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I'd list a tent if it came down to it and market it to the fullest just as I would a million dollar home.
Nina Hollander, Broker
John McCormack, CRS
Paperwork the same but the the seller & buyers are very different.
Nina Hollander, Broker
I normally work much harder on the lower end. Often getting these lower end buyers qualified is tough. They often have less resources which makes repairs a big issue. Typically the sellers are in the same boat. With the higher priced homes, typically buyers and sellers are educated about the process and take things more in stride.
White Plains, NY
Same amount of paperwork but more time on market requires a finely tuned working relationship with the Sellers. This is usually known in advance by the Sellers or we have a good discussion about it at time of listing. I prefer high-end homes with people experienced in buying and selling with very clear expectations.
Much of that is the same regardless of price point. What changes is the cost of marketing a home in different price points. And of course it depends on your market. If it takes two years to sell a $3m home, I'd rather do a bunch of $300K homes in those two years and earn some money.
John McCormack, CRS
Depends on the customer! Sometimes some are more needy of attention then others! Everybody gets my best!
If I should ever list a 3 million dollar property I will get back to you. Mark
It often (not always) takes more time to find a house for the $3million buyer - they are understandably picky. Then again, some of the $300,000 buyers are new to the process and take a lot more hand holding. But wth high end buyers, there are fewer bidding wars once you do find the perfect place. The moarket is a bit slower in the upper end.
If we had a 3M home and I was fortunate enough to have the listing, I would do every thing possible to sell it. But then, I do that will all my listings.
Same work, different lifestyles and needs. A
It is always fun to sell an expensive home but they can take longer to sell and some of the sellers can be very high maintenance.
I can't imagine selling a 3M home, our luxury properties start at $450,000 and we only sell about 20 of those and up in a year.
What's involved depends more on the property than the price. Some take a lot more effort and maybe more marketing. I prefer a mix of price points.
I like big clients, but we do not have 3 million dollar homes here.
Looks like you have some good answers! I Hope you had a safe and happy Veterans Day and have an even better day tomorrow.
I tell people all the time that you spend just as much time selling a 50K home as you do a million dollar home!
The workload should be similar, although the marketing would be via different channels.
Val, the reality is totally market driven. Year to date we've had 6,859 properties sell between $250K and $350K with only 233 closed between $2.5M and $3.5M. Without factoring in the time differences of DOM the former is a much more doable prospect for most associates.
I think definitely the paperwork (brochures) and marketing areas are different with higher end properties. My brochures for the $300K and $800K are definitely different.
Val Evans The procedures and paperwork are the same. It may take longer to market and sell a $3MM dollar property. Selling fifty vs. five would require a lot more time and work. I would say mix it up and work smarter and not harder.
Aha! Great question that I often reflect on. Here I would say that the $300K to $800K range (perhaps slightly higher) would require a similar amount of time, procedures and paperwork. Higher than that MAY require marketing specific to higher end homes - therefore more expense and time. Unfortunately - owners of properties over $1M who have done very well in their own area of expertise often mistakenly believe that this equates to them "knowing better" as to how to market and sell their home than the real estate broker they hire. We don't play that game. We have a process that works. If you hire us, that's how we roll.
To answer your question - preferred price range would be $250K-$700K - 50 a year would be great - 20 a year would be "OK".
no, only the personalities!!!! one category is more "needy"....
Great question, and on the surface you would think you are comparing apples to apples.
But that would not be true.
The environment, persuasion centers, conduits, motivation and time lines of the ultra rich and the shelter seeker require entirely different tools and skill sets.
If you look at the active agent/Sold ratios of these segments you will find them to be identical in both segments.
In the ultra rich segment, more of the agents will be aligned with part-time priorities than the shelter seeker category.
Procedures and paperwork will be the same . The energy required also depends on the seller. Some sellers can drain you of energy while some are not so demanding.
I have never noticed and difference in the amount of work necessary to get a property sold.
Good Wednesday morning Val. I don't see any reason that they should change.
Price range is the same here. And to tell you the truth, I feel like working with 300k( your example) is more time consuming sometimes since it is usually a first time entry client( seller or buyer), you know what i mean:) People who can afford 3 mln house know exactly what they want and how they want it.
I'm not moving, and there are no 3M dollar homes in my market. 500k here is luxury and I do a bit more vetting of buyer pre appointment than a 80k house.
A 300K home in my area is a fairly nice home. I tend to work harder on the lower end deals. You know the ones around 100K. I think that's because in that price range every dollar counts to the buyers and sellers and they will argue over every nickel.
Val Evans some areas it is easier to sell 50 homes at $300K!
Just remember, selling high end property should demand extra efforts and time - and more money for marketing as you'd want to market to different segment.
As far as time is concerned, some basic paperwork may take the same time - however, you'd spend more time on $3M listing as compared to $300K listing, I am sure.
I generally find it easier to work w/ higher end buyers. The work is generally the same though (for us). I'd rather have larger size jobs/higher end homes...it leads to more repeat and referral w/ the types of buyers I prefer to work with.