How Do I Spead Up The Process Of Finding A Buyer?
For the past 1 1/2 months I've been trying to sell a property well below market price. I've been advertising it in the main newspaper and on various investment sites with some interest. However, many people express interest but when I follow up to see about them putting a contract on the house they decide not to. There doesn't seem to be a consistant reason. I'm getting frustrated. The house seems to be priced well (46K in an area w/ fmv 60-65K) and the only rehab that might be done would be to update the kitchen. However, even that, while old, is in decent shape. It would make a great rental or a great starter home for a homeowner.
I've done flips before and it always seems to take longer than I expect. But this deal seems to be better than some others.
I'm wondering what I may be missing. How can I push people to the next step? Is there advertising avenues I'm not thinking of? 
Just a word for deals you do in the future, always have your exit strategy before you enter into any deal. What I mean is to know who, where, and for what reason your buyer wants to buy this house. Next you want to know how the buyer will buy this home, and provide steps to escalate the process whether you provide them with a broker or you simply answer there questions. Then, and only then, should you start looking for a particular home to buy.
This is the rule for any business and it applies here. “You would not go out and build a product, and then try to find people who need it. You would find the people that need something and provide it.”
Now I know none of this helps you now, so let me give a few tips to help you out of the current situation.
- Why isn’t your add working? Look at it from their perspective.
In this case I would try something like:
Must Sell Now, No Offer Refused!
Thousands below market $$$$$.
Call 111-111-1111
Give them a sense of urgency
- Next, if there is not a sign in the yard put one up.
FSBO
Flexible Terms, Must Sell
Call 111-111-1111
- Last but not least list with a broker, they will market it for you. Plus, get leads and services from them in the future if your not currently utilizing one now. Then you can get back to square one and prevent this situation from happening again.
I'm sorry I should have been more specific. This is a pure option contract that I have on the house. It is not a house that I have bought. So there is an exit strategy. Being such, I can't list it with a broker. Also I do provide solutions for prospective buyers by answering their questions and referring them to my broker if they aren't already pre-qualified and if I can get them to that stage. I do like the sense of urgency ad but wouldn't be able to say "no offer refused." I will try the "must sell" tactic. Any other advice is greatly appreciated.
Thanks
An option is the same principle as mentioned before. You want to have your buyer before you take the option. Otherwise you just wasted 60-90 days on a useless option
You still need to know your market, who lives in the neighborhood? What are the typical careers, what do they do for fun? That will give you an idea as to how to market to them and where
What do you have on the sign out front?
I have a cluase in my option stating that I can market the property on the mls.
Might be something for you to think about.
I like the MLS clause.
I am pretty familiar with the market but still unsure as to how to market to them. On my sign out front I have "for sale by owner" and the phone number.
Thanks
Maybe you could target renters, and advertise "Rent to Own" and just assist them with speeding up the whole process so you can get your $$ and get out of there.
asking 46k on a 60k home...
why not advertise... for 57,900 and you pay all allowable buyers closing costs and prepaids...