Keller Williams Encino-Sherman Oaks
Kevin Daily
Kevin Daily | Realtor

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Perhaps you have heard stories about bidding wars and people getting 10’s or even 100’s of thousand of dollars above market value. This is definitely not guaranteed, who you work with can cost you 10's of thousands of dollars. I see it all of the time and it breaks my heart. Here is what you and your agent need to do to increase your chances of this happening with your home. Just call me and I will take care of all of these!!

Price your home at or slightly below market value: This is critical, if you list above market value you will have much less showings and guarantee yourself no bidding war. In this sellers’ market, there is also no need to price far below market value either- It pains me to say this because it goes against my normal pricing strategy, but this is not a normal market. Keep in mind that if a buyer offers more than the appraised value, which is common right now, they need to make up the difference in cash. The buyer’s financial position will be reviewed when offer is received to ensure they can cover this. The goal with listing at or slightly below market price is to drive as much traffic as possible. Don’t confuse this with the price you will eventually get. The price you list at is simply a catalyst to drive a higher price through the next few steps.

Prepare your home: Your home needs to be a stunner online. Get rid of all of your décor and furniture, and have your home professionally staged, especially if it’s a luxury home. Now let’s talk photography. In this Covid market, 100% of buyers are starting their home search online. Ask your realtor to show you the photographers’ work. Can you clearly see what is outside of the window in a living room shot? An experienced interior photographer will merge two photos with different exposures, preventing the outside from being overexposed. Photos are extremely important and although there are many real estate photographers, only about 10% of them are any good. I can talk about photography for hours since I am so passionate about it but just leave with this -although your agent foots the bill for the photographer, you should be 100% confident in the work they produce since it will have such a profound impact on the marketability of your home. Now, you have probably heard that upgrades such as kitchen cabinets, countertops, flooring, and fresh paint won’t increase the value of your home. I partially agree with this. While these upgrades won’t have a huge impact on the appraised value of your home, they will produce a significant amount of buyers who are willing to pay top dollar for a turn-key home. Stick with whatever the trend is in your area. In Los Angeles, it’s Calacatta white quartz countertops and light brown engineered wood flooring. But the goal of this is to drive massive amounts of traffic (which will lead to offers) which will drive your price right up. It works.

List you home on Monday or Tuesday: The day of the week you list is very important. List you home early in the week, Monday or Tuesday, and don’t offer the first showings until Saturday. Plan all of your showings on Saturday and Sunday. Getting four or five days to pack that weekend will give you the best chance at getting multiple offers. As the calls for appointments come in, stress that they are filling up fast. During each showing that weekend your agent will boast that there are “25” showings that weekend and encourage highest and best offers be submitted no later than Monday at 1PM.

Select the best offer, along with at least 1 back-up: Your agent will guide you in this critical step of choosing the best offer. I pre-organize them based on my experience and use these general criteria; price, buyers qualification, buyers willingness to modify or remove contingencies, and buyers motivation. Ultimately it is you, the seller who decides which offer to accept but your agent will help you with this critical step using the criteria above. 

Take your Net Profit to the Bank: Technically it gets wired by escrow to your account at the end of close. By choosing the best buyer and having a back-up, let's assume a smooth escrow and close. Now, it's time to take your profits to the bank and move on to the next chapter in your life. 

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