The ups and downs of selling estate owned properties.
AM 570 Podcast
Column from The Wave
At any given moment I’m working on a handful of estate-owned properties that are in some phase of the sale process. I’ll often start working on these types of listings early on, prior even to the actual paperwork being signed, and begin advising the heirs on what should or shouldn’t be done in preparation for the sale. Throughout the entire process my team and I are working closely with the family and handling whatever we can in order to alleviate the stress that almost always falls on the shoulders of family members when selling estate-owned properties. I wish it weren’t the case, but more often than not there’s a degree of contention between the heirs. While designating an executor or administrator to be in charge of the process is a wise decision made prior to one’s passing, it doesn’t change or remove the underlying feelings that often surface when it comes time to liquidate an estate. Sadly, money and power (either having it or lacking it) can sometimes bring out the worst in people.
It’s so awesome and refreshing whenever I represent an estate where the family is genuinely on the same page and respectful to one another. Conversely, I’m saddened whenever I find myself in a situation where folks are at odds. I always consider the deceased to be my true client in an estate sale. I always ask questions of the family about the deceased to learn more about them because it’s very important for me to get to know my client. Not only am I truly interested in the folks who actually purchased and carried the house for decades, but I also find that by doing so I remove myself from the family dynamics and remain an unbiased and uninfluenced party whose only concern is to get the property of the deceased sold for the highest possible price. Even when it’s clear that someone is being overly selfish or an unreasonable obstructionist, I always do my best to remain neutral and focused on the mission. I often find myself just listening to all the gripes and complaints they have about each other; I find that it helps them to harmlessly blow off steam which in turn allows us to keep moving forward. Sales where heirs are at odds can be emotionally draining and extremely time consuming, but I’ve learned over the years that it’s just part of the job. Knowing how to deal with all kinds of people and, more importantly, how to listen to people, is the key to success in a service industry business such as real estate. It’s also extremely important to be able to see situations from multiple perspectives in order to be a successful broker. After all, brokering a deal is all about bringing people together regardless if those people are heirs at odds or the buyer and seller of a particular property.
The ability to lead folks to find common ground is a skill that isn’t easily honed, but with hard work and patience comes great rewards. I’ve been referred countless estate sales throughout my career by attorneys. I’ve successfully closed each and every one of them by making it a priority to stay hyper focused on the property while keeping the heirs cool, calm and always moving forward. Although I prefer situations where everyone is unified and pleasant, I do admittedly get a greater satisfaction from bringing separated people together on behalf of the deceased in order to get a property sold. If there’s one thing most people can agree on it’s wanting, and actually getting, top-dollar from the sale of an inherited property.
