Built in 1905, and listed for a cool $7 million, a Seattle mansion in the desirable Queen Anne neighborhood requires an expert real estate professional to list and sell such a significant property.
Concierge Auctions, the largest luxury real estate auction marketplace in the world, is selling the home in partnership with agent Doreen Alhadeff of Windermere Real Estate. Despite the current listing price, Concierge Auctions will be putting the property up for a no reserve auction from March 1st through March 4th.
The 8,882 square foot, six bedroom and six-bathroom home underwent extensive upgrades before being listed. Although there are modern amenities throughout, such as a chef’s kitchen and a large outdoor patio, great care was taken by the seller to preserve the home’s original charm and grandeur.
We recently had an opportunity to discuss this incredible listing with Alhadeff, and her strategy for marketing the home. She also explained how a listing like this differs from a typical home sale and offered advice to agents looking to break into the luxury real estate market.
Jameson Doris: Tell us about your background in luxury real estate?
Doreen Alhadeff: I started selling in 1989 and was successful right away. A lot of that had to do with the fact that I grew up in the area and had connections. I was able to sell some luxury properties along the way. Where I currently live, in the Queen Anne neighborhood, there is a lot of luxury real estate for sure.
Fifteen years ago, myself and a partner opened a branch of the real estate company we were with. We did most of our luxury deals while there, but that branch has since been purchased by Compass. At the end of last year, I went to Windermere, so I’m still immersed in that market.
JD: How did you secure this listing?
DA: I actually sold the house in 1992. It’s in the neighborhood that I lived and worked in. I’m friends with the seller and listed and sold their house that they were living in before they purchased this property as well. I also have other listings in the area.
JD: What was your strategy for marketing this property?
DA: I’m focusing on getting the home out there as much as possible. I’m contacting agents that I know sell these sorts of properties consistently. Every property is different, but we have no marketing budget for this one. I believe printed materials are very important, so we did mass mailings as soon as we listed the property. You never know where the buyer will come from.
We replaced a lot of the furnishings and made the interior more current. We also did extensive quality upgrades and really talked them up. You know the agents that you trust and could sell these sorts of properties, but you have to go broader than that as well.
JD: How is showing a property like this different from showing a more typical single-family home?
DA: With some agents, you know they’re not going to waste your time, but besides them you need to be sure you’re properly vetting buyers. The buyer’s agents should really be doing proper vetting and making sure they have proof of funds so you’re not wasting everyone’s time by doing a showing. With that though, it also becomes a security issue for the seller. I only represent the seller; I don’t believe in dual agency, because I think the seller and buyer should both be individually represented.
JD: What would your advice be to any other real estate professionals who may be looking to dip their toes in the luxury market?
DA: I think it’s a good experience to shadow someone. Luxury real estate moves much slower than many agents are used to. It is very different from selling regular real estate. It’s important to first learn the ins and outs of the luxury real estate market, because there are unusual things that can and do happen in this market.
Jameson Doris is RISMedia’s blog and social media editor. Email him your real estate news ideas to email@example.com.