Another Open House…Another Frenzy!

Mammoth Front PSed squareHere’s an update of what happened to the 2,975 sq. ft. Mammoth Circle listing I told you about 11 days ago.

The seller originally wanted to sell it in its current condition. It was a MESS and would have scared people off if it was priced any higher than $449,000. Messy House imageI asked him if he would at least order a construction-sized dumpster so we could clear a path through the home. I could hardly see the brown wall to wall carpet due to the amount of furniture and junk covering it. After the dumpster arrived, I asked if the seller would do one more thing. He agreed to re-install missing walls and ceilings. I asked if he would get lighting and electrical working and gave him the name of an electrician right down the street. He did it! Next I gave him the name of a HVAC man. Within a week we had air conditioning. Once we completed the new walls, I asked if he would paint part of the home. He agreed. Now the rest of the house stood out like a sore thumb so he agreed to have the whole house painted. It was time to re-price the house with a range price from $449K to $549K.

The next day we hired house and carpet cleaners. I discovered that the carpet was actually a very attractive raspberry/burgundy color. The seller agreed to professionally stage the home around the carpet color. Staging and whole house painting was completed 5 minutes before we opened the doors for the Grand Opening Open House. At this point, I felt that we should receive offers above the top of our range.

I had invited 1,200 households to the open house and purchased an Enhanced Listing Subscription from Realtor.com that allowed me to showcase 25 photos of the home and the community. At noon, there was a line beginning at the front door and people began to pour in. Linda from SeaPointe Construction was there to talk about kitchen and bath upgrades. Rudy, the rehab-mortgage specialist was there to talk about wrapping upgrade costs into the loan. I had display boards around the house to educate buyers on the benefits of the community and familiarize them with other available homes and comps.

It was a mad house and that was the plan! We had as many as 30 people in the home at any given time and a total of 400 visitors by 2:30pm on Sunday. Marketing a home to attract a large number of buyers and agents to the open house adds tens of thousands to the perceived value of the home and ultimately to the sales price!

Mammoth Sign Accepting OffersBy Monday, the agent calls and offers were streaming in. I told all of them that they needed to write their highest and best because the seller wasn’t looking for a bidding war. When it looked like we were going to have at least 6 offers, I changed the MLS to notify agents that the seller would be reviewing offers in person Tuesday evening at 7:00pm. This is the old fashioned way of doing things and is the exact courtesy that I request when I am representing a buyer. I made big signs and Gary placed them all around the community announcing the event. I arrived and set up a card table with a 4 square foot Godzilla Pizza and soda.Godzilla Pizza

Agents showed up with their buyers, signed in and grabbed a bite to eat. Beginning at 7:00 we invited agents into the home one at a time to “give it their best shot”. Each one had 10 minutes to convince the seller why he should accept their buyer’s offer. Saturday’s open house lender was there to review the buyer’s financials on the spot. The agent’s buyers who were still convinced that the market is filled with ‘deals to be had’ were released to go home upon reviewing their offer . The agents whose buyers were in reality (as evidenced by their offer prices) were invited to stay while we completed the offer presentations.

Sometime after 9:30 we had completed the review of 12 offers. One of the offers had been submitted by an agent who was unable to attend and we had questions about it. We dismissed the remaining groups and told them that we would have to get back with them the following day. By Tuesday evening, we had all the information that we needed. We phoned the ‘lucky’ agent and gave him the good news. Today, the home entered escrow just below $600K. This is the highest sale in this community in the last year and I have one happy seller on my hands. In three and four weeks I am going to do the same thing for two more homes. Watch my blog so you have a chance at them before they are gone.

Thinking of selling? Would you like to experience your own buyer feeding frenzy in your front yard and sell your home for more than your neighbors have been attempting to sell theirs for? It’s time to call 949-583-1331.

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