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Dissecting the Success: How Engel & Völkers’ Chad Behnken Achieved a Record-Breaking Sale in Cordera.
This white paper examines the outstanding sales achievement of Chad Behnken, Luxury Real Estate Advisor with Engel & Völkers, a leader in the global luxury real estate market. Mr. Behnken sold a home in the highly competitive Cordera neighborhood for a staggering 21.77% higher than the previous record. Through a combination of strategic planning, targeted marketing, expert negotiation, and a deep understanding of the local market, Chad demonstrated his prowess in delivering exceptional results for his clients. This paper analyzes the key factors that contributed to this remarkable accomplishment and draws valuable insights for homeowners seeking to achieve similar feats.
1. Introduction:
The Cordera neighborhood, known for its prime location in School District 20, and desirable amenities, presented a challenging opportunity. The median price for a home at the time of the market was $765,000. The median size of the active homes for sale was 3,699 SF, and the median year the homes were built was 2017. Mr. Behnken’s client's home was nearly 2,000 SF larger, and eight years older than the competition. This white paper delves into the comprehensive approach that Chad and Engel & Völkers adopted to secure a record-breaking sale in this coveted neighborhood.
2. Market Research and Analysis:
Engel & Völkers' success began with thorough market research and analysis that began ten months before bringing the home to the market. Chad evaluated historical sales data, assessed trends, and identified unique selling points of the property he represented. This in-depth understanding of the local luxury market allowed him to set a realistic yet very competitive listing price that resonated with potential buyers.
3. Strategic Pricing and Positioning:
Instead of merely aiming to surpass the previous record, Engel & Völkers strategically priced the property to attract qualified buyers potentially overlooking Cordera, perhaps considering it as a feeder market to the true luxury communities in Colorado Springs. Based on extensive knowledge of the luxury market, Chad recommended a sales price 56% over the median price of the competition. Bold, certainly. Confident, absolutely. By positioning the home as a rare and exceptional opportunity, they generated interest and excitement among potential buyers while in the “Coming Soon” status.
4. Expert Photography and Presentation:
To maximize the property's appeal, Engel & Völkers employed expert photographers and drone pilots who specialize in highlighting the best features of the home, sometimes overlooked by the average real estate agent. They showcased the property's key features such as the built-in Miele coffee machine, and the custom cabinetry complete with a backlit handbag display case in the primary suite’s walk-in closet. Overhead photography enabled buyers to envision their dream home and the proximity to the schools and neighborhood park. Attention to detail and a focus on aesthetics contributed to creating a lasting first impression.
5. Targeted Marketing Campaign:
Chad, utilizing the Engel & Völkers EDGE platform, crafted a targeted marketing campaign to reach potential buyers both locally and globally. Leveraging their extensive network and utilizing digital marketing channels, they showcased the property's unique features and the advantages of living in the Cordera neighborhood. This approach generated high-quality leads and inquiries from interested parties.
6. Skilled Negotiation and Closing:
Chad's negotiation skills came into play when multiple offers were received on the second day of being on the market. He skillfully navigated discussions with buyers agents, leveraging the property's unique selling points and the demand in the market to secure the best possible offer for their client which resulted in a price of $460,000 above the median sales price of their competition. His professionalism and ethical practices instilled trust and facilitated a smooth closing process.
7. Conclusion:
Chad Behnken’s record-breaking sale in the Cordera neighborhood exemplifies the power of strategic planning, bespoke marketing, master negotiation, and a customer-centric approach. By leveraging his expertise and deep market knowledge, he achieved outstanding results for his client. This white paper offers valuable insights for homeowners seeking to excel in competitive markets, emphasizing the importance of comprehensive research, personalized service, the commitment to excellence during every stage of the sales process, and the importance of partnering with Mr. Behnken, a Luxury Real Estate Advisor, a minimum 6-12 months before planning to sell.