Many sellers would question if it is worth it for them to use a Real Estate Agent to market and sell the property. Understandably, there has to be a cost-benefit analysis on the part of the property owners as it is a big step. While there’s thousands of blogs on all the advantages of using a REALTOR, I would keep this post short and will only write to the effect of a recent experiences with one of our clients in Bayamón, Puerto Rico.
Theses Sellers were referred to me by a previous client who had experience the benefits of having a Real Estate Agent working alongside and for him to get the most out of their sale process. The prospective sellers had many doubts about the process and what to expect, especially given that they were living in the US at the moment of our consultation. The couple had their home appraised a few weeks before our phone call and the home had appraised for $180,000. I explained to them, that that appraisal was good for that moment in time and it that it would only held valid if there had not been any more recent sales reported significantly lower or higher than what the comparables at the time showed.
We proceeded to do a Market Analysis and in fact there had been two back-to-back sales that supported a higher value for their home. We ended up placing the home on the market with the understanding that we could get them around $210-220k based on the most recent data and demand. After an inspection of the home, some professional pictures and an aggressive first 12-hour marketing plan, we received 10 offers within the first 36 hours of being on the market.
Because we are 100% co-broke friendly, a few agents from different brokerages also brought their well-qualified clients to see the home. Through this effort we found a client who had very specific needs and really needed and wanted to be on that neighborhood, where homes rarely come up on the market. That client, presented a cash offer for $250,000 which was accepted by the Sellers.
Now, the Sellers could have seen our commission as an expense and go another route and sell on their own: likely by a price close to their appraisal. Instead, they ended up selling for $70,000 more of what the appraisal had reflected. Is this type of cases why we love working with sellers in Puerto Rico. The Real Estate market had been suppressed for so long that Sellers find themselves thinking their home is not worth what they may believe. That’s when we step in to help them price their home correctly, execute the correct marketing plan for their home, and find the ideal, one off, clients who may have a specific need or want that help them see the value of the home beyond traditional ways of evaluating a home value.
At Compass property Group we are committed to our clients and believe in protecting your investment as it was our own. If you are considering selling a home in Puerto Rico, we would love to audition for the job. Please contact us at 787-901-6893 or at info@compasspg.com.
Jan Morales (C-21340)
President, Compass Property Group