sale on the vacation rental condominium they own here?
I told my client I would get started immediately. A quick call to the rental management company gave me the first warning that there might be some problems. Tourism on Kauai had plummeted during the recession and his condo had not been rented for several months. The manager mentioned some repairs that were never done and wasn't sure the last time anyone had even checked on the unit. Hmmm, not very good management practices but I'd need to forego the critique and get to work.
Since the unit was currently empty I was able to view it within an hour after he called. As soon as I walked into the unit I knew I'd be having a difficult conversation with my client.
The unit needed significant work to get a good price in the current market. There were stains and bare spots on the walls, the carpet was in bad shape, and all of the appliances needed replacement to get a decent offer. Where would my client get the money for all this? And how can the work get done quickly enough to help with a fast sale? This client lives in another state, like many of our owners, and couldn't afford to take time off work to be on site for any of the decisions or to contribute any "sweat equity" to reduce the expense.
I checked with a few agents who know our market well just to be sure they concurred with my opinion about what a sale without the needed work would bring compared to a sale with the needed improvements. Then I had that difficult conversation with my client. He agreed the work needed to be done to get enough from the sale to carry his family until his wife could get another job. But he had almost no extra cash to pay for the materials and labor required.
Fortunately I had been handling many REOs that needed some repairs and new appliances so I did have good lines of support I could offer. My client had good credit and I was able to get our local Sears store to give him a special deal on the package of appliances, deeply discounted, and I got the credit charge delayed until after delivery which gave him over 6 weeks of additional time before needing to make a payment.
I called in a favor from a painter that built his business in large part from my referrals. He discounted his usual (very reasonable) rate and did the job for 60% of what he would normally charge. He was busy with another contract but committed to do this job the next weekend. AND he agreed to be paid out of escrow. Love that guy!
After scouring Home Depot’s carpet samples I found a perfect choice in their special company line. I knew from the REOs I had handled that the company orders the most popular carpets in bulk and was currently charging about 30% less for them. Again I was able to negotiate a delay in charging my client’s credit card. It helped that I had placed several big orders with them in recent months so I was a customer they wanted to keep happy.
Three days after my client’s desperate call I had everything lined up. The old carpet would be removed tomorrow. The painter would be there on Saturday. The appliances would be removed and the new ones delivered and installed on Monday. The new carpets would be installed on Tuesday. My husband would reinstall the baseboards and touch up any problems later on Tuesday. It turned out there was a little more work for the hubby, and he was a real trooper. Love that guy, big time!
I had already put the word out that the unit would be up for sale, added some nice decorative items, and held my first open house Wednesday, just 8 days after my client first called me. The condo looked great!
Whew, I admit I was exhausted from the whirlwind required to make it all happen. And from a bit of manual labor, too. I was on my hands and knees helping my husband with the baseboards and later I was the unpaid cleaning service before the open house. But that’s what needed to be done.
My client had zero out-of-pocket costs to get this property on the market and wouldn’t need to make a credit card payment on any of it for over two months. Reaching out to all my network I was able to get 2 offers for him – one high enough he happily accepted – and the property closed 2 weeks after his first card payment was due.
I decided to send him a Costco gift card as a closing gift. Not usually what I give but it seemed this was the time for a practical present given their financial situation. He and his wife both wrote me handwritten thank you notes. And I’m happy to say that after about 4 months the wife did get a new job, making less than she was but still a good job. They were able to keep their house and start saving a little again. Now they’re even talking about buying another property here on Kauai. ;-)
I’m glad I was able to help this couple through a hard patch in their life. I think most of us are willing to do everything we can for our clients.
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