Not every agent is the same! Do yourself a favor & read these tips before you hire any ole agent
You've probably heard by now, but Lake Norman just had one of its biggest transactions in years! After being listed since May 2015, a waterfront estate in Mooresville sold for $4.78 million. It was not the highest transaction the lake has ever seen, but it was one of the largest in years. It went through multiple agents, and finally the sellers hired ones that came in and were able to sell it, but wow talk about patient sellers. How can a house be listed for so long??? There is obviously something not right here and I sympathize with the sellers on this. Though there can be an array of reasons why a property sits on the market, below are some of my thoughts on why this can occur, using the Mooresville estate as my example.
1. The number one reason a house sits is because it is over priced. This house started right under $8 million, and they ended up reducing it over 3 million to get it sold. The more days on market your property sits, the more you get away from the price it is listed for. In this hot market, if I am acting as a buyers agent, and I see a house thats been sitting for more than 100 days, a red flag goes up. My thoughts consist of "whats wrong with this property?" or "this must be over priced." I'll encourage a buyer to go lower in offered price for this reason.
A lot of the time, sellers think their property is worth more than what it is. Which I believe
is due to a psychological attachment to it. But, when you hire an agent, it is the agents responsibility and profession to tell you what the MARKET is saying your property is worth. In some instances, it may be hard to hear, but it is in your best interest as a seller to listen to your agent so you can sell your property. If you want to sell now, you have to list for what the value is now, not what you speculate it to be in 5 years.
2. As a listing agent, I really advocate for specialized marketing. If you have a luxury listing, shouldn't there be more than professional pictures included to market it? Something else I noticed about the listing history of this property was that the agents really lacked any "out of the box" marketing techniques. This estate was not about just selling a property, it was selling a LIFESTYLE. A lifestyle video not only shows the property itself, but also what it would be like living it. NAR tells us that 73% of sellers would choose a real estate agent who could market their property with video, but fewer than 5% of agents actually do this! It wasn't until the last agents for the Mooresville estate that there was a video included.
I have a story for a lifestyle video. I was interviewed by a Lake Norman waterfront property owner, who also interviewed 2 other agents. One was a renowned name in luxury real estate on the lake, and the other had been managing his property as a vacation rental. I went into the listing presentation and emphasized the lifestyle video I would create for his property to get it sold and for more money. Long story short, I got hired, sold his property in less than 6 months, and sold for almost $100k more than what the other agents said they would LIST it at.
I am not making this up. Below are some stats on the importance of video
Although originally from WV, I have been traveling to Denver for over 15 years to my family’s vacation home. From my years of traveling to the lake every summer, I fell in love with North Carolina ....