Main Line Homes Blog

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How much money are you leaving on the table?

When the market is hot many sellers think they can save money by listing with a low cost broker. They may consider a new different approach, thinking that the savings are going to end up in their pocket. But how much money are you leaving on the table?

For the past two weeks we have listed homes, spending time and money preparing them for sale and pre marketing them professionally. We have held open houses at both, although many agents say open houses don't sell your home.

MoneyThe first home we had over 150 people through the open houses over the weekend, we received 11 offers, all above asking and the seller was very happy.

This past weekend we had 60-70 people attend the open house and we received 6 offers, again all above the asking price, another happy seller.

We obtained higher prices for them using our marketing skills, and they will net a higher amount as a result.

A few weeks ago we lost a listing to a company not in our area, but some 2 hours away, they listed not in our MLS, they did not host an open house, we heard they had six people visit and got one offer which they negotiated. They were happy because they thought they were only paying 2% but actually they lost money as the buyer was required to pay 5%. The home was not marketed correctly and they left money on the table as a result. Would they have got more money if they had had more people through the house?

If you are thinking of selling your Main Line Home contact us as the window for the Spring Market is beginning to close. Nick Vandekar, Selling The Main Line, with Long & Foster Real Estate Inc., office 610-225-7400, cell or text 610-203-4543, Nick@VandekarTeam.com, website, www.SellingTheMainLine.com.

If you are buying or selling on or around Tredyffrin Easttown or along the Main Line we can help you,  contact us or connect

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Comments

Low cost does not equal quality very often.  Do it right

Posted by William Feela, Realtor, Whispering Pines Realty 651-674-5999 No. (WHISPERING PINES REALTY) 7 months ago

Good morning Nick. I am a firm believer in getting what you pay for. Commission doesn't cost it pays.

Posted by Sheila Anderson, The Real Estate Whisperer Who Listens 732-715-1133 (Referral Group Incorporated) 7 months ago

William Feela absolutely agree, do it right and maximize your exposure.

Sheila Anderson there is a great story you will enjoy about Picasso, one day he was wandering through a garden, he was recongnized and a woman asked him to sketch her grand daughter. He quickly did a sketch and asked for payment of a sum of money. The woman complained it only took him minutes to sketch how could he ask so much. He replied it is not how long it took but the years I have studied that allow me to take only a few minutes you are paying for.

Posted by Nick & Trudy Vandekar, 610-203-4543, Tredyffrin Easttown Realtors, Philly Main Line (Long & Foster Real Estate Inc 610-225-7400) 7 months ago

The true answer may never be known, but receiving multiple offers is always fun.  I have buyers right now and we are likely going to be in a multiple offer situation, good thing my buyers are willing and able to go strong.

Posted by Brian England, MBA, GRI, REALTOR® Real Estate in East Valley AZ (Arizona Focus Realty) 7 months ago

You get what you pay for in this life and trying to be cheap can usually cost you in the long run.

Posted by JL Boney, III, Columbia, SC Real Estate (Coldwell Banker) 7 months ago

Oh, I do hope that you posted about those two massive open houses all over social media, Nick! That is something to crow about because agents are telling sellers, "Open Houses don't work" simply because they are too lazy to host them!

It's mind-boggling, isn't it?!

Kudos to you on the quick sales with multiple Offers and the one that got away...well, let's just say, they have lived and learned! You'll be the one they contact next go-round!

Posted by Debe Maxwell, CRS, Charlotte Homes for Sale - Charlotte Neighborhoods (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) 6 months ago

Nick, sorry to hear you lost the listing, and those Sellers made a mistake.  I too see listings where the listing agent does not input into the local MLS.  How do they expect to see showings?

Posted by Joan Cox, Denver Real Estate - Selling One Home at a Time (Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373) 6 months ago

Nick & Trudy Vandekar, 610-203-4543 - If people only knew how much money they were leaving on the table before they chose the right agent, they would all choose you first. Some, obviously don't, but you know and those who listen to you always reap better rewards.

I vote for you!

Posted by Patricia Feager, Selling Homes Changing Lives (DFW FINE PROPERTIES) 6 months ago

Oh wow. I cannot imagine a buyer agreeing to pay commission to buy a house, let alone 5%. And you are right, money is going to be left o the table if a home is not marketed correctly.

Posted by Jane Peters, Connecting you to the L.A. real estate market (Home Jane Realty) 6 months ago

It pays to hire a professional you get what you pay for. Thanks for sharing I hope you have a great afternoon.

Posted by Pat Champion, Call the "CHAMPION" for all your real estate needs (Coldwell Banker Camelot Realty) 6 months ago

Good morning Nick and Trudy.  An excellent example of the shortsighted (and incorrect) thinking by many sellers basing their perceived benefits on the cost of commissions rather than the net proceeds.

Posted by Gabe Sanders, Stuart Florida Real Estate (Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales) 6 months ago

Nick and Trudy,  Probably so.  When buyers see other interested buyers looking at a house they like, it can stir things up.  Open Houses are very busy right now and they are selling houses.  

Posted by Gloria Todor, & Doug Durren (484) 431-3686 in SE PA (Century 21 Absolute Realty ) 6 months ago

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