How to Get Your Listing Noticed, Part 1
This is Part 1 of a two-part series on strategies for getting your investment property listings and other home listings noticed – check back on Thursday of this week for Part 2.
Many investors acquired their non-owner homes using yesterday’s rules with a focus towards shorter-term lending solutions. Perhaps you’re one of them. You planned on keeping the home for a few years and then selling it for a profit, right? And you were attracted to low introductory rate ARMs because they helped with cash flow until the home went up in value and you made the big profit on the other side. Remember that plan?
And then the rules changed…
Those shorter-term loans that you were so sure you’d be out of by now are starting to convert to long-term problems. Your ARM interest rates are skyrocketing or you can’t refinance into today’s great interest rates because you have too many properties. You realize you need to sell some of your investment properties before they put you in an awkward position. But selling for a reasonable price while competing against bank-owned foreclosures and short sales isn’t easy in today’s market.
I’d like to offer you some ideas for getting your investment properties sold as quickly as possible AND for the best price possible.
To start, it is important for you to know that whether real estate markets are good for sellers – with buyers everywhere – or real estate markets are unfavorable for sellers (like right now), there is one constant that you can count on:
The more potential buyers you can get to notice your listing, the greater your chances are of selling it sooner AND at a better price.
All selling strategies need to be filtered through that undeniable truth. If the strategy will help get the home noticed by more potential buyers, it is a good strategy. If it limits the number of potential buyers who might be interested in checking things out, it is a bad strategy.
Following are two strategies (to be followed by an additional two in Part 2 of tios blog) to help get your investment property noticed:
1. Listing Gimmicks and Give-Aways: At the time of this writing, real estate values are declining in many parts of the country, loan programs have become restricted preventing many potential buyers from obtaining the necessary financing to buy, and many buyers are afraid of the uncertainty presented by a shaky economy – so sellers are having to resort to unusual measures to get their listings noticed.
Freebies and incentives are increasing – in value and in creativity. “Buy this home and we’ll throw in a new Porsche!” “Free yard maintenance for a year!” “Tour our home and get a free bottle of fine wine!” These are just a few of the listing gimmicks you can find out there.
2. Home Improvements AFTER the Sale: Would the home sell better if it had a new roof? How about new floor coverings? New appliances and granite countertops? If so, then go ahead and offer the home for sale that way. Builders do this all the time – and so can you. If you have a favorite contractor, have him/her put together some bids for various improvements, use photos of the new appliances, leave carpet samples or countertop pieces out. “Price includes new…” Laws vary from state to state on how to pay for the repairs – but there is usually a way to work it out within the deal.
Tune in Thursday for part 2 of this entry!
Special thanks to Glenn Leach, author of this post. Learn more about Glenn at www.credittothewise.com.
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Tags: home listings, how to sell a house, investment property for sale, Real Estate Investment
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June 30th, 2009 at 1:45 pm
Great article! I would also like to make a suggestion to compliment what he said. Don’t underestimate the power of the internet to help you get your listing out there. Over 80% of people search for homes using the internet.
July 3rd, 2009 at 9:55 am
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