Re: Option on $350K house-need to sell quickly - Posted by Nate
Posted by Nate on March 23, 2001 at 22:58:27:
Four homes in my neighborhood (in DC) came on the market last week. Three are already under contract and the fourth is not because it’s overpriced. (This is a $350K-$450K neighborhood - a nice area, although not as nice, in relative terms, as a $350K area in Richmond I’m sure).
At least here in the Washington area, buyers in this price bracket are almost ALWAYS represented by a buyer’s agent. They know what they want and they know what they should pay for it.
One way to attract more interest would be by offering a price below market. If the house is in a $350K subdivision, offer it at $330K or $320K. Now that the weather is starting to get nice around here, lots of people are out buying and if it’s priced right I would imagine you’d have no trouble selling it in 90 days.
The other, probably better, way to do so would be to offer bonuses to the selling broker.
Wayne (MD) had a great post on here within the last day or two in response to a question someone posted about the “Mr. FSBO” type listing services which put your listing in the MLS and do nothing else. I would recommend that you find and read that post, because the point of it was that you have got to market the heck out of your property to AGENTS - not necessarily to buyers, because agents (particularly in this price bracket, if Richmond is anything like Washington) control the buyers and control what the buyers will see.
I assume you are going to sell it as a FSBO and are not an agent yourself. I would make clear in large letters on all signs, ads, flyers, and the like, everywhere, that you offer “3% co-op”. That will get the attention of buyer’s agents. Heck, maybe also throw in a “$2000 bonus for full price contract” or something in the marketing materials that the agents get (not in anything to the general public). Make tons flyers and get them to all of the real estate offices that work the neighborhood. I can practically guarantee that if the house is priced right (at or slightly below market) and you are offering generous compensation to the selling broker, you WILL get a contract on it.
Let us know how it goes.