After posting yesterday on selling homes quickly in a slow market, I stumbled across some more good points relating to this subject. Two of the most important things to consider when evaluating a deal are what you are going to pay for the property and what you are going to be able to sell the property for after rehab.
If you refer back to yesterday’s post you will see the first point mentioned in both of these notes is making sure you do solid market or “comp� analysis and price the property appropriately.
Rules for Selling Fast in a Slow Market
Anyone looking for advice on how to close a deal in a tough market might get some inspiration from William Bronchick and Ray Cooper, authors of How To Sell A House Fast In A Slow Real Estate Market(2008: John A. Wiley & Sons).
Here are some of their ideas:
Position the house in the right price range. Buyers search by price range. Positioning a property in the middle of the range increases the likelihood people will see it.
Have information available. Deals fall apart when the buyer has unanswered questions. Work with the seller to have key information available, including cost of utilities and taxes, neighborhood liens and covenants, and an evaluation of the schools.
Put out a good flier. People are much more likely to read the flier than they are to call the number on the “For Sale� sign.
Market to the neighbors. Market to people who have just listed their own homes in the same areas. Chances are they like the neighborhood and could be persuaded to stay in the area by the right property.
Talk to the seller about offering creative financing. For many people these days finding money is the biggest stumbling block.
In this market holding out for a better offer is a big mistake.
Source: Forbes, William Bronchick and Ray Cooper (10/21/08)
Posted by Carter Brown
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