May 3rd, 2010
How to sell an investment property fast?
A freind of mine has an investment property in Atlanta Georgia that he is trying to sell. It is a 4 year old Duplex with 4 bedrooms and 2 baths in each unit. It needs no repairs, it was built in 2002, it has wood floors throughout and it is close to public transportation, colleges and downtown. He is asking 335K for it and it was appriased 9 months ago for 350K. He has an open listing with a realtor for a few months but hasn’t had any luck getting any buyers. The realtor said it isn’t selling due to the tight market and the time of year he is trying to sell. Can you suggest any ways to get more interested buyers?
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Filed under: Sell Property
Lower the price. That’s how you get property to move quickly. It doesn’t matter what it was appraised for 9 mos ago, that was a different world in the real esate market. It is a buyer’s market.
What he should do: Investigate the home prices of closings within the last month for similar properties. Then price around there or even lower.
If that’s not pallatable, then he needs to hang on to it for a while and rent out both sides. The real esate company should be able to handle that for him.
The only true way to sell a house faster ….
Is to lower the price, make it the best deal for someone to purchase. Aren’t you always going to buy the deal when given a variety of buying options ?? Real Estate is no different.
-lower the price, which attracts more buyers
-offer a higher Cooperating Buyer’s Broker amount (Open listing, they know they’re going to get stuck doing all the work), which induces buyer’s agents with clients to show the property.
-spend money advertising it. Unfortunately, if he doesn’t know the right places to advertise, he’s likely to waste a lot of money.
Doesn’t matter what it appraises for. Even if it appraises for $350 Million, if nobody wants to buy at $335,000, it isn’t worth $335,000. What matters is what properties like that one are selling for in that area right now.
Oh, one more suggestion:
-Get a real listing agent on the job. As a buyer’s specialist, I’m not interested in listings, but I’m always amazed at how many allegedly competent adults don’t understand that you get what you pay for.