Strategies For Home Sellers

August 22, 2019

You decide to re-list your home and plan to contract with the last agent who did not sell your home. You can expect:

They are going to do something very different than before

They are going to work with you more closely this time

The market has changed, so now they are ready to get your home sold

They are going to do exactly what they did before

Correct! Wrong!

"Insanity: doing the same thing over and over again and expecting different results" - Albert Einstein

Statistically, in Palm Beach County homes that sold after a price reduction:

Sold at a price 15% greater than the price listed.

Were subsequently re-visited by 50% of the same buyers who initially ignored the home at the original price

Sold at 70% of the reduced list price instead of 85% of the initial list price Eventually shortsaled

Correct! Wrong!

Statistical data consistently shows: NOT listing a home at a price that will cause it to sell results in a greater than 15% loss in price sold.

A good agent will be insistent about you doing what is necessary to get your home sold. Indicators of a professional real estate agent:

Please select 4 correct answers

Shows up on time

Proactively contacts their relationships about your home

Keeps you regularly updated on activity related to your property

Remains in periodic contact after having worked with you

Agrees to list your home above market price

Is not insistent when it comes to making necessary price or staging adjustments

Correct! Wrong!

Showing up on time is like wearing a suit for an interview. Agents who list homes above market price may not even get phone calls. If your agent is not proactively marketing your home to their sphere of influence, go and find another one who will. The best agents contact you regularly.

Successful marketing of luxury properties relies on the following actions:

Please select 3 correct answers

Buying expensive ad space in luxury periodicals & magazines

Global exposure to high net worth consumers

Communicating unique lifestyle, benefits, and features

Broadly-targeted, non-specific, mass exposure marketing

Numerous high quality photos

Correct! Wrong!

prospects but no actual showings or offers:

You know its just a matter of time until the home sells

You know these sellers just need cash buyers

You know the market price is less than $600k

Correct! Wrong!

Similar homes for sale at or above $600k in an area have been on the market for 3 months, and there have been calls from

Successful staging & presentation of your home:

Implies emphasizing YOUR OWN particular decor, taste, & preference

Should help to place your home in the top 1/3 of quality relative to competing homes

Requires you to remove all furniture

Is best left ONLY to a professional

Correct! Wrong!

A well staged home de-emphasizes our own style and brings the home decor to a more neutral appearance. This helps potential buyers more easily envision how the home might appear with their own decor and taste.

Real estate agents exist to help:

Provide publicity and recognition to the seller and their home

Owners who don't have to, or want to sell their home

Owners who want to, or need to sell their home

Buyers get a tour of the neighborhood

Correct! Wrong!

The following is true about homes for sale:

Only nice homes sell

Only homes with no problems or defects sell

Any home can sell

Only homes recently listed sell

Correct! Wrong!

The magic of real estate is that there is a price at which even the most poor conditioned or ugly home will sell.

When comparing homes in the luxury market:

Homes that were otherwise too distant now become relevant

Homes are compared based principally on square feet

Relevant homes must be within a mile radius

Relevant homes must have the exact same features

Correct! Wrong!

A luxury home buyer principally buys "lifestyle", a consideration largely independent of geographic proximity.

In actuality, a shortsale is really just:

An ultimatum to a bank(s) with consequences

A demand to a bank(s) with conditions

A petition to a bank(s) with supporting reasons

A notification to a bank(s) with legal counsel

Correct! Wrong!

A shortsale is a request from a mortgage holder to their lenders petitioning to be released from their financial obligation due to a "hardship". The request accompanies a contract to sale from a prospective buyer at a price below what is owed on the mortgage, exhaustive financial information about the seller, and a letter explaining why the owner is unable to continue to fulfill mortgage payments.

Sellers can find a buyer for their home:

At a price that buyers in the market are currently willing to buy

At a price that can cover all selling costs and expenses

At the same price their neighbors house is listed for

Correct! Wrong!

The real estate market functions exactly like the stock market: Buyers dictate what they are willing to pay for a home in an area at a particular time.

A unique aspect of South Florida Real Estate Sales is that:

90% of sellers today are distressed owners

30% of sales are to foreigners

90% of residents are originally from New York

20% commission to agents is considered typical

Correct! Wrong!

Foreign buyers have become a major factor in real estate sales in Florida.

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