siebert-ravenna-craftsman-case-study

 

Introduction

After moving to Bainbridge Island the year prior, and subsequently renting out their Ravenna Craftsman Bungalow, Ted Siebert and Lana Fuller were ready to cut ties with their Seattle home and relinquish their responsibilities as  landlords.

 

Challenge

Ted and Lana knew there was a significant amount work to be done at the home in order to get it ready for the market but they were faced with the complexities of working around their tenant’s home buying experience and schedule (in a highly competitive market), as well as narrowing down the scope of the work and managing the various projects from outside the Seattle city limits. After doing their due diligence and interviewing three different real estate brokers, Ted and Lana felt that the Wilcynski Partners team offered the right balance of strategic, cost-effective improvements; project management and oversight; pricing strategy and integrated marketing.

 

The Wilcynski Partners Approach

The Wilcynski Partners team immediately got to work and created a detailed task list with the input of the homeowners, outlining the specific items that would create the most return. These items included tasks like landscaping and tree removal, exterior paint touch up, some interior paint to soften the color pallet and create a more cohesive flow, refinishing hardwood floors, and even some demolition work in the basement to remove old cabinets and wall framing to open the space up and create a blank slate for the next owner.

Once the tasks were identified and the scope of work refined, the Wilcynski Partners team leaned on their list of trusted vendors and service providers to quickly bid the various jobs and then collaborated with the homeowners and their tenant to build a strategic workflow and schedule for having the work completed in a cost-effective and timely manner. The team remained engaged throughout the entire process, directly overseeing the quality of the work being completed, managing the timeline to ensure the projects stayed on track, and communicating with Ted and Lana throughout the entire process.

As the home was nearing completion, the Wilcynski Partners team began refining the overall pricing strategy and developing marketing materials designed to tell the story of the home. After reviewing the home’s improvements, doing another extensive review of comparable sales in the neighborhood, and evaluating market trends in the area, the Wilcynski Partners team was confident that Ted and Lana could achieve a $975,0000 sales price, with a strong likelihood of receiving multiple offers.

 

Results

The strategic updates – combined with brilliant staging that clearly defined living spaces, and the decision to keep the home listed under $1 million – proved to yield an overwhelmingly positive outcome for Ted and Lana. Under the direction of the Wilcynski Partners team, Ted and Lana listed their home on a Tuesday and opted to wait to review offers until the following Wednesday. This allowed interested buyers to have an opportunity to see the home and do their due diligence, including conducting their own pre-inspections of the property.

During the first (and only) week on the market, there were 33 showings by agents and over 110 different groups through the 3 separate open houses throughout the week. The Wilcynski Partners team personally reached out to every showing agent who toured the home in an effort to garner feedback from potential buyers and respond to any questions, reservations or objections. In doing so, the team was able to maintain open communication with all interested parties leading up to the offer review date and maintain a pulse on how the market was responding.

When the offer review deadline came around, Ted and Lana received a total of 9 offers from interested buyers, all of whom were willing to escalate the sales price over $1 million. After reviewing the various offer submissions, Ted and Lana ultimately selected an all cash offer that escalated to a sales price of $1.3 million and closed in just 16 days.

 

From the Seller

“Larry and his team are the absolute best! We enlisted Wilcynski Partners to help us prepare and sell our Ravenna bungalow and could not be more impressed by the service we received. The results speak for themselves: our house had 9 offers, and sold in 8 days for 33% over an already aggressive asking price. We had lots of well-meaning friends suggest we go with a discount broker, or do a FSBO – but if we had, we would have left a lot of money on the table. Wilcynski Partners coached us through every step of preparing our house: they suggested optimum improvements,  actively coordinated and managed all the subs, and then orchestrated a perfect level of staging. When they finished polishing the product, they marketed it with laser focus. The reality is that they did things we would have never thought of – and those things, that knowledge, made all the difference. Anyone who thinks real estate agents do not earn their commission in the internet age – simply have the wrong agent. Larry and crew are great people. They get amazing   results. Hire them.” – Ted Siebert

 

Top of Page