How do I sell my property this weekend?

Question

What are some strategies for selling a property quickly that has been on the market for a while but you are at the point where you need to dump it?

Wayne Brooks · Answer

To actually sell it this weekend.....cut the price in half.

Michael Lazzaro · Answer

Finally sold for the record... Wasn't quick but walked away to fight the good fight. Thanks for all the advice.

Jed Haslam-Walker · Answer

@Michael Lazzaro Hey Michael,

Selling quickly needs

1. Reach -  Account Closed is right you would need flood your sphere with straightforward information flyers, local paper, signs on major trunk roads, Craigslist, local REIA, large yard sales, farmers market, tell all the brokers in your region - advertise it.

2. Price - reduce the price to your absolute minimum - it would need to be 30% below market to move quickly but this will trigger buyer fear so counteract that by..

3. Transparency -detail every flaw of the deal -all the negatives associated with the deal and why they are negatives.Then list the positives - do your homework and do their work for them - be the buyer and think through every single positive the buyer can get out of the deal - if you need help with that get a Realtor to work it through with you.

4. Hard work - lay out the financials,

• calculate the loan amount they would need at your purchase price, 
• calculate their estimated mortgage payment, 
• calculate the down payment they would need
• calculate their NOI
• give them their Cash on cash and work the numbers until you can match the local CoC -if you can get it higher great
• calculate the local Cap Rate - and get your property to an equivalent or better Cap Rate 
• ...and then put this on your advertising and tell your local brokers and property management companies, and REIA.
•

Be fully transparent about why you need to move quickly - do all of their homework for them so they can walk into it.

Consider seller financing if you can - then target investors who can't get financing or don't want to approach lenders right now and do all of the above to them...

Hope this helps -

Account Closed · Answer

There isn't a "one size fits all" for that question.

If the property is 900 sq ft to 3,000 sq ft home in a typical neighborhood in a normal market  and has been kept up or fixed up then you have great pictures posted on Zillow and Facebook, etc. You hold an open house & hire students to take fliers to every house in a 1 mile radius and post signs in front of the house. Lots of promotion.

In Phoenix right now, a house like that sells in about 5 days in the MLS.

So, it just depends on your zip code, condition of property, photography, etc.

James Carlson · Answer

Uh, price it really really low. That'll do it.

Michael Lazzaro · Answer

https://www.biggerpockets.com/...

Michael Lazzaro · Answer

Its more a rental property in Oakland. It has an unpermitted mother in law units, little parking and its in the alley. It would be a .8% property in the bay for the right person, and probably a buy and hold type situation, or good for an owner operator for a few years.

How do I sell my property this weekend?

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