Posted by B.L. Renfrow on May 26, 1999 at 11:04:50:
Brian,
As long as you have the property under contract, you can certainly market it, despite not having closed yet. Why are the potential buyers even concerned about the sign? If they question it, sounds as if you’re giving them the correct answer: you have the property under contract to purchase or lease or whatever. I would definitely NOT wait until closing to begin marketing; that’s just time lost during which many potential buyers would not even know about it. In fact, I’ve gone so far as to run a “test ad” prior to making an offer, attempting to determine interest in a property, since a couple properties I’ve dealt with have rather limited appeal. Also, I would make sure your purchase agreement gives you access to show the property.
another Brian (NY)
Advertise for tenant/buyers before you take posession? - Posted by Brian (IN)
Posted by Brian (IN) on May 26, 1999 at 08:16:27:
I am new at this game and have two puchase agreements on properties I intend to L/O, sell on contract or wholesale. I have been advertising one of them in the paper for L/O and owner financing. I have not closed on this property and the realtors sign who had the property listed is in the front yard. The house is vacant. I have given people the address and told them to drive by. Only a few have questioned the realtors sign and asked about it. I told them I am an investor and have a contract and have not closed yet. How do the experienced retail professionals handle this? Do you wait until you close to start advertising? If not how do you explain the realtors sign if there is one? Any suggestions would be greatly appreciated.
Thanks,
Brian
Re: Advertise for tenant/buyers before you take posession? - Posted by John Burley
Posted by John Burley on May 26, 1999 at 18:13:33:
Dear Brian,
I always remarket the property prior to posesion. In your contract add the simple contingency (I don’t think you should use many or make them unrealistic):
Buyer has the right to show the property to prospective occupants in privacy with a 24 hour notice.
I am constantly turning properties (we generally have a minimum of 4-5 for sale at all times). We run two types of ads. First,we run a generic ad for the types of properties we specialize in. Second, once we have a property tied up we run specifid ads for it.
The best way to reduce your risk is to remarket the property before you take possession. This works whether you are doing quick cash or (my favorite) cash flow strategies.
John