Well I have been a licensed North Georgia Real Estate agent now for over 3 years and I have learned another very valuable lesson. I was and still am hoping that there will not be too many more of these sometimes hard to swallow life lessons in Real Estate.
Definition 1 of the word Net = The amount remaining after certain adjustments have been made for debts, deductions or expenses.
The amount remaining after certain adjustments have been made? Oh yeah!
I have a client, and more importantly good friend, who has taught me the “TRUE” meaning of the word net as it pertained to our agency relationship in the sale of his North Georgia Mountain Cabin on the Coosawattee River. We worked really well as a team to keep a close eye on North Georgia Real Estate Market Conditions and to make the necessary adjustments in order to achieve our common goal of getting his River Front Cabin SOLD. Price adjustments was of course on the top of my list considering that in a Buyer’s Market, 80% of marketing is in the Pricing of your home or cabin. So I adjusted the price with the knowledge of knowing what my good friend and client intended to Net.
Definition 2 of the word Net = The proceeds from the sale of an investment minus the purchase price, including commissions, and other expenses.
Proceeds from the sale minus the purchase price or amount owed, including commissions and Other Expenses? Oh yeah….duuuhhhh! That could mean things such as Pro-Rated Property Taxes, HOA Fees and Dues, A Home Warranty, Attorney Fees and Document Preparations Fees, even Overnight Fees associated with the closing.
After the negotiations of an offer we received on the cabin, only a few short days after making the proper adjustments I might add, I found myself feeling very content in my decision to reduce my commission by the number it took to Net my client the number he intended. That is until we receive the HUD Settlement Statement prior to closing. It seems my idea of “Net” is no where near what the meaning of the word is at all, not even close. What was I thinking? I have no idea. I assumed that the amount of commission that I adjusted to meet his acceptable “Net” price was all that was needed. All I can say is this….Net Means Net.
Now what have I learned from this that I can relay on to you? Two very simple words that a business partner shared with me, Net Sheet. If you are working with a Realtor, ask that agent for a Net Sheet prior to a listing or acceptance of a contract on a property you may be selling. I have my Net Sheet now and you can bet your bottom dollar that my clients will be seeing one from now on!
If I can be of any assistance to you in Selling your North Georgia Mountain Cabin or Home, please contact me for any questions or concerns you may have. If you are looking to Buy a North Georgia Mountain Property, my family and I would be grateful for me to have the opportunity to earn your trust and respect in this shifting market that is favoring the Buyer’s. You can get in touch with me at 706.633.8186, or at ChadL@KW.com. Thank you so much for taking the time to spend with me on The Porch. Please come back at each and every available opportunity that you may have.
Make it a GREAT week!