Sold, But Did You Get The Best Price For Your Home?

Loose Lips Cost You Money?

Loose lips may not only sink ships – it can also potentially prevent a seller from getting the best price for their home.  I’m occasionally surprised by the responses I get to some of my questions from a seller’s agent.  It is possible that the seller has approved of these disclosures, but if so, it doesn’t seem wise.  As oftentimes, it seems to undermines the seller’s interests as it leads me to advise my client to change course in some way or stay firm on certain terms.  

A recent example:  I recently had an investor interested in a home that was priced around $1.1M that needed to be updated and had been on the market for an extended time.  My client offered in the high $800k’s with a quick close.  The offer was rejected but in a call with the listing agent, she informed me that the sellers would likely accept any offer that started with a 9.  In a later call, she informed me that $925k was probably the lowest the seller would go.  My client decided not to make another offer, so I discussed buying it with a family member as $925k seemed like a “can’t go wrong” acquisition price.  However, regrettably we passed on it as well and a couple weeks later the home went into escrow and later sold in the high $900k’s. 

Professional photos can quickly capture a person’s attention

It is impossible to know if the price you sell a property for was the best price you could have received at that time.  But below are some tips to help increase the odds that you get market value (or more) for your property when you sell it. 

  • Discuss with your listing agent, how you want him/her to respond to certain buyer or buyer agent’s questions.  To protect my client’s interests, some questions I like to have prepared answers for are:
    • Why is the owner selling?
    • Is the seller motivated or flexible in the price?
    • Will the seller accept _____ amount?
    • What is the lowest price the seller will accept? 
    • How are offers being handled?  
    • First come, first serve or offer review date?
    • How quickly can the seller respond to an offer? 
    • Have you received any offers?  
    • How many offers have you received?
    • Can any furnishing be included in the sale?
  • If necessary, hire a professional stager or interior designer:   In 2000, when I first became a licensed real estate agent in Seattle, it was not uncommon to list a vacant and unfurnished property.  How things have changed over the years.  I now consider having a properly staged home such an important part of the selling process (potentially enhancing the property’s value), that I personally hire a stager or interior designer for my clients if they believe it will be of value. 
  • Hire a professional photographer for listing photos: In my opinion, this is critical.  According to Statista, nearly 99% of people between ages of 24-57 use the internet to search for property.  Give your property the best chance to attract a buyer by having high quality photos in the the marketing material.  Many listing agents will pay for this.  
Click here or on image for example of a professional video tour
  • Have a professional video tour created for your property:  For the same reason as photos, I consider a high quality video tour  to be essential for most listings – especially in Hawaii where many potential buyers are off island and some buy properties “site unseen.”  A video tour showcasing the home and surrounding area can be very helpful in attracting an increased number of buyers to your property.  
  • Make The Property As “Turn-Key” As Possible:  In Hawaii, with the challenges of not only finding a quality contractor, but also the lengthy permit process and difficulty in finding desired building supplies and finishes, buying a “Turn-Key” property is highly preferred by many buyers.  If you are considering selling your property in the near future and it could use a “refresh,” the time and money you invest in improving the appeal of the property prior to listing it will likely result in a higher sales price.  

If you are considering selling a property in Hawai’i and would like to learn more about ways to sell your home for the best price, please contact Bryan (808 354-5772) at any time. I am here to serve you.

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