I just Beat The GMAT!

I don't want to waste your time by writing too much. So in short.

I'm devastated by my score since I wanted 750+

Here are my scores from practice CATs:

Prep 1: 710 Q48 V40 (before starting to study)
Prep 2: 760 Q49 V45
Mgmat: 740 Q47 V45 (week before exam)
Prep 3: 760 Q49 V44 (3 days before exam)
Prep 3: 760 Q49 V44 (2 days before exam)

Now, I don't understand how could I have scored so low compared to my Preps.

QUANT:
I concede that I brain farted on my first question, which was like SUPER simple. I spent 5 mins on it and still ended up! (i solved it in my mind on a break in 30 seconds) But other ones were ok. I did guess but only a couple. Time was non-issue on Quant

VERBAL:
Time WAS an issue on verbal. I had about 3-4 mins for the last 5 questions. They were loooong CR questions, so I had to pretty much just blindly guess the last 2 in 20 sec.

Now the question: I am applying to Top-5 business schools. Their median/average is around 720. The rest of my profile isn't strong enough to compensate for a low score.
Should I retake? Or should I instead try to improve the rest of my profile? I am confident I am a 750+ student. But very distraught by my performance on the actual exam, so confidence in performance on the actual exam is down

It is amazing how long the CR was! I though I had my pacing down perfectly from practice tests. Having an additional sentence or two for each CR quickly adds up. Good luck with your decision. I'm in a similar boat.

Honestly, 700 is a great score. However, if as you said, the other parts of your application will not compensate for the GMAT portion, then you may want to retake the test, assuming the schools of your choice will only look at the highest score, of course. I'd really put in the study time and also make absolutely certain that you will definitely get a higher score before you retake the test though (keep in mind that there is a +/- 30 or so margin of error on every test, so you could very well score anywhere from 670 to 730 on your next one, all variables staying the same).

As for why you scored lower than on your practice tests, it could very well be that the pressure on the test day just got to you. Now that you know what to expect, you will probably be more prepared for the next test should you decide to retake it. Good luck!

Are you applying next fall? Then you don't have anything to lose by studying hard for the next month and taking it again. Having just been through the application process, I can tell you that it will be really difficult to be competitive at top 5s with a 700, especially if you feel your profile isn't extraordinary, as you say. Good luck.