I am seeing this happen in our inventory strapped market over and over and over: sellers are leaving money on the table. I am not talking literally here where they are leaving wads of cash laying on the table, I am talking figuratively – where sloppy mistakes are preventing sellers to net the highest and best they can net!
Active available home inventory in Las Vegas is super low. There are bidding wars going on with well priced homes.
I don’t know how to say this properly but here goes: fellow agents here are used to being sloppy with pricing, listing and selling homes for the last several years. Why? Because most of the homes involve banks (short sales, REO) and banks tend to look the other way with pricing, listing and selling practices. The bar has been lowered.
Many will argue with me with my above statements. I can’t say “all” but I can definitely say “many” have fallen in the sloppy category.
An example of my above diatribe. The short sale seller really doesn’t care if their home is in the MLS for 1 day with 1 photo and they may have left $10000 “on the table”. A seller with equity SHOULD (in theory) care.
Here is what I am hearing at my listing appointments and seeing in the MLS. I am talking EQUITY sellers here. Agents are telling sellers they have a buyer for them. Of course they do if it is priced stupid low. We all do. Big brands even have a pre-MLS hotsheet where they promote properties not even in the MLS yet. That’s great. They get all their buyers into contract before a property even hits the market. Said property goes into MLS and is immediately contingent or pending with no market exposure.
Is that necessarily the best representation and duties owed I can give to a client? Not in my opinion. My opinion is that when I take an exclusive right to sell, I need to do my best to list, photograph, market, negotiate a contract and get that property closed. I don’t believe it is in my client’s best interest for me to rush one of my buyers or one of my agent’s buyers (I am a broker here so I do have a vested stake in THEIR closings) in for a quick close.
Well, if you are considering selling your Las Vegas Home, here are some tips on selling your home in this environment with very little inventory to prevent yourself from leaving some cash on the table and to increase your net:
- Make sure your home is show ready and has curb appeal
- Make sure your home is easy to show – on electronic lockbox with very few restrictions
- Make sure your home is priced right for today’s Las Vegas selling environment. Yes, you may want to start a “little high” and move your way down if you have to.
- Make sure you get a net sheet so you know ALL the costs involved in selling your Las Vegas home. I am sure you don’t want a surprise at the closing table!
- Interview more than one agent to compare marketing plans and ask them about their closed experienced with equity sales.
- Request a minimum mandatory marketing time. I do this even if I believe the home is priced high. I do want the home to be on the market for 5-7 days for all perspective buyers to see the home online and to inspect the home physically.
- If you are being promised a buyer from the agent or their brokerage without even putting it in the MLS – DON’T WALK – RUN! You are leaving money on the table! Anyone can do that right now! Keep looking for that special agent who will do their very best to get your home on the open market and exposed to thousands (rather than dozens or hundreds) of buyers!