WHO: CHRISTOPHE CHOO
COMPANY: COLDWELL BANKER REAL ESTATE
WHERE: BEVERLY HILLS, CALIFORNIA
CINDY: What's a pearl of wisdom for a luxury buyer in Beverly Hills getting into the market right now?
CHRISTOPHE: 1. Definitely getting into the market right now is number one!
2. Typically every ten years we double in value in Southern California and we're in the beginning of that new trend upwards.
3. Always buy in the best possible location you can afford.
CINDY: What are some on the techniques that buyers are using to get the house they want?
CHRISTOPHE: Never lose a home that you love if it's over 10% of what your want to pay!
The hardest thing in my opinion is finding the right house. Down the road they kick themselves for not buying the house.
If you're buying a 1 M. house I would never lose it for a hundred thousand dollars.
If you're buying a 5M. house never lose it for 500,000.
COMPANY: COLDWELL BANKER REAL ESTATE
WHERE: BEVERLY HILLS, CALIFORNIA
CINDY: What's a pearl of wisdom for a luxury buyer in Beverly Hills getting into the market right now?
CHRISTOPHE: 1. Definitely getting into the market right now is number one!
2. Typically every ten years we double in value in Southern California and we're in the beginning of that new trend upwards.
3. Always buy in the best possible location you can afford.
CINDY: What are some on the techniques that buyers are using to get the house they want?
CHRISTOPHE: Never lose a home that you love if it's over 10% of what your want to pay!
The hardest thing in my opinion is finding the right house. Down the road they kick themselves for not buying the house.
If you're buying a 1 M. house I would never lose it for a hundred thousand dollars.
If you're buying a 5M. house never lose it for 500,000.
CHRISTOPHE: I told my 10 M. told client the same exact thing on day one: don't lose the house if it's within 1 M.of what you're willing to pay.
CINDY: Did they get the house?
CHRISTOPHE: They did. It’s one of my segments on my TV show.
It took 2 months to negotiate and 23 times back and forth but we made the deal!
CINDY: What were some items?
CHRISTOPHE: It was listed at 12.9M. And we started 8.3M. knowing my client wanted to get it for 10M.The buyer was a tough negotiator and so was the seller. At many points in the deal we would come up 50,000. and the seller would come down 50,000. We actually stopped negotiating for 2 months.
I'm very persistent and I reopened it and made it happen and ultimately closed the deal.
CINDY:So you would tell buyers if go back and forth 2 or 3 times don't throw in the towel...
CHRISTOPHE: Going back and forth 2 or 3 times is pretty standard now with all the multiple offers. And 23 is the longest I’ve done
I knew it was the right house for my buyer. It was a matter of negotiating a deal at a price he felt comfortable with.
I knew there was a deal to be made and I kept moving it forward.
That's why that particular episode on my show is called "Unending Negotiations"
The way a buyer can win in this market - and we've known each other for over 20 years right?
In this town 20% of the Agents are selling 80% of the deals and an important factor is having a great reputation and having other agents know that.
When a new buyer goes to an agent with no experience no reputation and no track record it’s more difficult.
Luckily I knew the other agent for over 20 something years and we spent a lot of time coming up with strategies. After we even stopped we would we sit down and talk - asking what can I do or what can you do to move this forward? We kept pushing it forward and even when the seller said there was no more money.
CINDY; How long an escrow?
CHRISTOPHE: 30 days.
Interesting thing was that the buyer wanted to interview me. I've never had an interview before!
Met the wife first then the husband interviewed me and decided to hire me.
I spent a lot of time educating them which is very important. I was concerned that he worked with another agent before and told them it might take 30-6-90- days or it may take a year or two to make it happen!
CINDY: Was this a new listing that came on the market and you just pounced on it?
CHRISTOPHE: It was on the market for 9 months and the other agent never suggested it to them.
I told them we are looking at 1 of 2 different types of properties.
The average home sells for typically 4-6% of the listed price so we're going to see everything - your budget is 10 M. We will see everything up to 11 M.
Saw a home today for 14 M. that I know it's worth ten.
If the seller is smart they will list it at 10.5 - it's worth 10 M. so price it close and sell it over asking in multiple offers.
This was on the market for 9 mos. It was in a trust and was owned free and clear. The heir wanted 15 M originally. It was a matter of timing - when he was ripe and ready. It might need to ripen on the tree.
Three kinds of homes:
1. Homes that are priced right come of market and sell immediately
2. Homes priced high and now have the conversation with the other agent. That's where the relationship comes in again.
Ask them: "What do you think? Will they take ten”?
9 times out of 10 times when I get an offer on a house- it's amazing. I'll call them to follow up. They never call me back....I have a showing and all on a sudden I get an offer! Let me see if I can put a deal together with what the buyers want...
3. You have to have the ability to call the other agent.They never ask me questions like: Why is the seller selling? What's their expectations? What is the seller looking for? Let me see if I can put together a deal that my buyers want that's close to what the seller's want - it's called a strategy.
And that's what got the home sold.
CINDY: Is this the bottom of the real estate market?
CHRISTOPHE: I think we hit the bottom about a year ago and press is talking about it and now to the general public.
Reason being ... deals going into escrow today are 60-90 day escrow...then 2 months later they publicize it!
We're on the pulse of it.That's when the press gets it and then the public.
If you read that the market is back - it's too late.
FOR THE COMPLETE STORY AND A "ZEN MOMENT" WITH CHRISTOPHE CHOO:
SUBSCRIBE TO "THE LIST"
“Buying or selling a home is not just about numbers and location. It's about finding an environment and an energy that's suitable for you; and finding the right people to help you achieve your dreams. The Zen Real Estate Guide to Buying a Green Home by Cindy Shigekuni is full of pearls of wisdom.” - Christophe Choo
CINDY SHIGEKUNI LEED AP BD+C
GREENHOMEVIRGIN.COM
CINDY: Did they get the house?
CHRISTOPHE: They did. It’s one of my segments on my TV show.
It took 2 months to negotiate and 23 times back and forth but we made the deal!
CINDY: What were some items?
CHRISTOPHE: It was listed at 12.9M. And we started 8.3M. knowing my client wanted to get it for 10M.The buyer was a tough negotiator and so was the seller. At many points in the deal we would come up 50,000. and the seller would come down 50,000. We actually stopped negotiating for 2 months.
I'm very persistent and I reopened it and made it happen and ultimately closed the deal.
CINDY:So you would tell buyers if go back and forth 2 or 3 times don't throw in the towel...
CHRISTOPHE: Going back and forth 2 or 3 times is pretty standard now with all the multiple offers. And 23 is the longest I’ve done
I knew it was the right house for my buyer. It was a matter of negotiating a deal at a price he felt comfortable with.
I knew there was a deal to be made and I kept moving it forward.
That's why that particular episode on my show is called "Unending Negotiations"
The way a buyer can win in this market - and we've known each other for over 20 years right?
In this town 20% of the Agents are selling 80% of the deals and an important factor is having a great reputation and having other agents know that.
When a new buyer goes to an agent with no experience no reputation and no track record it’s more difficult.
Luckily I knew the other agent for over 20 something years and we spent a lot of time coming up with strategies. After we even stopped we would we sit down and talk - asking what can I do or what can you do to move this forward? We kept pushing it forward and even when the seller said there was no more money.
CINDY; How long an escrow?
CHRISTOPHE: 30 days.
Interesting thing was that the buyer wanted to interview me. I've never had an interview before!
Met the wife first then the husband interviewed me and decided to hire me.
I spent a lot of time educating them which is very important. I was concerned that he worked with another agent before and told them it might take 30-6-90- days or it may take a year or two to make it happen!
CINDY: Was this a new listing that came on the market and you just pounced on it?
CHRISTOPHE: It was on the market for 9 months and the other agent never suggested it to them.
I told them we are looking at 1 of 2 different types of properties.
The average home sells for typically 4-6% of the listed price so we're going to see everything - your budget is 10 M. We will see everything up to 11 M.
Saw a home today for 14 M. that I know it's worth ten.
If the seller is smart they will list it at 10.5 - it's worth 10 M. so price it close and sell it over asking in multiple offers.
This was on the market for 9 mos. It was in a trust and was owned free and clear. The heir wanted 15 M originally. It was a matter of timing - when he was ripe and ready. It might need to ripen on the tree.
Three kinds of homes:
1. Homes that are priced right come of market and sell immediately
2. Homes priced high and now have the conversation with the other agent. That's where the relationship comes in again.
Ask them: "What do you think? Will they take ten”?
9 times out of 10 times when I get an offer on a house- it's amazing. I'll call them to follow up. They never call me back....I have a showing and all on a sudden I get an offer! Let me see if I can put a deal together with what the buyers want...
3. You have to have the ability to call the other agent.They never ask me questions like: Why is the seller selling? What's their expectations? What is the seller looking for? Let me see if I can put together a deal that my buyers want that's close to what the seller's want - it's called a strategy.
And that's what got the home sold.
CINDY: Is this the bottom of the real estate market?
CHRISTOPHE: I think we hit the bottom about a year ago and press is talking about it and now to the general public.
Reason being ... deals going into escrow today are 60-90 day escrow...then 2 months later they publicize it!
We're on the pulse of it.That's when the press gets it and then the public.
If you read that the market is back - it's too late.
FOR THE COMPLETE STORY AND A "ZEN MOMENT" WITH CHRISTOPHE CHOO:
SUBSCRIBE TO "THE LIST"
“Buying or selling a home is not just about numbers and location. It's about finding an environment and an energy that's suitable for you; and finding the right people to help you achieve your dreams. The Zen Real Estate Guide to Buying a Green Home by Cindy Shigekuni is full of pearls of wisdom.” - Christophe Choo
CINDY SHIGEKUNI LEED AP BD+C
GREENHOMEVIRGIN.COM