An Old Real Estate Model vs. a New One
The Internet changed everything. Now when you put your house on a multiple listing service it is automatically listed on National real estate search sites. Trulia and Zillow (now under the same ownership) are household names in real estate. Sophisticated buyers you know they can skip a step in their on-line search. You don't have to search for real estate companies on Bald Head Island, choose one, and then search. Go to your favorite national site. It has everything you need right there. Even if you do search "Bald Head Island Real Estate" Trulia, Zillow and Realtor.com come up on the first page every time.
Bald Head Island Buyer's Are Sophisticated
100% of buyers on Bald Head Island search for homes on-line. They generally have high income and high assets. They do a lot of research on-line. They have bought and sold high-value real estate before. They are not your average home-buyer. However, they do know their limitations. They know the value of a buyer's agent who knows the local market and has the tools to dig deeper.
Don't Let Your Home Get "Ruled Out"
Sellers just need to get their listing on the multiple listing service to get exposure to every potential home-buyer for Bald Head Island. It's pretty simple. Bald Head Island is a unique market. Once you have decided you want to purchase a home here, it's simply finding the "right" home. As a seller, what you do not want is for your home to be "ruled out." Because that is how it works. A buyer has a unique set of specifications, starting with a price range. They have to arrange a trip to Bald Head Island. They have limited time. So they start with a list to see and then figure out what they can rule out.
How Can You Make the First Cut?
How do you avoid being ruled out? First you have to know the first cut criteria: Let's say your house is in the right price range. Let's say the buyer is looking in different environments (beach, marsh, forest). Let's say there are quite a few homes listed between $500,000 and $650,000. Let's say one home has blurred photos at weird angles with lampshades askew and items all over every counter or table. Or a hideous paint scheme. Okay, rule that out.
So our philosophy is pretty simple. Get professional staging and photography that appeals to a wide spectrum and creates that "WOW" factor. LOOK GREAT.
So our philosophy is pretty simple. Get professional staging and photography that appeals to a wide spectrum and creates that "WOW" factor. LOOK GREAT.
How Do Make the Second Cut?
Bald Head Island buyer's can't be "sold." Let's say you made the first cut. You are on the short list. What happens next? The buyer's look for something wrong. Yes, that's right. And there are primarily 2 things that can be wrong: 1. The home is priced way higher than the comps. The mentality is not always, we can make an offer. It may be, forget this house. 2. The house needs some basic repairs. The buyer sees visible leaks, or rotting wood. What else could be wrong that we can't see? How much is this going to cost? We don't want the hassle. Forget this house.
The Final Secret:
The above increases your chances of getting your home sold. But what can make them choose your home over another equally viable choice?
Let's assume enjoyed your home on Bald Head Island. There are benefits that make your home special. We don't just list the home features. Your home offers some specific benefits. What kind of vacation lifestyle does it offer? These are the benefits. Contrary to the old real estate model, where the owners are not a factor in selling the home, we present to you, that YOU are the home's best advocate. We will present your perspective on why this has been the perfect home for you. You get to tell your story. Here are some examples:
1. "We loved being in Flora's Bluff. Our kids grew up and made lifetime friends with our neighbors. It has a real sense of community. The children could walk to the beach. We organized bonfires on the beach and neighborhood cook-outs. And we loved the central location. It is close to the market, close to the club, close to everything."
2. "We bought this home in the forest, because we were able to get more for our money. It was a great decision, because as it turns out there is no bad location on an island that is three miles long. In fact, we loved the contrast to spending a day in the sun on the beach, but then being able to go back to the cool, quiet forest environment. And our screened porch is where we spent most of our time. You can wake up in the morning and hear all the pre-dawn sounds while having your coffee. In the evenings, it is truly wonderful. We loved gathering here, having a glass of wine with some soft lighting. It is very serene and romantic."
Let's assume enjoyed your home on Bald Head Island. There are benefits that make your home special. We don't just list the home features. Your home offers some specific benefits. What kind of vacation lifestyle does it offer? These are the benefits. Contrary to the old real estate model, where the owners are not a factor in selling the home, we present to you, that YOU are the home's best advocate. We will present your perspective on why this has been the perfect home for you. You get to tell your story. Here are some examples:
1. "We loved being in Flora's Bluff. Our kids grew up and made lifetime friends with our neighbors. It has a real sense of community. The children could walk to the beach. We organized bonfires on the beach and neighborhood cook-outs. And we loved the central location. It is close to the market, close to the club, close to everything."
2. "We bought this home in the forest, because we were able to get more for our money. It was a great decision, because as it turns out there is no bad location on an island that is three miles long. In fact, we loved the contrast to spending a day in the sun on the beach, but then being able to go back to the cool, quiet forest environment. And our screened porch is where we spent most of our time. You can wake up in the morning and hear all the pre-dawn sounds while having your coffee. In the evenings, it is truly wonderful. We loved gathering here, having a glass of wine with some soft lighting. It is very serene and romantic."
A New Compensation Model:
In the mid-1990's the North Carolina Real Estate Commission created buyer's agency. A buyer's agent works for his/her client exclusively. It's hard work finding buyers, educating them about Bald Head Island, setting up long-distance trips. Doing due diligence, offering options, setting up the showings. Bringing them back again. Having a contract fall through. Starting over.
For the Selling Agent, the job is to get your home in front of as many potential buyers as possible. Under the old real estate model, pre-Internet, this was difficult. In a major metropolitan area, it is difficult because there are so many options. But not on Bald Head Island. 200 listings. Narrow it down to certain price ranges, features and benefits and it may be 10 homes . . .or less. Most of the homes are actually sold by buyer's agents. That is why we have an economical listing commission rate. Plus, we provide alternatives to a straight commission plan.
For the Selling Agent, the job is to get your home in front of as many potential buyers as possible. Under the old real estate model, pre-Internet, this was difficult. In a major metropolitan area, it is difficult because there are so many options. But not on Bald Head Island. 200 listings. Narrow it down to certain price ranges, features and benefits and it may be 10 homes . . .or less. Most of the homes are actually sold by buyer's agents. That is why we have an economical listing commission rate. Plus, we provide alternatives to a straight commission plan.
Plan A
Straight Commission: All Inclusive
Paid at Closing Photography paid up front and deducted at closing. Example of Your Cost on A $650,000 Home:
650,000 x 4% = $26,000 |
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Ready to Sell Your Home? Call Us at 910-368-7116