1. Know your Buyer - who are you trying to sell this home to? Owner occupant who has a mortgage pre approval "A" type buyer? Don't limit yourself; you may want to consider the extra income you can make with "B" or "C" type buyers by holding the 1st or 2nd mortgage. How about other investors who want more properties in their portfolio.
2. Pricing to Sell - you've held the property for a long time or short, your business is to know the market. If it was a recent rehab purchase you did a CMA to determine the value at completion. A home you've held for in your portfolio you will need to do a CMA (Comparable Market Analysis) to determine its sales price.
3. Advertising/Marketing - newspapers short and to the point 4 to 5 lines with 800# with pre recorded message advertise everyday as For Sale By Owner, flyers to all neighbors place on cars in major parking lots and to everyone at your local REIA group where you are a member include the 800#, signs 24" x 24" minimum size professionally made FOR SALE BY OWNER call pre recorded message 800#.
4. Real Estate Agents - co-operate with real estate agents you may pay 2% to 3% if the deal is there take it. Some of the costs will be saved in a quicker sale. If you are not going to follow through with selling yourself, list with a professional real estate agent who has multiple marketing strategies and internet savvy do it fast don't waste time playing as a fsbo.
5. Buyer Access to House - lockbox on front door with key. With 800# buyer leaves information name, number, address (confirm on internet), you return call with minimal qualifying don't blow off the buyer with too many questions give them the combination to the lockbox. Ask them to return the key to the box and call the 800# to confirm they left the house.
6. Qualifying and Mortgage Programs - in the home have a descriptive flyer with all the pertinent information of the property also have a mortgage application short form for them to fill out and return to you or your mortgage company by fax, and a form listing various mortgage programs available for this property at the asking price prepared by your mortgage representative. This paperwork goes along way to closing the deal without chasing the buyer around to complete the forms. Remember to include information on owner financing 1st and 2nd mortgages these could help you save the deal or just make the deal.
7. Follow up and Close the Deal - you have a buyer now close the deal. Act as a disinterested third party don't get caught up in the entire minutia. You are trying to sell this property forget about all the work you actually did forget the midnight calls for repairs just close the deal. Have all paperwork signed may be best to have the papers signed in your attorney's office for a more professional face to the buyer.
You can sell the investment property yourself you are just like the normal FSBO (For Sale by Owner) you will work hard to make this close. It could be worth thousands of extra dollars to you when it's all said and done.
Bill Carey a Broker/Investor/Builder. His over 30 years experience in Real Estate Sales, Investments and Construction offers a unique perspective to the processes of Investment Grade Real Estate. Bill and his family own resort rentals and hold a number of Off-Campus student rental properties in southern states. This started when our oldest daughter went away to school at the University of South Carolina in Columbia, SC. The Carey family continues to buy and successfully rents student rental properties
How to Save $50,000 plus on your Childs College Education. 9 Steps to In-State Tuition. Student Rentals Real Money Makers. Check out the 9 part e-course on "How to Buy Your Student Rental Property"
Contact Bill by email at Info@CollegeTowneProperties.com or visit our website http://www.CollegeTowneProperties.com
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