This is the Video transcript of seller’s guide to selling Las Vegas homes, condos or high-rise condos
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The golden rule for selling Las Vegas homes, condos or high-rise condos for the best price
1: The property should be in move in condition, buyers deduct a big premium for doing the work themselves
2: The property should be upgraded enough for the price range
3: it is the responsibility of the seller to provide easy access to the property
Marketing the listing
A: The property should be priced correctly with the current housing market for the price range in mind
B: Lots of pictures by a professional photographer
C: Most importantly, ease of access to the property and the listing agent
If one or more factors are missing, you will not sell your home or condo for the best price, period.
Let’s explain property attributes:
Owner occupier buyers who need to finance their deal usually offer $5,000-$7,500 or more for a home, condo, or high-rise condo in order to be able to compete with quick closing cash offers. In lower price ranges if there is cash offer within $5,000 of the highest financing offers, the cash offer is an automatic winner and in higher price ranges the financing offers are even higher.
The financing buyer usually doesn’t have extra money to spend on repairs or even appliances. On many occasions, our sellers followed our advice, spent a little money and got the house in moving condition and ended selling for more than more upgraded comparable homes.
As for upgrades, selling a home or condo with carpet in living areas, vinyl in wet areas and laminate wood kitchen countertop prevents getting the top price because the buyer in all probabilities has to spend money to upgrade it.
Now we will explain marketing the listing
This is where your Realtor comes in and he/she could be your best friend or worst enemy, on purpose or not and it is the seller’s responsibility of finding the right one.
A: pricing: Even the best meaning Realtors can hurt the seller’s chances of getting top money if they set an unrealistic initial asking list price on it, thus reducing market activity and unnecessarily forcing the listing to become dated.
Overpricing a residence and failing to correct it within a short time leads to the listing languishing on the market with no action which happens often in higher price ranges. Nothing dispirits a seller more than this situation and on many occasions, the seller accepts a serious lowball offer, way below the market value that he/she would have never considered when the listing was fresh, the seller loses big.
Unfortunately, many Realtors set an unrealistic price at the time of listing interview because they know that sellers usually go with a Realtor who tells them he/she can get them the highest price, and usually without proving it using correct comparable properties.
B: Property Pictures are essential in selling Las Vegas homes, condos or high-rise condos
There is a reason for the Greater Las Vegas MLS increasing the number of pictures to 35, pictures sell listings. If the situation allows it, the seller deserves to have the Realtor pay for a professional photographer to take pictures of the listing. There isn’t a good reason to forgo this even though some Realtors don’t take pictures of the problem areas. This is a mistake as the buyer will see them while visiting the property. If the house is too cluttered for pictures, it is the seller’s fault.
C: Ease of access to the property
One of the most important factors in selling Las Vegas homes, condos or high-rise condos is the ease of access to the property and just as importantly the listing agent.
The deal is that one never knows who will pay the most for the property or when they may want to visit it. That is why in addition to pictures, ease of access is essential in selling a property for the best possible price.
The best case is a listing that a buyer’s Realtor can show anytime and without any notice which is best for vacant houses and condominiums
Sellers who don’t want to be bothered at times can request a Key Call which means that the buyer’s agent should call first and if no answer, show the property.
Making showings more difficult by requiring buyer’s agents to set an appointment will cut down on showing because they will skip it in favor of listings that can be shown easily. No show homes which mean that the buyer can preview the property after an accepted offer will never, ever sell for anything close to market value.
How dishonest Realtors kill any chances selling for market value, if at all
Lack of good pictures and easy access to the property is how dishonest listing agents destroy any chances of selling Las Vegas homes, condos or high-rise condos for market value or anything close to it, while significantly increasing their own chances of doing both sides of the deal and getting both commissions.
In an in-depth study that we conducted a while back on what sells Las Vegas homes or condos, we found that having 3 pictures or less in a listing increases the listing agent’s chance of doing both sides of the deal by 50%, Just as restricted access to the property does.
A Property with less than 3 pictures and restricted access gives the listing agent or broker a great shot at doing both sides f the deal while the seller has a snowball’s chance in hell of selling for market value, if at all.
Unethical listing agents are smart and great talkers and may advise the seller to forgo pictures due to security reasons, garbage. It is possible to show flooring in living and wet areas, kitchen, bathrooms, and bedrooms and the yard while skipping whatever the seller doesn’t want to show.
While lack of pictures can be evident in the listing, agent to agent remarks can only be seen by other Realtors and the seller needs to request and check it. If the listing agent requires buyers who already have a pre-approval to get another one from their mortgage buddy, and the majority do, they should explain how making it harder to make an offer on it helps the seller.
Let’s talk about restricting the access to the property without the seller’s knowledge
Some listing agents put a mechanical lockbox on the property instead of an electronic one that records every time a Realtor shows the property.
Then, they don’t put the lockbox key on the listing page and ask the buyer’s agents to call for it and don’t answer calls, texts or e-mails, thus preventing showing while waiting for a buyer to directly contact them.
The property doesn’t get much showing and the seller is dumbfounded and doesn’t know why. This happens more often than you think, especially in very hot markets.
Lastly, not all listing agents that have listings with a couple of pictures and restricted access are crooks. Sometimes the property is occupied by a hostile tenant that doesn’t allow visits to the property. In this, the listing agent should have done their best to talk the owner out of selling it until the lease was over, and then selling it after fixing any issues while it is vacant.
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