Now for Listing Advice. I previously spoke about Bidding Wars for Homes for Sale in Maryland, DC and VA in my post Bidding Wars. Secret to Winning A Home in the DC Area (of which about 20 people emailed me directly for my #1 secret tip).
But this video is from the perspective of the SELLER who might find themselves selling in this Hot Market.
The first instinct is to think one’s house is “easy” to sell. It actually becomes kinda a joke because we hear it so frequently. Everyone thinks their home will be an easy one. Yet it never is.
Especially now that there are bidding wars and it is a seller’s market (meaning sellers have more power now). Heck, why not just throw it up on the MLS (see Throw Up Listings, from 2007, but still applies) since it “sells itself.”
I wish it was that easy. Or maybe I don’t because then I might be out of a job.
Our goal is to get you the highest NET possible. That includes being aware of what you are paying in commission and your alternative options (but heck why go anywhere else). We respect your money. Every $5k of it.
Orchestrating a profitable bidding war (well) takes hundreds of little steps to pull of. Want examples? Here is one huge little one:
ONLY listing a home for sale between Wed night and Thursday midday.
(ask me why, and yes it matters, and if your potential listing agent doesn’t think it matters, or doesn’t push back when you want to list it on Monday… I hope you got a good “deal” on your agent)
Another big decision is pricing.
– Price too High: Get too greedy and price too high and you won’t even get one offer. And you NEED 2 buyers to sell any home. Bidding war or not. (that is a mantra of mine)
– Price too LOW in order to try to create a bidding war and you might leave $10,000s of dollars on the table. I don’t believe in pricing low on purpose. There is something I called Bidding War Fatigue (actually I never have used that phrase before, but I will start, it sounds good). BWF is when a buyer is too stuck on the listing agent’s starting price. And their ego gets bruised if they go too far over list. Whereas if it was priced $10k higher to start, they might have no problem bidding to XYZ.
– Price Just Right is the key!
But that is only the start. Then there is an art and science to respectfully hearing out offers and maximizing what the seller can net and capture terms that will safeguard (as much as possible) from future problems. This includes locking down or removing contingencies and removing a part of the appraisal contingency (most people think the appraisal contingency is an all or nothing… we created a hybrid. )
This is a tiny part of how we net the sellers more.
Do you have a place to sell? Reach out earlier, rather than later (yes before you rehab or fix things up). Don’t be like those people that said “I really wanted to use you but then we went with my high school buddy, who does real estate on the weekends, and that went horribly” We get that all the time. Soon I hope to put up a video of one of these people).
Thanks! And the best way to say thanks to a blogger is to leave a comment (either good or bad).
Frank Borges LL0SA Esq
Never too busy for you!
Broker FranklyRealty.com MD, DC, VA
Attorney at Law, Only in NJ
ps. Here is our newest addition: