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My Mom sent me a headline in the Palm Beach Daily News that said “Bidding war sees home fetch extra $3M.” I texted back “Smart Seller”.
Lazy Sellers are costing themselves 10-15% on average by not marketing their home properly right now. More at any time I’ve ever seen. To me it’s the biggest story of the market.
If you inherited or had a Pablo Picasso, what would you do with it? Here are 4 options.
Option 1 – Get it off your hands. It would be neighborly of you, and no one would call you call you shrewd. Although they might call your neighbor shrewd and even accuse them of taking advantage and being un-neighborly to you. Some might feel sorry for you. And that’s good I guess if you enjoy sympathy. However most won’t feel too sorry as there are more things to feel sorry for than the dimwitted.
Option 2 – If you are really wealthy one option might be to donate it to a museum. But the wealthy didn’t get wealthy by donating material things. The Super Wealthy do but they get tax write offs and “Wings” aka “Billboards” in return to advertise their name. Those Super Wealthy are also Super Smart.
Option 3 – You could call around and sell it to an art gallery that specializes in Picasso’s. Not a bad option but they will probably want it on consignment and don’t have skin in the game to get the most for it.
Option 4 – Send it out to auction! Bingo – we have a winner. The reason why is that a good auction house is going to spend the money getting the word out and will put it into a bidding atmosphere. Buyers will sweat and raise their paddle up. Your neighbor, local museum, and art gallery owner are all welcome to come but I bet they wouldn’t like option 4……
So, how does this relate to real estate?
It’s exactly the same thing!
This photo is of shoes that visitors had to take off at a recent open house. 80 people walked in the first 30 minutes! This home needed everything and had no view. 150 showings netted 2 buyers. Before the open house we had a standing full price offer. After it, by doing more marketing complete with professional photos, aerials, brochures, mail out, social media, etc… we got 2 buyers in a bidding war. The result was 12% more and no inspection. No inspection might have been 3% more as the standing offer probably would have wanted something off once they did the inspection.
This was a shrewd smart Seller. 12-15% and no worries of cancellation is a big deal. I get that some sellers don’t want people trampling through their homes, but there really is too much at stake to fool around.
4 words of advice……
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