Seller Success Case Study: 567 Kansas St in Potrero Hill

Deniz Kahramaner

Jun 26

Introduction

Phase 1: Initial Consultation & Market Analysis

Step 1: Understanding Seller Goals and Property Assessment

• Initial Meeting: We conducted a comprehensive discussion to understand the seller's motivations, timeline, and financial objectives. Her main objective was to get the best possible price with strategic guidance on how to position her property to be competitive in the market.
• Property Walkthrough: We thoroughly assessed the property's condition, unique features, and potential areas for improvement. With captivating skyline views of downtown San Francisco and ample space, it had potential for generational living. The home needed a substantial but not insurmountable amount of work. 

Step 2: Comprehensive Market Analysis

• Comparative Market Analysis (CMA): To determine an optimal listing price, we analyzed recent sales data of comparable properties in the neighborhood. In an inventory-constrained neighborhood, it is important to scrutinize both the specifications and the market performance of every comparable sale in detail.
• Market Trends: We analyzed current market conditions, including inventory levels, buyer demand, and average days on market. The macroeconomic conditions we faced at this time were looming rate hikes by the Federal Reserve to control inflation after a period of low interest rates. Costs of goods and services have become increasingly expensive due to lockdowns and global supply shortages. Mortgage rate increases were on the horizon, causing panic among home buyers.

Phase 2: Property Preparation & Strategic Pricing

Step 3: Preparing the Property for Sale

• Repairs & Improvements: We advised on cost-effective repairs and upgrades that would yield the highest return on investment. This included interior/exterior paint, kitchen and bathroom renovations, new appliances and fixtures, landscaping, and deep cleaning. This created a cohesive product that appealed to most buyers.

• Staging Consultation: In a market with a strong tech presence, we provided recommendations for staging the home to enhance its appeal to this unique Bay Area market.

• Professional Photography & Videography: We coordinated professional visuals to showcase the property in its best light, hiring the best photographers and website designers.

• Pay-at-Close Services: We provided hassle-free financing to defer nearly $50,000 in listing costs until closing. The seller did not spend any money on selling-related expenses.

Step 4: Pricing Strategy

• Competitive Pricing: In a market that requires listings to have exposure, we set a strategic listing price that attracts a broad range of potential buyers while maximizing the seller's profit. Our goal was to stimulate a multiple offer scenario. 
• Price Adjustment Plan: We developed a proactive plan for potential price adjustments based on market feedback.

Phase 3: Marketing & Showings

Step 5: Targeted Marketing Campaign

• Online Presence: We listed the property on major real estate platforms (MLS, Zillow, Redfin) with compelling descriptions and high-quality visuals. We generated nearly 7,000 views with a 10% save rate.
• Open Houses & Private Showings: We organized and managed a busy weekend of open houses and private showings to accommodate 200+ visitors.

Step 6: Buyer Engagement & Feedback

• Prompt Communication: We ensured timely and transparent communication with potential buyers and their agents.
• Feedback Collection: We gathered feedback from showings to understand buyer perceptions and adjust strategies as needed.

Phase 4: Offer Negotiation & Closing

Step 7: Offer Evaluation & Negotiation

• Offer Analysis: With strong momentum, we set an offer deadline after 10 days on the market and received 7 offers total, with 5 offers being strong, non-contingent offers. We thoroughly reviewed all offers, considering price, terms, contingencies, and buyer qualifications.
• Strategic Negotiation: We negotiated on behalf of the seller to secure the most favorable terms and conditions with the winning offer price at $2,200,000 ($1,517 SQ/FT), nearly 38% over the $1,595,000 asking price. 

Step 8: Escrow Management & Closing

• Documentation & Coordination: Facilitated all necessary paperwork and coordinated with lenders, appraisers, and title companies.
• Successful Closing: Guided the seller through the final stages of closing, ensuring all requirements were met.

How We Will Advise Future Sellers for Success

• Proactive Preparation: Emphasizing the importance of preparing the home to attract top offers.
• Data-Driven Pricing: Utilizing in-depth market analysis to establish an optimal listing price.
• Maximized Exposure: Implementing a comprehensive marketing strategy to reach the widest possible pool of qualified buyers.
• Expert Negotiation: Leveraging our negotiation skills to secure the best possible terms for the seller.
• Seamless Transaction: Providing meticulous guidance and support from initial consultation to closing.