ADVISER TEAM: MICHAEL ALPER & KRISTA BADAGLIACCA
Our Adviser Team took the 5 actions below to win our clients a value-add investment property in the city of Anaheim. Those 5 actions are what sets Centennial Advisers apart from other brokerages. Contact us today for more information.
- Our local Huntington Beach/Costa Mesa specialist, Krista Badagliacca is putting together a 100 building rent survey and comes across a seller of a portfolio that includes Costa Mesa and Anaheim. She shares the information with Mike Alper, who she knows has a client looking for value-add product in Central Orange County.
- Mike runs with the opportunity and immediately begins to build a collaborative relationship with the listing broker, who is not with Centennial. Over the course of a few days, Mike learns critical information that helps him position his client as the best buyer for the property. During this time, Mike has proven to the agent he is easy to work with, and more importantly, is a pro and going to make it easy for the other broker.
- Mike and Krista both attend the walk-through with the client, and spend plenty of time in the units as well as talking to the listing agent. While learning important things about the building, they also learned that there were 4 other offers during the most recent round of activity, and that doesn’t include the tours completed from other buyers who were already under contract.
- The property is a value-add, and by that we mean, it’s in really bad shape. Some units don’t have flooring, others no bathroom sink, and some you can’t see the flooring to know what’s there. There is a lot of work to be done, and there are a lot of potential problems. Krista and Mike, immediately understood that an email submitting their request for an almost 10% price reduction will not fly in light of all the other offers. So they proceed to put together a very detailed report that begins by highlighting the advantages of taking the buyer’s proposal (a quick close, no loan contingency, a willingness to take on the owner’s tenant problems) and then details the many areas of the property’s functional deficiencies. Additionally, they avoid opinion and just stick with the facts that will cost any buyer money and the issues that could lead to litigation or code violations.
- Our buyer who had to compete with numerous other buyers, and then needed an almost 10% credit in today’s competitive bidding environment to close, CLOSED the property less than 20 days after opening escrow.
THE CENTENNIAL DIFFERENCE – WE DO WHAT OTHER BROKERS WON’T
CLOSING PRICE: $1,450,000
DAYS IN ESCROW: 19