The Voice of Delaware Professional Real Estate Professionals

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Why The LONG Faces???

Home did’nt sell??  It may be all your fault…….no, really.  The problem is you chose a weak Realtor…..How can I say this without even knowing who that Realtor was?  Well, because they FAILED to sell your home.  That was what you hired them for, correct?

Here’s the good news-Homes ARE SELLING!  In New Castle County alone close to 400 homes were sold last month.  Problem is…..Your’s was not one of ’em:)

No worries though, you can become one of those lucky few that did sell….here’s how:

Hire a Realtor with a track record of selling homes quickly AND for the most money the market will allow…..

How can you be sure the  Realtor you hire has the track record you want?  Simple-ASK them….ask them what their average “days on market” is for the past 3 months (the average (the average is unacceptable, don’t get me started:), is over 100 days!!).  Just to give you some perspective, our average days on market is 22 days…….Yes, that’s 79% faster than the average Realtor.  (that’s a lot of mortgage payments)

And, how do you know they sell homes for the highest the market will allow?  Well, first they will know how to negotiate….they will be able to explain how they will actually make you THOUSANDS more dollars than the average Realtor.  A stat. you can aske for, to validate this, is the “% sales/to list price”……The average Realtor will net you somewhere around 89.9% of the original list price (again, unacceptable)  We sell houses for 96.5% of original list price……..

So, do your home-work and know that if a Realtor is aggressively soliciting your business once your home expired, they are probably a good choice:)

Happy House Selling!

Jeff Garvey

My Home Failed To Sell…..NOW WHAT??

Do you stay with the same agent?  If not, how do I find a good one that will successfully sell my home?

First things first…..Stay with the same agent?  Really, do you really need to ask that question?  They failed to sell it the first time, what are they going to do differently this time.

OK, so you’re not using the same agent….how do you find a good one??

The great news is THEY WILL FIND YOU!!!  If your home failed to sell and expired then you know what I mean.  You will have a number of Realtors calling asking to list your home.  So, all you need to do is interview a few and pick the best fit. Here’s what to look for:

1. Aggressive marketing…..If they simply mailed you a letter and/or post card with no call, eliminate them…The truly great will call you, over and over again:)  That’s how you know you have an aggressive Marketer, which is what it takes to sell a home in this new sales environment.

2. Sales history…..What is their “average days on market”.  In other words, how quickly can they sell your home?  Ask what they have sold in the past 2-3 months and how quickly they sold.

3. References…..If they are selling homes quickly they will have raving fans!  Ask for references.

4. Guarantee’s?…. The best agents have performance guarantees because they are confident in their marketing arsenal.  Always ask for and get in writing, their guarantees

5. Communication Commitment…..Selling a home is like a marriage….there should be tons of communication.  The best contact you at least once a week….Ask for a communication commitment in writing.

6. All said be absolutely be sure YOUR GOALS ARE FIRST AND FOREMOST.  Your Real Estate Professional should ask numerous probing questions to uncover all your needs and goals….without asking the right questions, they will not know how to best negotiate on your behalf.

The average number of days on market here is over 90 days…..We at GarveySells.com average 21 Days:)

Does knowing there is a competing offer change yours??

Does knowing there is a competing offer change yours??

Dang it!  Were in the midst of a “buyers market”, the homes been on the market for 216 days……and as soon as your ready to place an offer a competing one comes in???  What are the odds?? 

Did your pricing strategy just change?  Two schools of thought…

1. Your price is your price is your price, so no change…competing offer means nothing to you….You see this a lot with investors who are not emotionally attached to the “property”

2. Start at the top- How bad would you feel if you did NOT get the home??  What’s the most you would pay for the home and still be happy?  The goal is a win-win. Meaning you and the seller are happy with the price.  So, take the “most you would be happy to pay” and place that offer.  Remember, you can not start low and work your way up…..it’s either win or loose….no negotiating with multiple offers…and DO NOT get EMOTIONALLY caught in the excitement of the “game”!!  It will cost you thousands! 

Place the offer.

If you win, congratulations…If you “loose” you did so knowing you would have been unhappy paying more anyhow.

And have fun!

Is the market still going down??

Yes, it sure is!! And the US economy has been downgraded….. Think that’ll help you sell that home?? Nope!

As far as the future, we have no idea and we live and breath real estate. (sorry, no crystal ball here)

Ask the TV guys and the’ll tell you 5-8 years…and that’s just how long till it starts to get better, so if your waiting for the market to “get better” be patient, very, very, very patient!!!

And don’t start adding up all this payments you made 8 years from now and wonder why you lived an unhappy life in a home you disliked enough to think about selling it in the first place!

It’s always the right time to sell if you WANT to sell to improve your quality of life:-)

Happy selling!!

Life Changing

Who do I get to help today?? 

Ever ask yourself that question?  Or are you pre-occupied with how you can better your life, your financial well being? Or worse, are you “worried” about your bills, debt and health?  Can we ever better ourselves to the exclusion of others? Or, do we better ourselves by helping others?

I read that a small act of kindness has positive effect’s on all parties involved…did you get that……ALL parties, that means the “kindness doer” and the “receiver” both benefit!!  Now here’s the coolest part, anyone who witnesses the act ….is also positively impacted!!!  How cool is that?

Just think, you can change the lives of many people, including yours, simply by an act of kindness…

So, who’s life will you change today?

GOT INTEGRITY??

Really? 

Do you have it when it comes down to choosing between your best interest and your clients? 

Do you have it when you “consult” your client to take the offer…or is it your best interest??

 Do you have it when you “consult” your client to close asap so you get paid quicker, or because it’s really in there best interest? 

Do you “negotiate” with integrity?  Even when it’s going to make the transaction “tougher” on you and the other agent? 

Do you do treat each client as you would want to be treated????? 

 Really?

The BIGGEST Mistake You Can Make When Selling Your Home!

Can you reduce your commission??  Somewhere in our lives we were taught to always ask for a discount…and if it’s a commodity, like a piece of fruit or a car, that’s ok, you may not be loosing much.  There’s a discernable difference if it entails someone who has, say, your life in their hands…such as a Doctor, or, sometimes, an Attorney…would you want the cheapest of either of those?  Me either,  I want the best!

Well Realtors are not doctors and they are not saving your life (or limbs) ; however; they are liquidating the most valuable asset (for most people) you own, or ever will own, for that matter.  Financial Surgery, if you will.

Now, there are three critical roles a Professional Realtor play’s.  First they are to be your consultant.  Second they are your negotiator and third, they are the overseer of the transactional details.  If you meet with a Realtor and are not hearing these things then maybe you are dealing with a “commodity” and may be justified in paying a lower commission.

However; when you are partnering with a high level professional Realtor, and you will know when you are,  you will quickly realize they are not a commodity and are worth every dollar you pay them……usually, just for their negotiating skills alone!

Here’s an example (and I’ll use numbers from The National Association of Realtors, not one’s I made up:))

We are told by NAR that for every 1% you shave off the agents commission you should expect to receive around 2.5% less for your house and have it sit on the market for an additional 30 days…..So, here’s how it shakes out:  If it’s a $250,000 house (that’s average here in New Castle County, Delaware) and you partner with a FULL SERVICE Professional Realtor, investing 6%, you should NET around $237,500 (that number only includes the Realtor Commission, not closing costs, taxes, etc)

 If, instead, you work with a Realtor who settles for a 5% commission you should expect to net around $231,250 and it’ll be on the market an extra 30 days …..that’s $6,350 less……AND you need to  make another mortgage payment (because of the extra 30 days it sits on the market)!!!!!

WHATS MORE IMPORTANT: THE COMMISSION….OR THE AMOUNT OF MONEY YOU PUT IN YOUR POCKET??????

That 1% you “saved” was $2,687.50 and it cost you $6,350 in the sale of your house….That’s $3,662.50 you lost!!!!!!! (Or, if your the savvy seller you Invested the 6% and you made $3,662.50 more!)

So, should you ask for a reduction in their commission???  ABSOLUTELY…and here’s why, let them weed themselves out. Listen to their response….if their quick to lower their commission a RED FLAG should go up…..and  you should be thinking “what will they do with the price of MY home when tough negotiations show up??” (and they WILL show up, especially in a buyer’s market, like we’re in now)

Don’t make this mistake…….

Happy Selling!