A Tale of Two Deals
(These are the thoughts of CapitIL Real Estate Agency Sales Director Ben Levene.)
Recently, I sold two apartments to two lovely American families. One family is intending on moving to Jerusalem while the other family is planning to spend quite a significant amount of time here over the next 10 years before their move.
One family bought a gorgeous new home in Baka while the other purchased a brand-new apartment in Old Katamon.
Why am I telling you this?
I was sitting and reflecting after these deals were signed about how I had quite a few deals fall through at the last minute recently. I could not stop thinking about how I had two deals go through successfully, while the other two I had lost moments before signing.
What was the difference between the ones that had signed, and the ones that had not?
Why were some families able to have successful deals and the other two could not seal the deal?
Let’s take a look at what the families who had a successful purchase did right, and what we can learn from them to ensure a successful purchase.
Started By Understanding the Process
Both buyers registered for our informational panel that I hosted in the States, and after the event talked with me about their expectations and goals.
These informational events gave them the framework and basic understanding of what the process requires while meeting with me allowed them to apply what they had learned to their property search and fully comprehend what they needed to prepare and their next steps.
Visiting In Person
Both families took the time to come in personally to Israel and become familiar with Jerusalem.
They understood the market as they had visited different apartments and understood what the options on the market were.
Of course, you can purchase Jerusalem real estate without visiting Israel. However, the unknown and lack of familiarity creates uncertainty and can therefore cause hesitation in jumping in on the right opportunity.
Listening to their Team
The two families that purchased were not simple deals done in a week. Both deals took months of searching, due diligence, legal work, etc…
In one of the deals, we were waiting 7 months for an occupancy permit (Tofes 4) to even sign the contract. My clients were extremely patient and understood the process.
They knew that there was a good-faith commitment from the seller, and even though they were not locked in on the project until they received the occupancy permit and signed the official contract, they decided to stick with the apartment they chose and ended up purchasing at an incredibly competitive price for the market.
They assembled a team of expert professionals, asked questions when they had any, and listened to the advice they were given.
In the second deal, my clients purchased a beautiful home in Baka. They had been searching for a property for a while, and when this opportunity arose, they knew it was right for them.
The signing was not as smooth as one would like, and some issues came up. However, they had an excellent attorney who was giving them great advice, and they listened to it. Though my clients wanted to sign and were frustrated that the signing kept being delayed, they were calm and patient, and trusted that the people they had hired were giving them the right advice.
No one can tell anyone what to buy and what not to buy. However, the advice of the professionals that work every day in so many different situations is an asset.
My clients were able to understand that for the few small things that were complicated, there was so much good about the apartment that it was worth working through and being patient.
Understanding When An Opportunity Exists
These clients had an extremely good knowledge of the Jerusalem real estate market. When they found a unit that ticked most boxes and was marked competitively, they jumped on it.
However high a price sounds, if you understand the market, you will know when you have found a good opportunity.
Neither client was trying to “beat the system”. They took the facts they knew, compared the pricing and specifications of all the apartments they saw that were suitable for what they were looking for, and found the right option. These clients wanted to buy now, they were not going to sit on the market for the next five years waiting.
I take great pride in these two deals because I’m so happy for these families as they both wanted to buy, and managed to do so successfully and within their budgets.
When my clients are happy with their purchases, it gives me a lot of satisfaction in my work.
I am not someone who usually talks about my deals as I am a very private person, however, I felt as though there is a lot to learn from both these clients, and that it could help someone else.
Listening, understanding, and making an informed decision are crucial to ensuring a successful purchase.
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