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9 JUL

No Pounding Salt!  9 Back To Normal Listing Strategies

No Pounding Salt!  9 Back To Normal Listing Strategies

This week I was interviewed by the Palm Beach Market on the state of the real estate market.  My comments included “We’re still doing plenty of business. May sales went under contract in March so you are looking at numbers too far in the past,” said Jeff Lichtenstein, president of Echo Fine Properties. “It’s still a seller’s market, but it’s not where it was. The whole fairytale of Sellers not doing any work and being totally one-sided and telling the buyer to go pound salt is over.”  You can read the entire story here.

What I mean by that is the cumulation of interest rates, inflation, no stimulus, snowbirds not staying the summer, or people looking to live in a state without heavy mask restrictions are over. However, inventory is still low, there is not much replacement building that is going to take place and the fact that Florida is very desirable with an influx of people that is not going to stop. So, things are evening out.  And that is where the “not telling the buyer to go pound salt” comment came from.  Sellers over the past 2 years have held all the cards and that is not exactly the case anymore.  Here are 9 strategies sellers must take when listing their house to adjust to the new market.

 

  1. Interview Hard.

You need to interview the brokerage and agent again.  The days of putting it on the market and the house selling itself with 20 offers in the first day are over.

  1. Guarantee

Get what the brokerage and agent will do for you in writing and make them guarantee it. Our Home ECHOnomics Guarantee puts all 57 things we promise to do for our clients in writing.

  1. Outsiders

What is the plan to bring people in outside of your community? The worst thing a homeowner can do is list with a resident of a subdivision who doesn’t do enough to advertise outside of the area.  The people within a development will always look at what is on. The “value-added” is from bringing in buyers outside of the community. They are the ones that pay a higher price.

  1. Pre-inspection

Do a pre-inspection. It’s better to find the uglies now, fix them at your cost. It will help in bringing in offers higher and keeping deals together.

 

  1. Stage

The orange, white, and mint green plastic hangers in the closet all need to go.  Bring in one color suede hangers.  We have some good staging tips  and further ones if you have a  dog or cat.

  1. Price properly 

The 25-50-100 Rule of Pricing is important.  Inventory is still low but its jumped up enough that you have to price it within parameters so as not to overprice and miss the right type of Buyers.

  1. Open Houses

Yup, you have to go back to having open houses.  Yes, sometimes the nosy neighbors come in as they spread the word to potential buyers.  Our open house email blasts go out to hundreds of thousands of potential buyers.  Make sure you go with someone (hint hint) who can place your home in the right parking lot to give your home full exposure.

  1. Temper expectations and Know Your Numbers

Understanding seasonality  and your cost to carry are important. The snowbirds went back home unlike the previous few years where they got stuck here or wanted to be here. Sellers also have costs to hold a home. Learn about Cost of Carry and other Seller Strategies.

  1. No Pounding Salt!

Don’t tell the buyer to pound salt in negotiations. Listen to your agent.  If it’s a reasonable offer and if there are surprises on the inspection report, expect to give a little.  Sellers don’t hold all the cards at all times anymore.  It’s important to be reasonable to keep a good deal together.

 

Jeff Lichtenstein is owner and broker of Echo Fine Properties, a luxury real estate brokerage selling real estate in Jupiter  and homes in Palm Beach Gardens, Florida. He has 20 years of real estate experience, has closed over 1,000 transactions, and manages over 70 agents in a non-traditional model of real estate that mimics a traditional business model.  Some publications he has been quoted in.

Feel free to ask him a question directly at jeff@EchoFineProperties.com including a complimentary real valuation of your home.

Posted in Open House Blog, Real Estate Tips on July 9, 2022 at 6:13 am.

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