Most buyers and tenants have a hard time paying for real estate services and sometimes think they can find themselves the best deal. Well, sometimes you get what you pay for. In a recent transaction, I was working with a client who wanted to acquire a piece of ground in a specific area to expand their business. I sat with them to learn their business and figure out exactly what they needed. They hired me to work on their behalf and paid for my services out of their own pocket. Now why is this important? With my client paying all my fees, I could focus solely on finding them the best deal.
After turning over numerous "stones" and doing the due diligence on properties that I thought may work, we finally found a property to pursue. Due to the circumstances of the deal, we thought there may be some competition for the property, which my client really wanted. We quickly convened a board meeting, and the board of directors authorized us to make a very high offer price.
While thinking about the deal and coming up with a plan, I was afraid my client may over pay for the property because they really wanted it. I then devised a plan whereby we could obtain the property for substantially lower than authorized by the board if I was confident in my strategy and a few things fell into place. Long story short, I saved them $470,000 on purchasing the property all because my client had the faith and forethought to hire a professional to look after their best interest.