You are right, there are some really good real estate agents out there. Keep looking, I?m sure you will find one. It has been my experience that most agents aren?t all that competent. The small percentage that truly know their business are worth every penny of the commissions they charge. Once you find a good agent you will have a very valuable member of your team. Keep in mind that most agents are accustomed to the traditional real estate transaction and don?t understand creative deals.
How do you sell a property in a buyers’ market, without giving it away? I’ve recently listed my rehab property (some have seen the photos) and haven’t had as much as a nibble. My real estate agent is locked in for her 7%, and I would like to make something after spending a year of my blood, sweat and tears (sounds like a '70’s group) to get this place renovated. Unfortunately, I finished at a bad time of year when nothing is selling. On top of that, I just bought a commercial property that I want to renovate. I can’t afford to get work done on the commercial property until I get some working capital. In the meantime, I’m paying two mortages = negative cashflow. Any thoughts?
Thanks in advance. I’m going to bed now…I’ll read the solutions in the morning.
Re: It’s late…I’m tired…I need a fix! - Posted by KeithW
Posted by KeithW on December 18, 1999 at 24:50:06:
Rich,
I feel your pain! Making payments on 2 mortgages and not having the cash to move on to your next project sounds like a real problem.
If I could show you a way to get a chunk of your equity out of the property now, have your payments taken care of, and relieve you of all maintenance responsibilities on the property, is that something you would be interested in talking about?
Posted by Carmen_FL on December 17, 1999 at 08:10:00:
Don’t rely solely on your realtor to sell the house. They don’t HAVE to sell YOUR house to eat. You do.
However, do make sure your realtor is WORKING for you - running ads every weekend which specifically mention your house, holding open houses, sending postcards or handing out flyers to ALL the neighbors, “advertising” your home to other realtors through their systems (“caravans” and internal e-mail systems); offer a $500 bonus to the selling agent. Make sure you read the information he/she put in the MLS - if it doesn’t excite you, change it so that it does. Put “key” words in there for the other realtors as well as the buyers - “bonus” to the realtors, and “owner financing” “will pay closing costs” “will help finance”, etc. for the buyers.
But, also run your own creative ads. Offer Owner Financing; Low Down, etc. (sell the note for cash). Talk to many mortgage brokers, tell them you have a home for sale and would LOVE to give them the mortgage; they may already have pre-qualified buyers with no house to buy because they need a little help (can you hold a small note? Pay for closing costs?)
In other words, make some noise about your particular property. You have to reach as many people as possible who are looking for a house just like yours. The more people know about it, the more chance that a buyer will see it.
Posted by Phillip on December 19, 1999 at 07:36:15:
It is so very important to be sure that the real estate agent is indeed working on your behalf. I had the unfortunate experience to have been involved with an agent who sat on his behind all the while expressing that he was trying to sell my rehab property. I decided to run an an with phrases like “owner financing”, “bad credit o.k.” and so on. The calls came in like crazy. My trust level for real estate agents is very low at this point, yeah, I know that there are some good agents out there but I am yet to locate them. Most do not seem to understand that the dual self-interests (his commission-my selling the home) can be met with focused attention, marketing, and not just spending time with homes in the higher brackets.
Carmen,
That answer was worth waiting for! I’m going to get on it today! Thanks to the emailers too!
I’ll let you all know WHEN it sells!
Thanks again. - Rich
Posted by Marvin_AL on December 17, 1999 at 08:46:34:
Great Answer! That sort of thinking is outside the box for most but hopefully as we all grow it will become our first inclination. Good Luck selling, and Merry Christmas!