Why I Sell the Lower End Market in Philadelphia

I was at the RE/MAX Home office in Denver, CO earlier this year and I met an agent that said “I won’t list a home less than $500,000.”  I told him I just signed a deal for $16,500.

 

We are both top Realtors in our markets, but I achieved my status by working with customers that buy and sell at the bottom of the market.  This market place fuels my regular sales and commercial deals as well.

 

I changed careers in 1999, and by 2005 I dominated the foreclosure market in Philadelphia and you bet, I make a great living selling distressed Real Estate in Philadelphia, Delaware County and Montgomery County.

 

As this market improved, I found myself spending more time in the higher price range where the fees are much larger and the deals are more complex, but I never stopped working with my bottom market buyers.

 

The commission in foreclosures, shells and fixer uppers are low and average about $1,500 per transaction.  I typically close about 10-15 fixer uppers a month.  I could never get 5 transactions a year from a traditional customer.

 

Here is the best part.  There is little to no drama and hardly any contingencies except good title.  I have 2 experttitle companies that handle all the hair that comes with this type of deal.  Each title company processes over 100 deals a year from just my transactions. I typically always have 30-40 deals under agreement at all times

 

I made a great move when I joined RE/MAX Access in 2010.  I was pushing so much paper that I needed an assistant.  Now I have 2 assistants and a third to help when needed. I have3 buyersagents, that are on the street showing properties all day long.  It made my job easier, my customers happier and I am able to keep up the pace and spend 94% of my day on the phone, listing properties or attending settlements. (Thanks Steve O)

 

Now that the market has changed, my investors are calling their local agent to sell condos, land, small commercial & rehabbed properties in Center City, as my name is consistently given out to traditional buyers and sellers looking for their next home.

 

In conclusion, The Michael P. Cohen Team is the 2nd highest volume in units for RE/MAX in the State of Pennsylvania...  Honest, dependable and on-time.  We answer the phone until 9pm.  We have the experience and knowledge to help all our customers whether its $10,000 or $10 million dollars.

 **This was originally published 1/16/2016