THE ONE without consensus

708 Mickler Blvd

 

The Problem

Owned by 4 heirs with different ideas about what needed to be done to sell their elderly mother's home, the sellers were struggling to find consensus about the best way to move forward. There were several challenges: functional issues (the only bathroom downstairs was in the master bedroom), it needed updating (bathrooms, kitchen, flooring, etc.), and the family had liquidated the furniture so it was essentially an outdated empty shell. We met with the heirs and discussed their goals, which boiled down to netting the largest return for the least amount of effort. We provided them with hard data on the ROI for renovating, staging, and landscaping so they could make an informed decision on the best way to proceed. Finally we developed and presented an effective listing presentation, and sales and marketing strategy that ultimately yielded them a return that none of the heirs initially thought was possible (even considering a full renovation) in only 3 weeks from listing to closing.

 

Details

Valuation:

Recent appraisal of $325k

Goal:

Highest possible return with least amount of headache

Year home sold:

2021

Results:

14 offers; Sale Price of $390k ($65k over asking): Closed in 21 days.

 

Solution

There were three major concerns with this listing:

 

1


A lack of consensus among the heirs about what needed to be done to prepare the home for sale was creating a stalemate where the nothing was happening to move the process forward, although they all agreed they wanted to sell.

Drag the handle left or right to view before and after photo.
 
Drag the handle left or right to view before and after photo.

2


Functional Obsolescence: The only bathroom downstairs was inside the master bedroom. There was also a Florida room created by enclosing a side porch. The sellers themselves weren't sure how best to use the space or present its value to prospective buyers.

 

3


A lack of improvements and outdated finishes made the home feel like a fixer-upper to prospective buyers.

Drag the handle left or right to view before and after photo.
 

We needed to provide the sellers with solid data to determine whether or not it made sense to renovate before they listed. We ran separate Comparative Market Analysis Reports for renovated comparable properties vs. unrenovated comparable properties. Then we got quotes on the work that would need to be done to get the home renovated, and ran a cost-benefit analysis. The bottom line was that renovating would result in merely trading dollars so it didn't warrant the investment of time, energy, or money. Yes, the sellers would have sold at a higher price point, but they would have invested the full amount of the return in the renovation itself. And by not renovating, they avoided the inherent risk in renovating where there are often unforeseen challenges and expenses.


Instead of focusing on what the home needed, we elected to play to the home's strengths. The home sat on a large lot, was close to the beach, and had great curb appeal. The family spent a few hundred dollars on cleaning the home and maximizing curb appeal. They pressure washed, touched up exterior paint, and planted flowers so the home had maximum curb appeal drawing in a large number of prospective buyers. Inside, we touched up paint and had the carpets cleaned so the home was fresh and tidy. These small repairs demonstrated to buyers that even though the home could use cosmetic updates, that it was in good condition and could easily be lived in as-is until the buyer had the time, energy, and resources to tackle cosmetic improvements. The fresh and modern staging helped to balance the outdated elements making the home feel more modern overall.

Because of the functional issues with the home, we needed to help buyers make sense of the floorplan with effective staging, which we offer at no cost as a value-add for listing with us. Obviously we couldn't move or add a bathroom, but instead we strategically placed furniture so all the other square footage had a purpose for buyers thus minimizing the impact of the misplaced bathroom. Additionally, we did some homework on borrowing some square footage from an oversized laundry room to split that space into a smaller laundry room and a half bath. With a quote presented by a local contractor, it helped ease prospective buyers' minds about tackling that project after closing. For the Florida Room, we used furnishings to divide the large space into two functional areas--a den and an office. This sunny space now had value for buyers as a quiet space to work or curl up with a good book while enjoying the beautiful yard.


Once the home was show-ready, we created a strategic listing presentation, marketing plan, and showing strategy. We scheduled photographers when direct sunlight was streaming into the home so the entire home felt light, bright, and cheerful. We also made use of aerial drone photography and videography so we could highlight the home's close proximity to the beach. We strategically placed the aerial photos near the front of the listing photos so buyers were sure not to miss them. Because the home was vacant, we advertised the property as a "go-and-show" listing meaning that appointments were immediately confirmed rather than agents having to wait for approval from us as the listing agents. This allowed round-the-clock showings from 9 am until 9 pm at night. There was literally a line to get into the property and we ended up with over 40 showings in the first day alone. The healthy competition generated several offers.

 

Results


After a 14-offer bidding war on the property, the Sellers chose a cash offer $65k over asking price with a quick close in only 21 days. Because there was so much competition for the property, the Sellers didn't have to make any repairs or concessions. And since we handled the staging, they didn't have to do any packing or moving. All they had to do was decide how they were going to spend their profits!

 
I just want to thank you both, again, for doing such a great job! I keep looking at those photos of the house and the interior and I cannot believe the transformation from old and ugly to state-of-the-art and beautiful! You should do this for a living 😂! Anyway, it is just unbelievable! You two have something no one else can touch! Thank you again.
— Richard Ayoub