Real estate is an art.
And La Jolla Realtor Pete Middleton of Coldwell Banker Previews International is an artist.
If you’ve seen his advertisement on bus stops, then you know that “Pete Knows Real Estate” is Middleton’s motto.
One of the local leaders in luxury real estate sales and marketing, Middleton prides himself on the skills he’s developed over 25-plus years of handling residential transactions.
“The philosophy I live by is I always put people’s wants and needs ahead of my own,” he said. “That’s so important because that comes back to you. It’s good karma. I always try to put my socks in their (client’s) shoes so I can guide them the right way.”
Despite technological innovation and rapidly changing times, Middleton said selecting a Realtor to represent you is still the best call to make.
If you’re buying a property in La Jolla, for example, Middleton said it’s important to have a seasoned person representing you who “knows and understands what’s going on in the market, especially that sector of the market. They can advise you, not only on negotiating, but on what to look out for.”
Middleton doesn’t even like to use the word agent any longer in referring to someone in his profession.
“I like the word advisor,” he said. “It’s way more fitting.”
“A house is the largest asset you’ll ever buy,” pointed out Middleton adding, “When going through the whole transaction on a home: It’s a large purchase. There’s a lot of steps involved. If it’s not something you do every day … why not have someone representing you who is well respected, has integrity, and is going to tell you the truth and guide you through the whole process?”
The art of the deal is in the negotiations, said Middleton,
“There’s a lot more to it (negotiations) than what the public sees,” he said. “People only see 10 percent of it. But like the iceberg, 90 percent is under the surface. There’s tons of things done behind the scenes.”
Pointing out residential real estate typically runs in seven- to nine-year cycles, with a year or two in transitions, Middleton noted now, in the luxury market, that the $5 million-plus market is “kind of soft” having peaked about a year ago. He said the $2.5 million to $5 million sector currently is “trucking along at a slower pace,” while the $1.5 to $2.5 million sector is “still pretty strong” and the under $1.5 million market is “lights out.”
Middleton discussed one of his negotiating “coups.”
He said a highly motivated buyer from the East Coast, a biotech CEO, had sold his place and was moving his family to San Diego. They began looking in North County where the client thought they wanted to be. But then a great opportunity arose on a La Jolla property about to hit the market.
To make a long story short, Middleton used his personal connections networking with other Realtors and was able to negotiate a sale for the new La Jolla property, which ultimately saved the client a significant amount of money, which they would have had to pay if they’d gone to anyone else — or had waited until the property actually went on the open market.
“I saved that guy $200,000, and he (CEO) knows that, and to this day he laughs about it and talks about how well it (deal) was handled,” said Middleton.”The best opportunities are found among the (networking) relationships.”
For more information, call 858-764-4808, email [email protected] or visit peteknowsrealestate.com.