Winded and Wounded

"I'm a Pepper,
You're a Pepper,
He's a Pepper,
She's a Pepper,
Wouldn't You Like to be Pepper Too?"

Remember the Dr. Pepper jingle? It's popping into my head these days as I prepare the duplex Cliff and I own for the coming Fall Market. In other words, if you think I don't know your pain . . . think again.

From contracts, disclosures, repairs, and renovations, I'm smack dab in the thick of it, which includes gutting the garden apartment and remodeling it entirely. (It was long overdue.)
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But first, we had to negotiate a HEFTY settlement with our tenant to vacate.

It wasn't pleasant, it wasn't kind, and it sure as heck wasn't cheap! Given that selling your property is NOT "just cause" for eviction (the term "just cause" is clearly, a misnomer) our previous tenant put up an unexpected fight that left us rather winded, not to mention, wounded.

In the end, we came to a settlement. I wrote a BIG check and we parted on civil terms.

"How do you feel?" The attorney asked.

"Extorted," I replied, albeit relieved to have the matter put to rest. (If you need a good real estate attorney, drop me a line.)

"That's because you WERE extorted," he said, matter of factly. "The rent control laws are unbalanced, favoring tenants over landlords at every turn, and you are definitely not alone. In my experience, everyone settles at about that sum." (That's small consolation.)

With the understanding that this chapter is now closed (Thank you, Francisco), Cliff and I can get down to the serious business of filling out the disclosures while Jill tends to the finishing touches on the remodel. The property will be ready within the next few weeks which coincides beautifully with the Fall market. (I can't wait to see what the stagers do.)

Not for nothin', but I'm working my way through the new forms that have just dropped, and as expected, they are exhaustive, confusing, and often redundant. For every new disclosure form that gets added as a proactive attempt to avoid future litigation, I gotta wonder if anyone is actually reading this stuff? It's OVERWHELMING.

But that's another concern for another day. Like all Sellers, I'm wondering what the property will sell for and where the best return on our investment lies. Having debated with more than my fair share of Sellers on this topic, I'm trying to be the client who doesn't reflexively put up a fight. After 10 years of renting out the property, I'm listening to Jill and doing my best to remove any and all hurdles that a prospective Buyer might object to, including renovating the funky little kitchen and bathroom downstairs. (They're no longer funky.) Since we know kitchen and bathroom updates can move the needle, let's move the needle . . . (There are MANY things we don't control, but when we CAN sway the outcome, let's do so.)

It helps that I've been down this road a time or two and I know what's likely to bring us the best results. Moreover, we have an excellent team in place who are capably handling just about anything that surfaces, and finally, Cliff and I have realistic expectations about the marketplace in general. The property has served its purpose, and now we'd like to sell it and redistribute the equity to make room for other opportunities. As I tell my Sellers, the market will ultimately define the value.

So when I'm making suggestions that may push you out of your comfort zone, when I'm urging you to incentivize the Buyers' Agent by offering a commission, when I'm hounding you to complete the disclosures and turn over any receipts, inspections, etc., and when I'm asking you to align your expectations with market realities, know that I am walking right beside you and experiencing all of the typical anxiety that comes with preparing and selling a house (it's nothing short of a root canal.)

With that being said, I'm also praying loudly for another drop in interest rates. (It couldn't hurt.)

I'd rather be winded than wounded.

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