Posted by Patrick Rownd on January 08, 2003 at 19:30:50:
I have been an agent for a couple years and one of the first things I learned was to connect the financing with the property.
Find a lender that you have worked with before and get them to put a sign that offers financing for your condo with your FSBO sign and send all the people looking to that lender and together you can sell it and the lender will be happy they made some money.
The key is working together.
How to successfully retail a condo? - Posted by Ralph Brooks
Posted by Ralph Brooks on January 08, 2003 at 18:57:27:
Fellow dealmakers,
I need help.
Wanted: One guru in RE who can coach me through what it will take to sell a condo.
The facts:
Currently working on retailing a house on which there is a slim margin for profit:
Property was taken subject to underlying loan.
Currently owe: 99k
Invested 20k to reinstate loan and fix up the place
On the market for 129k + 2k transfer tax (10k profit)
FMV (based on comps and BPO): 129-135k
The features:
This condo is in a nice part of town with easy highway accessibility. New carpet and paint are in the place.
Customer feedback indicates that vinyl may or may not need to be replaced (water marks in vinyl).
Excessive ceiling fans (1 in each room) that are not hardwired into the condo. These fans could easily be removed.
Complications: Because of the thin margin, there is really is no room to hire a RE agent to sell for me.
Because of my finanical reserves, I have a limited amount of time to sell.
Because of the time I put into this deal, I need to walk away from this deal with 10k.
The 10k profit and 20k investment need to be in cash ASAP.
What has happened to date:
Marketing strategy: Placing ad in newspapers initially (very expensive - extremly low yield of results, even a low yield when
advertised as rent-to-own)
FSBO signs advertising - This has produced 80 showings (and 120 calls) of the condo in the past 60 days.
What is happening: I am either getting people who don’t have A credit and can’t get pre-qualified, or I am getting people who have not gone through the prequalification process. People who have not been pre-qualified say that they will make the call to the lender, and in two days I get some excuse that they are not interested in the condo.
What I need: Some technique to help the buyers commit at the showing, or something that helps them to stay commited to this process of buying a house.
What I can offer: Information on what I am putting on the FSBO signs that causes tons of people to inquire about the condo.
Thanks in advance,
Ralph Brooks
ralphbrooks@brooksproperty.com
Re: How to successfully retail a condo? - Posted by todd
Posted by todd on January 09, 2003 at 07:39:02:
I am not an expert…but, have you tried showing to multiple people at one time…to drive up compitition. Have you read Peter C. and David F. 's book (Making Big Money Investing in Real Estate without…) They have some great ideas.
Todd Williamson