suggestions for marketing an occupied L/O? - Posted by rayrick


#1

Posted by Russ Sims on February 24, 1999 at 11:54:46:

People who respond with “why are you wasting our time with this crap” tend not to stay around this site for very long…seems the process of natural selection weeds them out…

Why has the seller not moved? Is it because they haven’t sold their house yet? If so, write up the LO and put an agreement in on when to vacate. Make sure your payments don’t start for at least 2 months after they leave. Seller leaves, you show an empty house and sign a tenant/buyer.Take your deposit and pocket 2 months worth of payments. If you do it this way you can offer your TB immediate occupancy. That is a condition some will pay dearly for…Good luck
Russ


#2

suggestions for marketing an occupied L/O? - Posted by rayrick

Posted by rayrick on February 24, 1999 at 10:47:24:

I’m wondering how people go about marketing occupied houses. I’ve got a good prospect for an L/O that I’d like to sandwich, and the seller hasn’t moved yet. Now, in one way, this is a good thing. I’m not under tremendous time pressure to find a TB, since the seller is not yet making double payments, but the downside, obviously, is that it is trickier to show. I’d like to leave info about the property for drive-bys to pick up, but I would rather not reveal all the details of my terms for my TB’s to the seller. The other thing about the place is that it doesn’t look like anything special from the exterior but is GREAT on the inside.

On a related note, do you L/O folks out there generally do much to spruce up the place before you market it? This house would benefit greatly from a coat of paint on the front side (the seller did a very nice job on the other three, but hadn’t gotten around to doing the most important side yet!)
This house is no junker, and I’ll be asking a lot for it, and I’m concerned about lack of curb appeal. Should I just get a handyman to paint the front and maybe spread a little bark, while the seller is still in the house? Maybe I could even get them to pay for it, or at least split it with me.

Anyway, all input will be welcomed (other than “why are you wasting our time with this crap?”!) Thanks in advance.

-Ray


#3

Thanks all… - Posted by rayrick

Posted by rayrick on February 25, 1999 at 14:24:40:

Unfortunately my seller just bagged out on me, so it’s a moot point for now, but I’m glad to have the info anyway!

-Ray


#4

Re: suggestions for marketing an occupied L/O? - Posted by Rob FL

Posted by Rob FL on February 24, 1999 at 20:23:05:

I am with JPiper on the repair bit. Don’t do any fixup until after it is empty, as long as the property has some curb appeal it is ok.

As for marketing. Put a sign out front with your number on it (make sure your contract to buy allows this). I put all the pertinent info on the voice mailbox. How many beds and baths, when available, rent and deposit amounts if applicable, the address and directions, things that everyone wants to know before they even look at it on the inside. You might consider running a short eyecatching newspaper ad to attract attention also.


#5

Re: suggestions for marketing - Posted by JPiper

Posted by JPiper on February 24, 1999 at 18:14:04:

Hopefully you have a clause in your contract that permits the showing of the property to prospective tenants, contractors, inspectors, and others.

You discuss the property on the phone with the prospective tenant. If they’re interested you meet them at the property at a time you establish. You call the seller first and notify them that you’ll be showing the property, and ask them if they can find something to do during that time period.

Hopefully you have a fixed date of possession established with the seller which is specified in the contract, so that you can establish a move-in date with prospective tenants.

All of this should have been discussed upfront with the seller, and most of it included in your contract.

I don’t have an information sheet that I give the tenant, but if I did, I would not leave it at the house. As you point out this is not information that you would want the seller to have possession of.

I don’t do any repairs prior to the seller moving, and my possession. I do show the property prior to those repairs. I tell them what I will be doing in the way of repairs prior to their move-in.

Keep in mind that you sell the house to the prospective tenant?.at least that’s my method. I don’t rely on info sheets to market my house. I market it. It’s a people business.

JPiper