First fip completed, however, it has been sitting on the market for 3 months! Help

[Megan Moulton-Levy]

Hi everyone! I am a new investor in the Hampton Roads Va area.  In January I rehabbed my first property.  The job was supposed to take 6 weeks it ended up taking 11 weeks. The intial budget was 73K including the price of the home and the final amnout spent was 85K.  Despite the fact that I was over budget and time I am very pleased with the outcome of my first project. 

I had a full price offer of 120k and a ratified contract within the first 3 weeks that the property was listed.  However, the contract fell through and ever since then there has not been much activity.  The home is listed with a real estate agent.  Any advice as to how to proceed? 

I am in the middle of a second project and want to get the first sold!

[Jeff Copeland]

@Megan Moulton-Levy - Try this:

Put together a nice "before and after" slideshow of the property, and post it on Facebook.

"Boost" the post for $50 to $100, and set the targeting for the ad to the demographic of your target buyer.

I stumbled onto this technique by accident, and sold a house (prior to listing it on the MLS) the same day! See below from an earlier post.

Can't hurt, right?

Originally posted by @Jeff Copeland at http://www.biggerpockets.com/forums/67/topics/183556-pre-marketing-flip-house-before-the-mls:

We recently had surprising success on Facebook with pre-MLS marketing. The property was a flip, so I created a Before and After Album on Facebook, then I boosted the post for $60 to my target demographic.

I wasn't really trying to sell it via Facebook when I posted the pictures (to be honest, i wasn't sure I even wanted potential buyers to see the "before" pictures!) - I just thought it was a good way to get some likes and promote my company - I know everyone is addicted to before and after pics and the rehab shows on HGTV.

There was a flurry of activity on the Facebook post and people started tagging their friends who were looking for houses.

When I stopped by the property on my way home that day, there was a buyer sitting there waiting for me. By the next day I had two offers in hand at full asking price - both directly as a result of Facebook! Cost me $60 rather than a 3% listing agent fee (I still paid the buyer's agent because the buyer already had one), and I also got like 100 new likes to my company page on Facebook (which was all I was really hoping for in the first place!).