When the Best Real Estate Advice Is Not to Make a Move
By Alexis Michaud
Before recommending a purchase, sale, or renovation, I want to understand what it will actually improve for you.
A client once asked me to look at a residence in a Las Vegas building with a well-known name. She and her husband already owned two beautiful high-rise condos, and they were considering selling both to buy something considerably more expensive.
She had spent 30 years in real estate herself, though she was not licensed in Nevada. They were sophisticated buyers who understood the appeal of a prestigious address.
We went to see the property. I kept my opinion to myself for a little while, but the building needed updating. From what I saw, its reputation did not justify giving up the homes they already owned.
When we left, I told her, “I don’t know why you would sell these two units to buy over here. You’re in such a better place.”
She laughed and said she used to have these conversations with her own clients. She thanked me for being honest. They kept the condos for years, eventually selling when they relocated.
That is the kind of advice I want my clients to be able to count on. Before we pursue the next property, we need a clear reason to make the change.
The perspective behind the recommendation
Before making real estate my primary focus, I spent nearly 20 years practicing tax and corporate law. My work included international mergers, acquisitions, deal integration, and contracting with IBM. That experience continues to inform how I analyze a situation and negotiate for my clients.
Today, I work in luxury real estate at Huntington & Ellis in Las Vegas. It is a business I have known since childhood. My mother built a successful real estate career here, and I remember accompanying her as she knocked on doors in local communities.
Residential real estate also taught me something I had not fully anticipated: Even very experienced buyers and sellers can get overwhelmed when buying or selling real estate. The numbers matter, and so does understanding what the decision means to the people making it.
Start with the goals and the numbers
The first thing I want to understand is your goal. What are you hoping this purchase or sale will accomplish?
I also need to understand any financial pressure or uncertainty affecting the decision. Those can be difficult things to discuss, but a candid conversation helps me give useful advice. I want clients to feel comfortable telling me what is actually going on.
From there, we look at the data. If you need to net a certain amount from a sale, I will examine whether the property and the market can support that expectation. Your target helps us plan, but it does not determine what a buyer will pay.
For my condo clients, the more expensive residence was an option. After looking at it, I did not see enough benefit to recommend giving up what they already had.
The same judgment applies before a renovation
A prospective seller who contacted me through my publication asked how much more money to invest in a home before selling. The choice was between a wine storage project, which I recall would cost about $75,000, and an outdoor kitchen.
At that home’s price point, and based on the buyers I had worked with, I believed the outdoor kitchen and a finished backyard would have broader appeal. There was time to do the work. My concern was whether the wine project would deliver the return the seller wanted.
An improvement can be beautiful and still be a poor use of money before a sale. In this case, I recommended putting the investment toward the backyard.
If you are considering improvements before listing, think about what the likely buyer would value. How much would the work cost, and what reason do we have to expect it to help the sale? That conversation should happen before you commit to the project.
Negotiation begins with understanding people
My experience negotiating and teaching negotiation has reinforced the value of building productive relationships. Protecting a client’s interests often requires understanding the people on both sides and helping them work toward an agreement.
Sometimes that work starts before a home reaches the market. I remember sitting at a kitchen table with a couple. One spouse wanted to sell; the other was sitting at the far end of the table, clearly hesitant. I asked him to join the conversation. We needed to understand whether they both wanted to move before discussing a sale.
Keeping a deal together matters when doing so serves the client’s best interest. In the condo situation, the recommendation that served them was to stay where they were.
Advice that continues beyond the transaction
Many of my clients continue to call me after a purchase or sale, asking for recommendations for designers and other local professionals. I enjoy being that resource. When someone refers a friend to me, I take the responsibility seriously.
The condo clients eventually had a reason to move, and I helped them sell. Until then, they were able to keep homes that I believed suited them better than the alternative we had considered.
If you are considering a move or deciding what to improve before selling, I would be happy to talk through your goals and the options in front of you. We can begin by asking what the change would make possible for you.
