Rick Gomolka Realty

Ring Us or Click Us and Start Packing!

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and Start Packing!

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From the desk of
Rick Gomolka
10/20/2016

Pace yourself accordingly!
Call Rick Gomolka to help you set the tempo, but read below first!
781-408-1245

Among the many tasks a real estate agent does, the bulk of what a real estate agent's responsibility are...

Is to market the property, negotiate a sale and to hold the hands and guide buyers and sellers through the process.

There is a great acronym I use to educate sellers. I explain that they have more control over the sales process than they think. They are directly responsible for the outcome by 75%.

PACE

P= Purchase price.
I can suggest a list price based on the current competition, the market condition and recent history of prior sales that correlate to an estimated range of time I think the house will sell during the current market conditions. These conditions can literally change by the week in some markets.
Example: You can list a property for x and it will sell in 0-15 days, y in 15-30 days, z and you are either going to have to get lucky or execute price reductions, which in turn will lower your chance of a bidding war with certainty.

Here is the funny thing. Most of the time the buyer is represented by a buyer's agent, which advises them the range of prices the house is worth. Ultimately, the buyer will offer or counter-counter offer the price up to which the house value meets their needs. If they do not see any more value (which is the seller's agent job to try to show the value) they will ultimately walk if the seller does not adjust the sales price downwards. If they agree on the price then the seller and buyer set the sale price together using the agent(s) as a conduit to keep emotions or tells out of the negotiations.

So the key thing to understand by this is to listen carefully to your seller's agent on suggested list price. Look for either the 0-15 days or the 15-30 days. This hold true except if you have a very special property that price is a result of lack of supply and you can wait it out to find the right buyer. Here is an example where you can hold onto your price.

Lets say you own a large parcel that is zoned for farm animals. It's great for equestrians in that it is extremely rare in your community to have a horse corral, so you can push the limit on price as long as you have no competition. The first law of economics is fundamental. It's the law of supply and demand. Where are you on that see-saw? Ask your agent. Ask for the facts.

A= Access.
If you hamper the agents ability to show, you might miss out on the buyer who flew in from New York City, or won't take the job unless he or she finds a suitable home to live in. Don't be discouraged if in the beginning your home is shown a lot and no offer comes in the first few days. That is a normal process. If it sold in a day, than it could 1) You got lucky 2) A bidding war was successful 3) Your agent did an awesome job marketing and showcasing the property. But you should get an offer within 15 or so days unless the market is at a lull. Timing to market is everything. Listing a house or scheduling a price drop on MLS on the fourth of July is like giving penicillin to a dead man. Or another way to look at it...if a tree falls in a forest and no one is there to hear it did it make a sound? What impact did your marketing efforts make if there was no audience? But if you do make a marketing push, make sure people can readily see the property. Buyers never, but I might be wrong, so I will say, "very rarely" buy a property only from a virtual tour!
Also, even though open houses are used for agents to meet unaffiliated buyers, some buyers prefer buying directly through the seller's agent. Who am I to argue with them!

C= Condition.
A smelly house is a curse. But a overly good smelling house is a buyer's agents warning of masked smells. No cookies or candles! BAD IDEA! OLD SCHOOL. If any agent suggest that idea to you ..RUN!
This is not an evening with friends or your spouse's work associates at your home. Your home should smell clean. Period. It should look clean Period. Uncluttered, staged even if it is your furniture. Ask your agent if he or she has experience staging or has experts in their database to contact. Don't assume that an agent can stage because they have credentials. Ask what they would do!
So back to smells....Be careful what you cook. Some people hate fish, bacon, eggs etc. You never know. Why eliminate a buyer because you had to have that favorite dinner craving satisfied that night, but ulitmately it turned off a buyer?

E=Exposure.
THAT'S OUR JOB AS REAL ESTATE PROFESSIONALS. Network, advertise, evangelize, spin master it, and show it's best features to the widest audience possible.

So you see that real estate professionals account for only 25% of the total responsibility on the outcome of a real estate transaction.
I am not implying it is not an important 25%!

One out of four items that result in a sale or lack of a sale are beyond our control.
What a great real estate agent can do for the other three is...
Advise you on Purchase list price.
Advise you when showings need to occur.
Advise you truthfully on the Condition of your home without hurting your feelings.

You see if the internet speeds up the process, buyers do not need to see as many homes as they used to. If the house is just right, why keep searching?
"Put in the offer before someone else does!" is the new adage.

So my personal motto is a latin phrase "semper paratus" or "Always ready!" and you should be too! Ring me or Click me when you are, then Start Packing!

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