Case Study - Knowing The Market

Case Study - Knowing The Market

Extra Credit: What It Takes to Sell a Unique Stanford Home

After nearly two years, and three Real Estate Agent, this jewel of home finally sold. What changed? Finding a Real Estate Agent with an insider’s knowledge of how to navigate the special challenges of the Stanford micro market.

It was a dream house

A Birge Clark designed 1927 Spanish Colonial Revival with a pool, sauna, and elevator that had been impeccably restored, renovated, and expanded. There was just one challenge: the house was on the Stanford campus. Potential buyers must be qualified Stanford affiliates, which restricted the pool of eligible buyers.
The key? Chris Iverson. His experience in the unique Stanford marketplace helped him understand how prospective Stanford buyers think, what they can afford, and how to reach them.
But first, he had to convince sellers who were on the East Coast and starting to doubt they would ever find a buyer who loved their house as much as they did to try again, this time with a real estate agent who was a true expert.
“We went through 3 real estate agents before we found Chris Iverson,” explained the sellers. “Chris really cared about the house and really got the house. He took the time to understand it, appreciate its details, and learn more about its style. He was really able to showcase the house the way it deserved to be seen,” he continued.

Stanford is not a numbers game. It’s a relationship game.

“I couldn’t just run the numbers against some abstract population,” said Chris. “I had to think about individuals. Who was being hired by the medical school, who was being hired by the law school, or joining the computer science department? Without those specifics, I couldn’t really advise on the price.”
In addition to the question of who to sell the house to, there was the question of how to sell it. “So much love had gone into the house, but after sitting empty for 6 months, it had an abandoned air,” said Chris.
The seller trusted Chris because Chris took the time to truly understand the house, its historical style, modern renovations, and how the proper staging could highlight the synergy between them.

Finding the perfect match

“Chris found the right people, people who really understood the style of the house to stage it. He made it happen. Two months after the staging went in, the house was under contract. So it was exactly what we needed to do. And nobody else had suggested doing that,” said the seller.
Chris also took into account the seller’s concerns that the house not become, in their words, “a museum.” They really wanted the house that they had lavished so much care on to be sold to another family.
So Chris had to find not just a family, but a Stanford family with the right financial situation. He knew there might be contingencies, and he was right.

Dealing with a major contingency

One bidder really did want to turn the house into a museum. Several buyers couldn’t afford what the house was worth. Finally, there was a Stanford family who was perfect, except they needed to sell their Palo Alto house before they could buy the Stanford home.
That’s a pretty big contingency, but Chris created the right structure and the right relationships so that everyone felt confident moving ahead.
“You really need to have your act together to sell your house to a Stanford buyer. You have to have a lot of patience and you have to have a lot of answers. You’ve got to have everything lined up,” noted the sellers. “There were a couple of challenges. Chris kept his cool and Chris made it happen. And that’s what separates the men from the boys.“

Understanding both sides of the market

Because Chris knew who was eligible to buy on Stanford, he could reach out to people who could pay what the house was worth. Because he understood what other homes were on the market, he knew how to properly price the house.
Because he went the extra mile, forging trusted relationships with sellers and buyers, he was able to arrange a deal that worked to everyone’s advantage.
“Chris was just the perfect person at the perfect time to help us get what we needed as sellers. Then he turned around and gave the buyers what they needed as buyers, so on both sides of the equation, Chris achieved a win-win. We don’t know what we would have done without him,” said the sellers.

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Chris Iverson has worked in the real estate industry for over 18 years and has amassed a renowned class of clientele and unmatched experience.

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