Facebook marketplace underutilized and over looked

Rehabbing & House Flipping
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Facebook marketplace underutilized and over looked

Dustin Mathenia
Flipper/Rehabber · Dallas, TX · Member since 2017 · 174 posts · 157 votes

So finishing up my first flip put the granite in the kitchen glass tile backsplash looks nice ..too nice for the area but not the point .I decided to try and sell this house on my own since I'm splitting the profit 4 ways and don't see what a seller agent does except put the property on the mls and collects 3%. So I decided to just list it on FB market place with just 2 pictures of the finished kitchen since the rest of the house is not finished in the first 2 days I got 50 replies mostly asking the price since I didn't list one after a week I reposted about the same result I've posted it a total of 3 times probably have close to 120 people that contacted me 2 or 3 that are really pushing for a showing if I don't sell to one of them I will group message everyone for an open house I'd be surprised if I didn't have 15 to 20 people show up for what was free advertisement! I will let you guys know what happens also there are 100 post on CL of "we buy houses" 0 on FB I'm not a Whole seller but maybe I should throw it up there and see what happens 

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Rickie Mincy
cincinnati, OH · Member since 2016 · 25 posts · 119 votes
9y
I was amazed at the traffic I received when listing my rental on FB marketplace! I had a great turnout at the open house, to weed out any non-qualifiers they first had to fill out an application via Google forms and once they passed the test I responded to them with the open house times.
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  • Marian Smith
    Real Estate Investor · Williamson County, TX · Member since 2011 · 1k+ posts · 961 votes
    9y
    Very interesting. Thanks for posting. Are you asking for any kind of loan pre-approval prior to showing?
    1Reply
  • Gerd Conner
    Investor · Central Texas · Member since 2017 · 8 posts · 3 votes
    9y

    Following this to find out how it goes....please let us know!!  :-)

    1Reply
  • Dustin Mathenia
    OP
    Flipper/Rehabber · Dallas, TX · Member since 2017 · 174 posts · 157 votes
    9y

    @ Marian Smith 

    No I'm not asking for anything up front my plan is really to just collect people and then send a mass msg to all 100 of them letting them know of the open house and I'll go from there

    0Reply
  • Mike Bereck
    Cleveland, OH · Member since 2017 · 69 posts · 12 votes
    9y

    @Dustin Mathenia  This is very interesting.  I know about the Facebook Marketplace but I never gave it much thought.  It seems like you are having huge success using it in your local area and the best part is it is free!  Let us know how it goes.  

    1Reply
  • Dustin Mathenia
    OP
    Flipper/Rehabber · Dallas, TX · Member since 2017 · 174 posts · 157 votes
    9y

    @Mike Bereck 

    Yes I have a mass of replies on the house should see how  many people show up to the open house from the 100 responses I've had. I did end up throwing a we buy houses post up got a few responses nothing good yet but didn't cost me anything I'll keep you guys posted 

    1Reply
  • Mike Bereck
    Cleveland, OH · Member since 2017 · 69 posts · 12 votes
    9y

    Nice.  If this works out for you it will be a game changer!

    0Reply
  • Rickie Mincy
    cincinnati, OH · Member since 2016 · 25 posts · 119 votes
    9y
    I was amazed at the traffic I received when listing my rental on FB marketplace! I had a great turnout at the open house, to weed out any non-qualifiers they first had to fill out an application via Google forms and once they passed the test I responded to them with the open house times.
    4Reply
  • John Kary
    Specialist · Kansas City, MO · Member since 2017 · 3 posts · 6 votes
    9y
    Facebook Marketplace feels more personal than Craigslist or MLS. Often people are searching for authenticity and trustworthiness in a business transaction. Sometimes that trust is in a brand. Such as when you walk into a chain restaurant or shop a retailer anywhere in the US you will receive similar service. Facebook Marketplace can work because you cut out the middleman agents—the matchmakers. Of course you may buy/sell for more than it’s “worth” but worth comes down to what someone else will pay. Wish more people would post their stories of using Marketplace for selling or for rent!
    4Reply
  • Dustin Mathenia
    OP
    Flipper/Rehabber · Dallas, TX · Member since 2017 · 174 posts · 157 votes
    9y

    @Rickie Mindy yes I rarely see rentals on there and they are always from mom and pop land lords and small investors not big property management I often contact them to see if they would be interested in selling but with no success but free to ask

    0Reply
  • Gregory Flores, Jr.
    Homeowner · Aurora, CO · Member since 2017 · 74 posts · 28 votes
    9y

    Great idea. While looking for my first tenant the past two months I realized that so many people post onto Facebook Marketplace. I wouldn't have thought that someone would try to sell a house there, but it seems so obvious to use it as another marketing tool. Following the thread to see more perspectives.

    @Rickie Mincy makes a great point about processing tenant leads using Google forms.

    1Reply
  • Dustin Mathenia
    OP
    Flipper/Rehabber · Dallas, TX · Member since 2017 · 174 posts · 157 votes
    8y

    Update! So finally finished the flip went back to all the people interested on fb let them know about an open house this weekend there was one girl who seemed pretty serious when I first posted said her sister was looking for a place in pixley (the town the house is in)  had a pre appoval letter and wanted to see it asap . So I sent her a message told her of the open house asked if she would like a private showing . The sister and mom met me at the house today both loved it said "I have to show my husband tomorrow if he likes it we will put in an offer" I am excited about that don't know how this usually works but I doubt it goes one showing offer close but would be awesome of that's what happens:)...

    Ok guys if this offer is good and I accept what' the next step there are no agents involved do I go to her lender or a title company I'm assuming there is some paperwork involved I have no idea any help would be greatly appreciated thank you 

    1Reply
  • Ann Bellamy
    Lender · Tyngsboro, MA · Member since 2009 · 3k+ posts · 2k+ votes
    8y

    @Dustin Mathenia, Zumper has announced that their rental listings will now be available on the Facebook Marketplace, with the ability to filter by criteria and apply right from the FB app.

    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    dont get too excited about FSBO buyers... most never close..

    but all you have to do is go to office depot there will be a section with legal forms.  buy a purchase and sale contract and fill it out have buyer and seller sign it.

    then hand it to the title company and they will do the rest.. they will want the lender contact info.

    FSBO can happen..

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    1Reply
  • Dustin Mathenia
    OP
    Flipper/Rehabber · Dallas, TX · Member since 2017 · 174 posts · 157 votes
    8y

    @Jay hinrichs 

    Thank you for your quick response . I'm definitely not getting my hopes up but the couple seems pretty legit they are buying there second house as an investment for her parents. Thanks for the info I'll definitey go there today just in case 

    0Reply
  • Dustin Mathenia
    OP
    Flipper/Rehabber · Dallas, TX · Member since 2017 · 174 posts · 157 votes
    8y

    Update: The couple came yesterday to see the house husband loved it she made an offer of exactly what we wanted on the spot we negotiated a little on closing agreed that we would pay 1000$ and they would pay the rest out of pocket we are supposed to sign papers today do you think we could just walk in to a title company and they could do everything we need to get this deal closed ?

    2Reply
  • Dennis L Lewis Jr
    Nashville, TN · Member since 2017 · 82 posts · 22 votes
    8y
    @dustinmathenia That’s excellent news!! Even with covering $1000 in closing. Your still saving money by not using an agent to list the property. Hope it all works out.
    1Reply
  • Dustin Mathenia
    OP
    Flipper/Rehabber · Dallas, TX · Member since 2017 · 174 posts · 157 votes
    8y

    So my partners in this where all really worried about not using an agent and after getting an offer from someone without an agent no one knew what to do. I tried to explain to them I have a network of a million real estate professionals giving me advice but they still felt unprepared . Their plan was to ask there "friend" of 20 years who is an agent for advice on what kind of paper work we would need. He wanted 3% of the deal 4500$ to do the 10 minutes of paperwork. I was livid they have been close friends for over 20 years and he' upset we didn' use him in one transaction ridiculous! Turns out my girlfriends aunt actually works at a title company I called her and she told me all we have to do is come in and she'l take care of everything. I don' know if I'll ever use a selling agent if it' really this easy to sell a house especially in this market there aren' a lot of choices in my area of turn key properties. Sorry for the rant .

    4Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y

    its not as easy as just contract. in CA there are mandatory disclosure docs that must be used.

    since you are not up to speed on any of this and don't want to use an agent you should pay an attorney a 500 or 1000 to make sure you are providing all the disclosure documents required in CA.

    or you can just wing it.. and most likely nothing will happen but if you have a dispute and you failed to disclose .. your not going to have any defense then your partners are really going to be peeved you did not spend 4500 on an agent that would make sure all the sellers disclosures are done.

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
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    0Reply
  • Dustin Mathenia
    OP
    Flipper/Rehabber · Dallas, TX · Member since 2017 · 174 posts · 157 votes
    8y

    @jay hinrichs 

    Couldn't I just ask my gfs aunt who's doing all the paper work to make sure all the proper disclosures are in there ? She was a realestate agent for the last 10 years now works at a title company.

    0Reply
  • Ronda R.
    Investor · Atascadero, CA · Member since 2015 · 238 posts · 90 votes
    8y

    Make sure you handsomely reward gf aunt for her help. She may even help you again.

    2Reply
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