Investor · Cleveland, OH · Member since 2011 · 603 posts · 130 votes
I am not new to real estate - We have purchased and rehabbed 28 properties but only sold 3. The rest rentals for now. But my wife is a new real estate agent so we can use some tips.
My wife recently got her real estate licence which I asked her to do to help with our rentals/flipping. I have a property that will be ready next week. Are there any strategies out there as far has descriptions working or day of the week to list on or amount of days to wait until an open house?
So far we are -
Having it staged
Getting professional photos ($200)
I know the time of year is not great but is there a good day to start the listing and a certain amount of days to wait for an open house? I plan to price it pretty competitively.
Rockledge, FL · Member since 2016 · 493 posts · 427 votes
8y
Adam,
There is an old adage in brokerage "list it low and watch it go". Price overcomes all obstacles, so price it appropriately and it will sell itself.
If you wife is a licensed agent, she should have hung her license with an agency. AFAIK, it's pretty much that way with all states. Generally, the agency will have an exception for commissions on agent owned real estate. Also, they may demand that she list it through the company to protect their license with the state. She should be getting advice from her broker-owner. If not, she should be seeking out an old, grizzled veteran in the office, who can advise her on what to do. Also, if she has been working for more than about a week or so in an office, then she should have a bit of a buyers list, or know who in the office has buyers. She can shop it to them first.
Failing all that, get the marketing going. This would be things like MLS, cold calling and mailing neighbors to let them know the house is going up for sale (and asking if they want to sell), as well as getting in touch with lenders who can help co-market the property. Open houses may be in order, especially at this time of year.
If you are trying to time the market, the best way to do that is find out when the most number of properties went under contract (you can also use most number of properties closed - average time to close, usually 30-60 days), and then subtract market time, plus one week. Example, if your market time is 21 days, and your U/C is April 1, then list date should be on or about March 1. That will give you the "theoretical" best time to list. Again, price overcomes most obstacles, including time.
There is a bunch more to this, but this should at least get you started in the right direction.
Real Estate Broker · Cleveland, OH · Member since 2017 · 719 posts · 658 votes
8y
What James said is not working in Cleveland.
Don't try to sell your house fast - don't decrease the price too low, especially if it's a flip - updated houses sell themselves too fast.
I looked her up - she won't get much leads in that office so she should develop her own clientele. This listing could help her.
Buyers who shop at this time of the year - very few of them - but they are solid buyer, you might get even in multiples. She's better off to list the property on Sunday and get broker open first on Tuesday. These are the agents who sell the house - if you want it sold.
If she wants a listing to get list of buyers - then it's Sunday open house - every Sunday from 1 to 3pm is the best time. She has to put it into MLS by Wednesday so all the media would pick it up and advertise by Sunday.
Don't post it on CL - it's a sign on cheap flip or rental.
Also, some marketing materials would help at the public open house. Flyers with her name and phone numbers - she might get another couple listings from that.
If she feels like asking questions - give her my phone number, I can help some.