A magical real estate agent can do the impossible

As a real estate agent in Miami, I am often asked to do the impossible! Let me explain.

I regularly interact with potential sellers who ask me: Can I sell my house for cash, sell my house fast, sell my house without inspections, sell my house as is, and even sell my house in bad condition? All questions are valid and possible as long as they understand the Golden Triangle of Product Sales (aka the Unattainable Triangle).

This particular triangle has Price, Speed ​​and Quality at its points. They also say that you can get two points at the expense of a third. For example, you may get a cheap product quickly, but it will likely come at the cost of quality. Secondly, you can get a high quality product quickly, but you will have to pay a high price.

I also have buyers contact me asking if I know anyone who is: selling a home below market value, selling a home that needs repairs, or selling a home that is in poor condition or an outdated home. Again, all questions are valid and possible!

There are as many stories as there are personalities in the world of residential real estate. Each transaction is unique due to the combination of buyer and seller personalities. Let’s look at a few examples.

Seller #1 interviews listing agents to get the highest selling price for his home in the area. They are foolishly focused on getting the highest price per square foot and don’t focus on the size of their home compared to others. Generally, larger homes mixed with smaller ones on the same street will receive a lower price per square foot! As an experienced agent, I would explain to a seller that in order to achieve the best selling price, he should look at how his home compares in quality to others in terms of the roof, windows and doors, kitchen and bathrooms, air age. air conditioning, age and quality of major appliances, and overall finishes. If they don’t have new kitchens and bathrooms, how can they hope to beat the house on the block that had those upgrades? In general, focusing on the highest price per square foot is a misguided goal.

Seller #2 is also hoping to get a high sale price for his home, which hasn’t been updated in 25 years. Are they willing to do renovations before going to market? If not, it might be a stupid idea. Do they realize that in addition to shelling out money for updates/fixes, they will have to deal with contractors and disruptions along the way? Additionally, upgrading certain features, such as kitchens and bathrooms, often does not increase the sales price as much as the cost of making the upgrades. In most market conditions, I recommend doing little to no home renovations before selling. You might spend up to $1,000 to freshen up the paint or make your yard look nice. Let’s not forget that time is money, and updating takes a long time. The seller’s goal is to sell, and not necessarily to sell at the highest price. With the right mindset, sellers will understand that what matters is the bottom line and time saved, not the contract sales price.

Buyer #1 is the one who wants to completely steal the deal. They contact me asking to see houses that are foreclosures or otherwise have desperate sellers. First of all, no one will advertise what they are desperately trying to sell. Second, the only important entity you’ll really have to deal with in foreclosure (or before foreclosure) is the lender, and he knows how to maximize his position. But coming back to the buyer’s mindset, if he is not experienced in the art of home renovation, he will most likely be in for a huge disappointment. My advice before we actually start looking for them would be to inform them of the likely conditions of a foreclosure or fire sale home sale. If the price is below the market price, then after the transaction is closed, intangible costs will likely arise. How much will patches and updates actually cost? How long will it take for the entire house or part of it to become uninhabitable? And even reaching closing can be a mind-numbing nightmare, having to overcome the insurance hurdles that currently hinder many transactions.

Buyer #2 comes to me with “cash.” This is when they think that cash will automatically open the sealed doors, hearts and minds of the seller and almost everyone involved. And while it’s true that cash can make some aspects of a transaction easier, that doesn’t mean it can beat the seller in every aspect of the transaction. In fact, I’ve seen time and time again where the seller doesn’t care about closing a little early or whether their proceeds are coming from the lender or the buyer. All they care about is whether they will sell for a fair market price. Thus, this buyer again needs proper education and guidance so that he can be successful in his real estate journey.

So, what is the impossible thing I do every day? It is the coordination of ideas that influence the right outcome. Buyers and sellers enter into a transaction with goals and emotions. They also often come without sufficient factual information and real-world experience. My job as a full-time realtor is to guide my client toward his goal, real-time adjustments to his knowledge base and expectations, and help him express emotions about things that don’t matter in the grand scheme of things. their business. success of the transaction.

The unattainable triangle is just… unattainable. However, with the right guidance and understanding, my clients achieve success where others fail. If a real estate transaction is in your future, it’s never too early to meet your real estate agent!

Property update
As of 10/23/24, there were 143 properties for sale in Pinecrest, 17 homes pending sale and 13.0 months of inventory (buyer’s market). If you’re ready to move, contact me for the best local knowledge, honest recommendations, and realistic expectations. Easy to get started with miamihal.com/getstarted.

I invite you to watch past episodes of my real estate show in MiamiHal on miamihal.com/the-miamihal-real-estate-show to hear from experts and get the latest real estate news.

Hal Feldman (MiamiHal) is a Realtor with RE/MAX Advance Realty. You can contact him with your story ideas or real estate questions at: www.MiamiHal.com[email protected] or www.facebook.com/MiamiHal

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