Case Studies-- Dealing with Crappy Listing Agents Who Don't Know Potential Rental Income Cherry Grove Beach

Cherry Grove Beach Real Estate -- Dealing With Pathetic Listing Agents

Everybody this is Jay with ocean views real estate and you can see that right here and lots of the five-star reviews with Ocean Views Real Estate Inc and over at Zillow I think I have about 33 5-star reviews.

I'm going to cover a subject near and dear to my heart today and that is crappy listing agents.  I work mostly with investors and second home buyers of beach properties from Murrels Inlet, Cherry Grove Beach, North Topsail Beach, Wrightsville Beach oceanfronts, Oak Island all the way up to OBX sometimes. I know the rental numbers. I know what the return on investment is. I know what hidden issues there are to be on the lookout for and to alert you for, etc. So I may be the only realtor out of thousands that does this. 

So without any further ado I'm going to use Cherry Grove Beach as an example of just how asinine listing agents are in many cases, completely inept, incompetent and unknowledgeable about what they're doing. Therefore they're letting down their homeowner, their seller, their client. And I'm going to give you a better idea of what the numbers are and return on investment, gross rental income for Cherry Grove Beach real estate. 

 

All right so I'm I'm looking at this property here. Let's find a bigger picture better picture of it. Here we go. It's got this really neat pool and it's on what we call the “channel” in Cherry Grove beach. So this is called the Channel in Cherry Grove Beach. It has a really nice, amazing pool that they built recently. And I reach out to the agent, let's see what is the number bedrooms? Okay so this is here we go; we have five bedrooms and three and a half baths. That is five bedrooms three and a half baths, and I reach out to the agent and I asked him a very basic question because I have someone who might be interested. We've got a semi working relationship going, and I say so and so is this property still available? What is the potential gross rental income? Here we go right here the text message.  And the agent goes,  “I have no idea I can ask our office.” 

Vacation Rental Income Cherry Grove Beach

And I'm thinking…okay don't you have a duty as a listing agent to know the value of your property and to sell it and to be able to explain why it's worth so much?!?! Because let's look at the list price here. The list price is $939,000. Do you think someone spending $939,000 wants to know what the home is worth? I'm pretty sure they care a lot about that stuff. So as an example, I have two examples for you. one is she said she sent me an email saying her rental department said it's worth maybe $50,000 as a rental. And that's how she selling a million dollar house: that it grosses is 50k. Those numbers are way off you know. And she doesn't even know it! That's what I'm dealing here. So I have to go find out the truth and project to help my client because the listing agent is an idiot, and let's find out about that.

This one for example see is a just a little dinky two bedroom. There we go. It's listed for like $499,000;  it's also on the channel, on the water. This little guy or girl groses $46,000, two bedroom and one bath. Right so if that grosses 46 what do you think this home with a pool and five bedrooms on the water can gross? Probably a little more than $46,000 because it's double the size. In fact I know this home and gross maybe up to 120,000 no problem. And how do I know that? Well I've been doing this long time in town in Cherry Grove Beach. It was a four bedroom three bath home. Did it have a pool?  No there was no pool. This home was on track to gross $80,000 as you can see right here. Let's see if I can use the highlighter for that yeah here we go $80,000. It had already grossed $50,000 by July. So my point is... my point is it's remarkable how ignorant I'd say half the listing agents are when it comes to beach properties.

Most of them, if they don't do it regularly they have no clue what the value of their home is. So that can actually be a good thing because then you can say well that's low rental income so the home isn't worth that much. You know you use their ignorance against them. We know it can grow $110,000; they think it only grosses $50,000. Well they just lowered the value of their property and we can justify a low offer to them because their home only grosses  50K or 70K maybe. We know that once we take it over we can gross $110,000 so we win. And that's how you win at real estate in Cherry Grove Beach homes or any of these other beaches that I work with. Let me guide you and I will not let you down. Have a great day everybody.

 

97 Properties
Page 1 of 5
Sold
406 34th Ave. N North Myrtle Beach,  SC 29582
$475,000
Neighborhood: Not Within A Subdivision
2
Beds
1
Baths
1,000
Sq.Ft.
1973
Year Built
4/19/24
Sold On
2401159
MLS
$724,900
Neighborhood: Not Within A Subdivision
3
Beds
2
Baths
1,591
Sq.Ft.
1974
Year Built
5
Days on Site
2409537
MLS
Under Contract
5100 N Ocean Blvd. North Myrtle Beach,  SC 29582
$3,750,000
Neighborhood: Not Within A Subdivision
8
Beds
8F11/2
Baths
4,446
Sq.Ft.
2024
Year Built
6
Days on Site
2409389
MLS
$589,900
Neighborhood: Not Within A Subdivision
3
Beds
2
Baths
1,152
Sq.Ft.
1980
Year Built
8
Days on Site
2409122
MLS
Under Contract
325 58th Ave. N North Myrtle Beach,  SC 29582
$740,000
Neighborhood: Not Within A Subdivision
4
Beds
2F11/2
Baths
1,216
Sq.Ft.
1968
Year Built
10
Days on Site
2408985
MLS
Sold
5916 Channel St. North Myrtle Beach,  SC 29582
$960,000
Neighborhood: Not Within A Subdivision
6
Beds
3
Baths
3,024
Sq.Ft.
1970
Year Built
4/12/24
Sold On
2404171
MLS
Sold
313 35th Ave. N North Myrtle Beach,  SC 29582
$570,000
Neighborhood: Not Within A Subdivision
4
Beds
2
Baths
1,950
Sq.Ft.
1978
Year Built
4/11/24
Sold On
2405071
MLS
$899,900
Neighborhood: Not Within A Subdivision
5
Beds
4F11/2
Baths
1,820
Sq.Ft.
1986
Year Built
14
Days on Site
2408634
MLS
$1,450,000
Neighborhood: Not Within A Subdivision
4
Beds
3
Baths
2,000
Sq.Ft.
1992
Year Built
14
Days on Site
2408665
MLS
Sold
5907 Channel St. North Myrtle Beach,  SC 29582
$820,000
Neighborhood: Not Within A Subdivision
4
Beds
2
Baths
1,464
Sq.Ft.
1970
Year Built
4/8/24
Sold On
2400016
MLS
Sold
306 44th Ave. N North Myrtle Beach,  SC 29582
$800,000
Neighborhood: Not Within A Subdivision
4
Beds
2
Baths
1,248
Sq.Ft.
1972
Year Built
4/5/24
Sold On
2322662
MLS
$749,900
Neighborhood: Not Within A Subdivision
5
Beds
3
Baths
1,360
Sq.Ft.
1978
Year Built
19
Days on Site
2408235
MLS
Under Contract
301 23rd Ave. N North Myrtle Beach,  SC 29582
$465,000
Neighborhood: Not Within A Subdivision
4
Beds
2
Baths
1,782
Sq.Ft.
1960
Year Built
20
Days on Site
2408174
MLS
Sold
6101 Nixon St. North Myrtle Beach,  SC 29582
$965,000
Neighborhood: Not Within A Subdivision
6
Beds
4F11/2
Baths
2,400
Sq.Ft.
1963
Year Built
3/28/24
Sold On
2401445
MLS
Sold
336 51st Ave. N North Myrtle Beach,  SC 29582
$1,137,500
Neighborhood: Not Within A Subdivision
4
Beds
3F11/2
Baths
2,469
Sq.Ft.
1960
Year Built
3/28/24
Sold On
2404136
MLS
$599,900
Neighborhood: Not Within A Subdivision
4
Beds
2
Baths
1,190
Sq.Ft.
1985
Year Built
26
Days on Site
2407603
MLS
Under Contract
327 58th Ave. N North Myrtle Beach,  SC 29582
$943,500
Neighborhood: Not Within A Subdivision
4
Beds
2F11/2
Baths
1,730
Sq.Ft.
1979
Year Built
28
Days on Site
2407510
MLS
$839,000
Neighborhood: Not Within A Subdivision
4
Beds
3
Baths
1,521
Sq.Ft.
2024
Year Built
32
Days on Site
2407149
MLS
Sold
6106 Nixon St. North Myrtle Beach,  SC 29582
$847,500
Neighborhood: Not Within A Subdivision
4
Beds
2
Baths
1,615
Sq.Ft.
1971
Year Built
3/21/24
Sold On
2401673
MLS
Under Contract
336 58th Ave. N North Myrtle Beach,  SC 29582
$924,900
Neighborhood: Not Within A Subdivision
6
Beds
5
Baths
2,724
Sq.Ft.
1959
Year Built
42
Days on Site
2323803
MLS
$700,000
Neighborhood: Not Within A Subdivision
4
Beds
3F11/2
Baths
1,850
Sq.Ft.
2001
Year Built
42
Days on Site
2406306
MLS
$689,000
Neighborhood: Not Within A Subdivision
3
Beds
2
Baths
1,200
Sq.Ft.
1971
Year Built
43
Days on Site
2406092
MLS
$649,000
Neighborhood: Not Within A Subdivision
3
Beds
2
Baths
1,100
Sq.Ft.
1965
Year Built
43
Days on Site
2406101
MLS
$895,000
Neighborhood: Not Within A Subdivision
4
Beds
3F21/2
Baths
1,904
Sq.Ft.
1996
Year Built
44
Days on Site
2406082
MLS
Provided courtesy of the Coastal Carolinas MLS. Copyright 2024 of the Coastal Carolinas MLS. All rights reserved. Information is provided exclusively for consumers' personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that the data is deemed reliable but is not guaranteed accurate by the Coastal Carolinas MLS.

Listing information last updated on April 22, 2024 at 10:30 PM EST.

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