In about 2012, I met one of the best Realtors in my career. She lived near Atlanta, Georgia, and told me about a failing subdivision she had listed for sale.
We bought all the homes and lots in this subdivision. The homes were in various stages of completion, but we managed to complete all of them successfully. My best estimate is that she sold at least 100 properties for me over the course of five years.
There is a saying that five percent of agents sell ninety-five percent of property, and
Nivla Calcinore was one of these agents in the five percent.
She was also fearless and went into some of the worst areas of Atlanta if we needed her to. The ladies in my office love her and enjoy working with her. We not only became business associates, but also good friends, and we still stay in touch. She still keeps an eye out for great deals for me.
I found her on the NRBA website and verified that information through the REO Network. We find most of our agents on these two websites.
I asked her one day what her nationality was, since her name seemed foreign.
She said, “I am a Georgia Bull Dawg, but my friends call me a golden Georgia Peach,
and I was born here.” I told her that I had never seen the name Nivla before, and that I
thought it was Italian since it looked Italian to me. She replied no, her daddy had always
wanted a boy, and planned to name him Alvin. When she came out as a girl, he spelled Alvin backwards. That is how she got the name Nivla.
On one occasion, I bought a small pool of vacant lots nationwide for $1,000 per lot. One
of these lots was a small suburb of Atlanta, so Nivla inspected it for listing and to
establish a price.
I would have been super excited at $5,000, but when she arrived, it was not a vacant lot, but a partially-burned home. She suggested we list it for $19,900. She did mention that it was a desirable area.
We listed it at 2 p.m. Central Standard Time for $19,900 on a Friday. I remember Friday
when Ann and I were on our way to the movies when Nivla called about 4 p.m. She said that she had received three offers, all of which were higher than the asking price.
I told her that we were indeed going to the movies, and that she should ask the potential buyers for their highest and best offer, and accept the best that came in.
When we left the movie theater, she texted me to call her. I did, and she had seven offers, two of which were $35,000. I asked her which one had the most earnest money. She said that one had $500 and one had $1,000. I told her to take the one with a thousand dollars in earnest money.
The next day, she said, “You’re probably mad at me.” I asked, “Why would I be mad at
you for selling this lot for thirty-five times what I paid for it? This is like fifty Christmas
mornings to me. She then said that it was because she had listed it too low.
I told her, “Nivla, I am thrilled and do not consider it a mistake. How do you find comps for a burnt house? There is nothing to compare it to; you must let the market set the price.”
This taught me that some properties are hard to compare due to their uniqueness. Real estate agents like Nivla are worth their weight in gold.
“How Do You Get Comps for a burnt house?”
There are several key principles in this story: a good realtor is worth their weight in gold, some of the best deals are not glamorous, and the market speaks louder than any voice in determining the value of a property or an asset.
Five percent of the realtors sell 95% of the property, so look for the 5% and they will
make you a fortune if you stay loyal to them.