How to market property once I have it under contract

Question

Hey guys just got my first property under contract and I can start marketing it to buyers today. What are some good ways to market the property and find buyers. So far I am just going to put an ad on craigslist but I'm sure you guys can give me some other effective ways that can help me sell this property fast.

Bill Gulley · Answer

Newbies, consider wholesale advertising:

If I'm a buyer you know, you should give me a call telling me what you have. I don't mind a "pitch" if it sounds like you're trying to do something for me too, "Bill, wanted to give you the first crack at the deal I just picked up"......

Now, if you send me a letter, it's going into the trash.

If you call me, I'll listen, then I'll check it out if I'm interested.

Now, if I see or find out that you have plastered ads all over town, put it on CL, that's a good indication to me that I'm not getting any special deal from you, in fact, it tells me I'm just another guy in the general public that you're advertising to. meaning I may have to compete with Johnny Who Knowswho.

You don't really want to get involved with a off the shelf mom and pop buyer looking for their own home, that gets sticky for you, so why go there while killing the perception of trying to give your real target market that you're trying to give them a good deal?

If I see an advertised price, MLS or otherwise, advertised generally, you just told be what spread I might be getting, that I can use against you in several ways.

Best to call your investors, give confidential prices as an offer, then wait and see if they are interested, they should be 1 out of 10 or you messed up paying too much.

If all that fails, then beat the bushes.

You should know valuations, the market, my needs, my demands and interests well enough that when you put a property under contract that we can come to a quick determination within a day, two at most on the phone. Not weeks! I've taken and sold properties in minutes on the phone, not days on CL or the MLS, it's all about knowing the buyer. Good luck :)

Bill Gulley · Answer

Remember, advertising property you don't own (have title to) without a license and brokerage agreement is illegal, you are advertising the contract on the property, not the property or the property subject to prior settlement.

I'd suggest you keep a low profile, (you should have had potential buyers in the first place taking an owner's property off the market and just beating the bushes) market to investors.

The masses in the public domain may well have financing issues with assigned contracts, so investors are your best target market. Hopefully you put something under contract investors are interested in, otherwise, you may just end up jacking the owner around. :)

Account Closed · Answer

REIAs, linkedin investor groups, craigslist, ebay, bandit signs are just a few. I've never done it with bandit signs but I've heard they have great response rate. They are illegal in most areas so make sure you know the rules in your area.

John Santero · Answer

everyone stated REIA groups and I use postlets.com and that sends the post to all the search engins- about 10 in all. I get a lot of hits from that plus craigslist

Dev Horn · Answer

Bill makes a good point above - if you are going to put the deal on CL, you might put it out there at a couple thousand higher so if your cash buyers see that they'll know you're actually giving them a BETTER deal than you are offering to the "public".

Cory Gardner · Answer

thanks to everyone for the helpful advice. Exciting to get my first property under contract after only starting 2 weeks ago and now time to close my first deal.

Stanley Okazaki · Answer

REIAs

Sometimes there are FB investment groups full of cash buyers. If it's a good deal you will have no problem selling it...

Tedroy Johnson · Answer

@Cory Gardner you can market on Craigslist and also the Market Place here for which you have to be a PLUS or PRO member.

David Bateman · Answer

Call your buyers first, out of 10 on your list you should have one or two that can give you their opinion on the deal and perhaps take it off your hands.

Cory Gardner · Answer

I already have 10 investors on my buyers list at the moment that pay cash. I am just seeing of other ways people use to market to get the house sold quickly to help the homeowner and myself.

How to market property once I have it under contract

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