Myrtle Beach Real Estate by Mirela

Tips for Real Estate Sellers in 2009:

 

It doesn't matter what you need.  What matters is what the market commands.  If you need to sell your property for $250,000 and the current comps for similar properties indicate a value of $168,000, you need to price yours at $165,000.  It doesn't matter if your home is the nicest one in the development.  If it is and you price it correctly, it will sell the fastest.

  

Pricing has everything to do with selling.  That's usually the case.   That's true now more than ever.

 

Put your best foot forward:  Stage your home, keep it clean and orderly, set the thermostat on the right temperature. 

 

For your Realtor:  make sure your Realtor gives you a monthly report.  Any and all advertising done on your property, any and all showings and comments on your property, how it's presented to the other agents in the MLS, any fliers, cards, cross marketing, Internet exposure, etc. 

 

Are you front page on Google?  All my listings are presented on the first page of Google by the address and they all have their very own websites.  With a plethora of available listings, you can't afford to have an Agent who's clueless to the power of the Internet...

 

You also want to make sure you know what's selling in your neighborhood.  Your Realtor should keep you up to date via automatic e-mail or by monthly report, with any new listings competing with your property and any new sales.  Typically the best priced listing gets the most showings, the most interest and usually sells the fastest.  You want to stay on top of your competition.   Remember, you are not only competing with your neighbors, you are now also competing with the banks...

 

Mirela Monte, Your Myrtle Beach Real Estate Connection                 Join The Optimist Group!

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Comment balloon 37 commentsMirela Monte • January 25 2009 01:53AM

Comments

Go ahead and use this post!  Re-blog it to your heart's content!  E-mail it to your clients (after you offer the same type of service discussed). 

You need all the help you can get in order to help your clients price their properties correctly.  Sometimes when they read it in a magazine or the Internet they believe it more.... 

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) over 11 years ago

Mirela, great post! I met a broker who does the same thing. He gives all his listings their own website. I think that is a great idea. The more exposure the better.

Posted by Tanya Venable, SEO, Mobile SEO, and Internet Marketing Consultant over 11 years ago

Tanya: It's free to create on Real Bird and you can buy a domanin name on GoDaddy and attach it to the website.   Ex:

www.PalmettoHarbor.com

 

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) over 11 years ago

I agree. Pricing is so fundamental, but so many agents take a listing they know is overpriced, just to get that listing, and then it sits for months and months.

Posted by Doug Aaserude, Broker (Inactive until May. 2009) over 11 years ago

Mirela, with so much of the emphasis these days being on buyers, it's great to see your post on sellers.  Very nice!

Randy Hooker

Posted by Randy Hooker, Gilbert, Chandler, Mesa, Queen Creek (Dreamcatcher Realty / Greater Phoenix Area) over 11 years ago

Doug:  That should become a punishable act.  The sellers hire that BS agent who tells them what they want to hear.  Six months later the Sellers come to me asking me to take over because the agent did not get the home sold, only now, I can no longer get the market price of 6 months ago...  

Tough, but true.  The market is what it is.  I don't make the market.  What makes me good is the fact that I can read it correctly and that typically means that I tell the Seller what he doesn't want to hear... 

Price Vigilance is imperative right now!!!  Every month the home stays on the market, means less and less money in the Seller's pocket.   The market is going DOWN, NOT UP!!!  This is very important to keep in mind!  That $100,000 home is no longer a $100,000 home six months later.  Depending on the market, that $100,000 home may be a $90,000 home, an $85,000, even a $60,000 home....  Now, more than ever, it's imperative to pay attention to the time quotient of this equation....

After giving him the market estimate for his property, a Seller said to me:  "I need a drink!"  I told him to go ahead and get one.  He listened to me and listed for the recommended price.  I marketed it correctly and actually managed to garner him almost $10K more than the original price (we still have multiple bids, even in this market, when the properties are priced correctly and marketed properly).  We closed on it and my client was relieved and ecstatic.  His neighbor, who owned an identical property improperly priced, still has his condo on the market, only now he is asking about $70K less than what I garnered my seller last year....

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) over 11 years ago

These are some great tips Mirela! Thank you! I've definitely put this in my bookmarks for later reference!

Posted by Michael Swanson, Broker (Keller Williams North Raleigh) over 11 years ago

Michael: Good! ...And thank you!

...But did you flag it?

Randy:  That's really the ORIGINATION point...  Glad you agree!

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) over 11 years ago

Price is all that matters in our Northern Nevada market!  Nothing is so important as the right price. 

Great post and so timely!

Posted by Jim Valentine (RE/MAX Realty Affiliates) over 11 years ago

great post ..I think 09 is going to be a lot of truth telling for us agents...and telling people what they do not want to hear - also, flagged this one for you

Posted by Randall Sandin, 843-209-9667 - Search for Charleston SC Real Estate (Carolina One Real Estate) over 11 years ago

Great advice Mirela.  It is amazing with all the news regarding a decline in real estate prices, there are still sellers (aided and abetted by agents who will take a listing at any price) with the mindset, "well my house is nicer than so & so's, that sold 6, 12, 18 months ago, and should sell for XXX amount of $$$'s more." 

Side Note:  Love Myrtle Beach.  Have spent late summer/early fall vacationing there on my way to or from Charleston to see family.  MB is on my "short list" of retirement spots. Thanks to the current real estate market, retirement might have to wait a while longer! :-( 

 

Posted by Camille J. Robinson, GRI, Broker/Owner (Camille J. Robinson, GRI - Philadelphia Supreme Properties) over 11 years ago

Great information! 

Posted by Wanda Richards, Shows Great Home Staging (Shows Great Home Staging and Web Solutions ) over 11 years ago

Mirela, great advice for sellers. Sometimes it is difficult for people to accept the reality of this market. I agree, overpricing a listing will only prolong the process and cost money. 

Posted by Lourdes Hoglo REALTOR® Three Village & North Shore Suffolk Co. Long Island (Prudential Douglas Elliman Real Estate) over 11 years ago

Price is key but the buyers need to find the home.  It needs to be on the first page of Google.

Posted by Scott Guay, Associate Broker. Ocean City and Ocean Pines MD (Berkshire Hathaway Home Services PenFed Realty) over 11 years ago

Mirela~

You are absolutely correct! Pricing is the key element in getting the right exposure to the property. We have several listings that are priced at the the very low end of the spectrum and still... no offers, [yet].

The current market here in Miami is still loaded with inventory and it is crucial to put "our" best foot forward!

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Real Estate In Miami // Mott Kornicki // Associate | Broker

Aventura-The Waterways // Bal Harbour // Sunny Isles Beach • Florida

Posted by Mott Marvin Kornicki, Waterway Realtors, Notary Public 786-229-7999 (Waterway Realtors® • South East Florida • Real Estate Brokers) over 11 years ago

Mirela-Great tips and as usual an excellent post

Posted by Joseph D. Federico, Eastern Massachusetts Real Estate (Donahue Real Estate Co.) over 11 years ago

Joseph: Thank you very much!

Mott: I like the way you put it:

Pricing is the key element ing getting the right exposure to the property.

 

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) over 11 years ago

Jim: Yes, it is timely.   And yes, you are right:

Nothing is as important as the right price.

Randall:  That's well put and oh, so true:

I think 09 is going to be a lot of truth telling for us agents...and telling people what they do not want to hear.

 

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) over 11 years ago

Hi Mirela, this is great advice as always. How many times has a seller said "I have to get a certain price" as if the house is an ATM? I set my sellers up on the automatic email notification so they see what's going on with the competition for themselves. It brings an extra dose of reality and confirms what I've telling them.

Posted by Debbie Malone, From Lynchburg To The Lake (434) 546-0369 (Londeree's Real Estate & Property Management) over 11 years ago

Camille:  Yes, Myrtle Beach is charming indeed!  I landed here on the way to somewhere else and have never found my way back...

I like your statement about the sellers who prefer to stay in La-La Land when pricing their property: "well my house is nicer than so & so's, that sold 6, 12, 18 months ago, and should sell for XXX amount of $$$'s more." 

Dream on!  I wish I could be more peruasive with my sellers.  I have sellers who have just finished re-doing their condo, only to put it on the market again for about $50K less than the offer I brought them last year, which they refused.  

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) over 11 years ago

Debbie:  That's a great idea!  I just started doing that this month as a matter of fact.  Great minds think alike.

Scott:  Yes, marketing is the other half of the equation.

Lourdes:  Yes, overpricing a listing will only prolong the process and cost (the Seller) money. 

We don't know how much further down the market will go...  We were overly optimistic this time last year...  With the plethora of REO's now flooding most markets, a nervous buyer, an unstable economy, it's hard to tell...

Many sellers are now putting their homes on rental programs.  Because of the plentitude of rental properties, it is diffucult to garner last year's rents also. 

The Sellers just have to play the worst case scenario and ask themselves this question:  "For how long can I afford to CARRY this property?"  If they don't like the answer to that question they need to be the cheapest home in the neighborhood and hire the agent who will produce the best marketing possible.

Wanda: Thank you!
Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) over 11 years ago

Mirela, I suspect that you prescribe these types of facts in serious reality doses. Sellers need a little more than the truth sometimes. I do not envy you. Nice post

Bo

Posted by Bo Hussung (Bell Title /Triserv LLC) over 11 years ago

Bo, I am not as persuasive as I should be, but I have a fairly good ratio.   When my Sellers take my advice, we go to closing.  When they don't, they typically end up selling for less... 

If other agents did not do the overpriced sales talk, I could actually get the job done better.  If I tell the Seller the truth and another agent tells them what the Seller wants to hear, many times the BS agent will get the job.  I typically hear back from that seller 6 months later, but if the seller did not like my estimate of value the first time, they sure won't like it six months later...

Or worse:  I had a seller who wanted a fantasy price on his lot.  I brought him a $140K offer a few months ago.  He did not accept it.  The listing expired and he tried selling it himself.  He finally transacted:  ...for $60K.  I'm still scratching my head.  OK, so he saved commission.  The $140K price would have put $131,600 in his pocket.  He saved money by not paying commission...  OOPS...  NOT!!!  He is now $71,600 poorer.   Greed is a terrible thing...

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) over 11 years ago

Hi Mirela -- great post, with good points.  I'm finding that sellers still have a hard time facing reality.  The BS realtors are still out there, telling them what they want to hear.  It is such a disservice, because they lose in the long run! And when I find one who gets it, it's so refreshing.  They are a joy to work with.    BTW -- what do you do to get the count that tells how many times the links have been clicked??  that is cool.

Posted by Alexsandra Stewart, Broker - Portland Oregon Real Estate (Remax equity group) over 11 years ago

Alexsandra:  If you are talking about the stats for the viewings and clicks on your AR blogs, just go to "My Home".  On the bottom left side, right underneath all your groups you will see a tab that says "Statistics".   Click on that to see how many clicks, viewings and comments each one of your blogs has had. 

I hope that's what you asked.  If it's not, please let me know.  Your subscribers are also there, right underneath the first tab for your statistics.  Go ahead ask me any stat questions!  You know I like those!

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) over 11 years ago

Perhaps we could all comment here with our views.  I will probably go over and collect the best ones and use them for an upcoming blog that we can all use as testimonials for our Sellers perusal... 

Keep commenting please!  Let's articulate our points!

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) over 11 years ago

This is so True, I have seen some houses sit for a year whie others have sold in a few days ABOVE asking price. Pricing a home "RIGHT" is definately important!

Posted by Robert Rauf (HomeBridge Financial Services (NJ)) over 11 years ago

Great techniques - Mirela - hard to get through to sellers though....

Posted by Kathy Knight, BROKER, ABR, CRS, GRI, SFR, SRES (Intracoastal Realty Corp) over 11 years ago

Truer words were never spoken (or written).

Posted by Thomas Cunningham, Charleston, SC Real Estate (Buyers' Choice Realty) over 11 years ago

Very very well put. As you have allowed, I am going to re-use this to prepare sellers for possible harsh reality.

... very helpful post, I just flagged it for a feature...

Sheldon

Posted by Sheldon Neal, That British Agent Bergen County NJ (Bergen County, NJ - RE/MAX Real Estate Limited) over 11 years ago

Sheldon:  I think we could all help each other by disseminating this kind of "REALITY CHECK" information.   Your testimonials will help me put together a communal testimonial from various agents.  If the Sellers are exposed to it enough times, maybe it might sink in. 

Sellers do have choices.  They can:

1.Price it right or take it off the market (or not put it on the market in the first place, thus not partaking in propagating the problem).

2.Rent it.  With more and more of these vacant properties vying for the same renters, we have found that rental amounts have decreased greatly in the past 6 months. 

The Sellers have to realize that either way they are going to LOSE money.  It's just a question of just how much they can afford to lose.  I've had Sellers bring as much as $40K to closing, but at least they stopped the bleeding.

Thank you for flagging it.  Several people have indicated that they have flagged it, but the AR Gods must not find this information RELEVANT.   With over 30 comments, apparently the rest of us do...

 

Posted by Mirela Monte, Myrtle Beach Real Estate (Buyers' Choice Realty) over 11 years ago

Mirela -- I meant the part in your response to Tanya -- the Real Bird link -- where it says the 41st most popular outgoing link when you scroll over it.  thanks -

Posted by Alexsandra Stewart, Broker - Portland Oregon Real Estate (Remax equity group) over 11 years ago

Mirela, thanks for putting together such a nice 'letter to sellers'!  I flagged it for a feature and as per your advice I'll be reblogging as well!

Brian.

Posted by Brian & Marie Spray, Frisco TX Realtors (www.DFWAreaRealtors.com - Action Realty Group) over 11 years ago

EXCELLEXT POST! Will use the info again & again!  Love Your Posts!

Keep up the GREAT! Work!

Take Care & Fly High In "09!

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