Our Lakefront Selling Strategy
Roger and I lived off the water in Keatington for 12 years before we had the opportunity to buy on the lake. We really get it.
I have a waitlist for people who desperately want to be on the lake, and I’ve had a waitlist for ten years. I have letters in my mailbox regularly from people just driving through the sub, who give us offers, sight unseen. Naturally, we sell a lot of homes in our sub, so we know when a great home comes up on the lake, especially on the open water, it will be chaotic and a bidding war madhouse of people wanting on the lake, so what is the best way to go about it? Let’s discuss:
1. Sell it yourself in two seconds to someone in the neighborhood. Selling it won’t be a problem. Staying friends with the neighbors you didn’t offer it to will be the problem, but even then, you can only sell it to one party.
The problem how to know you got the best price and terms and getting the appraisal to pass. I have to prove value on nearly every home I sell on the water (and many of those off the water!). We have very few comparable waterfront sales here so we are typically under-valued. Be prepared to fight for every dollar.
2. Put it on the market with an equal opportunity for everyone. Everyone bids the most they are willing to pay, with the best terms they can offer.
On a Saturday, I cater a cocktail open house party for all interested parties on my lakefront waitlist. If you live in Keatington, you’ll have fun because everyone you know will be there! It’s ok, be comfortable with it. If you’ve ever worked with Roger and me, one thing you’ll quickly come to know is we don’t talk. We don’t gossip, we don’t give clues, we don’t mention names, we don’t play favorites. ALL of our people are our favorites, and we are fair.
If a home is sold on the open market, no real estate agent, including us, will be able to help you negotiate the price down on a waterfront home in Keatington. There is too much demand, too few comparables, and it will absolutely sell for more than its “worth.” Every buyer will have to determine how much they are willing to pay and write the best offer that they can, including the terms of the sale.
On Sunday, we collect all offers as sealed bids with responses due in four days. By the way, “Bully Offers,” offers demanding the seller respond in a scant few hours or it will be withdrawn, are common on my listings in Keatington. They are ineffective on lakefront properties because of the magnitude of demand, and I recommend any bully offer be disregarded and excluded from consideration. I have developed this niche property sales strategy over decades; it works, it’s fair, and it should not be sidelined by some bully buyer before a seller has a chance to consider all their offers.
On the Monday after our cocktail open house, I will list the home in the Multi-List with the “Highest and Best” offer deadline due in 72 hours. We collect all the offers, sit down with the sellers, uncork a bottle of wine and pour through each offer line by line, putting them in order of best price and terms. Decision made on the fourth day.
But what about your friends and neighbors that you kind of promised to sell it to? We understand; we are in that position, too.
Here is an innovative and fair solution:
A seller can direct us to offer an opportunity to match the highest offer received to any other buyer at their discretion. There’s nothing wrong with doing this as long as the seller has directed it and not an agent trying to double-end the sale in their own best interest. It is the seller’s decision.
The fair market value of a niche property, like a Voorheis waterfront, is determined by allowing an equal opportunity for everyone to make their highest and best offer. Then a seller can sell it to whomever they want, but it’s fair.
Can one sell their own home “off-market” and save commission? Sure! Finding a buyer for Keatington isn’t the challenge; that’s the easy part. But a professionally photographed, strategically marketed home offered to all buyers through the MLS statistically brings the best offer. Handling multiple offers, managing inspection issues, and preparing appraisal negotiations is the challenge. Appraisals are killing more deals than inspections right now. Did I mention we have excellent neighbor commission rates?
There’s not a thing in the world wrong with selling your own home off-market to whomever you please. But if you want the most money and the best terms from someone you know, there’s only one way to do that, in my experience. It’s on the market for an equal opportunity.
If you know us, you’ll know we’re not super salesy, so if you have any questions give us a call. We won’t hound you.
*Also, if you want to be on our waterfront waitlist and in the know of what we have coming up in the sub, sign-up below using the form.
See you on the lake!
Gwen and Roger Daubenmeyer
248-840-3434
gwen@theintegrityteam.com