Hi I am a newbie and Just purchased my first deal. I am currently fixing it up now in Rosedale, MD. How can I quickly sell this property without using an agent.
Are there some organizations I can market this to? I read so much about finding deals but so little about selling, once you acquire a property.
BTW - It is apraised at 196k As is. ARV=240k
3bR, 21/2 Bath and 1 car Garage and 1 Fireplace.
Thanks in advance
Sikpim,
Engage the services of a good, experienced real estate professional. Let him or her handle the marketing, showings, contract neg., interactions with attorney, title company, mortgage broker or banker of potential buyer. normally the R.E. professional can net you within 1-2% of your desired net and cover the brokerage fee too. You can try FSBO but it requires a lot of your time and resourses and most FSBO’s engage a Real Estate agent within 4-6 weeks of trying it on there own. However some are successful. I do this for a living and believe it or not, I assist FSBO’s with advice, answer questions, do’s and don’ts, etc. If they decide later it is too much, they call me. I do not recommend the discount or upfront fee brokers. They do not care if you sell or not. You have already paid for there service in advance. Give it a try and good luck. If you decide it is to much…Employ the services of a good Real Estate professional.
James “Mr. Talking House” Anderson
Houston, Texas
Congrats to you on your first property.
As soon as you take ownership of the property you need to start marketing. The longer you wait the more you will have to lose in holding costs when you are complete.
I tell everyone that before you even enter a deal you should already have your exit strategy. You should already have your network of buyers.
I will take it you don’t have a network yet? Thats fine becuase you will really work extra hard to build that network, because you now have a house that you have to get rid of.
Go to your local REAI and start networking with people there. See if you can find your buyer there or see if anyone knows someone interested in buying properties.
Also go to foreclosure auctions to network with the investors who are buying property.
You can place an ad in the paper and things like that.
I also suggest networking with hard money lenders, title companies, realtors, and anyone else you can think of. They will most likely know of someone who buys property.
You can call the I buy houses guys in the newspaper. You can also try calling the people who have the classified ads for rentals. Many times they are investors and they might want to buy your property or do business in the future.
Hope this helps. These strategies are a good place to start.
Brandon
Thanks for your advice. It is a learning process, but I will get better as time goes.
A couple of other ideas:
Craigslist (free)
Auction it - Do a google search to find auction companies. They typically charge you $1,200 for marketing costs & that’s it.
Sikpim,
Congrats! It’s nice to get that first one under your belt. There are a variety of places you can go to sell your house without using an agent (if you choose not to).
www.homerentalads.com (pick the state and list away!)
www.ownerwillcarry.com (if you’re willing to carry a 2nd mortgage to get it sold quickly)
www.clickit21.com (Will list your home on the MLS for a small fee - you pay the agent who brings the buyer)
www.fsbo.com
www.buyowner.com
www.imls.com (an investor MLS)
www.webuyandsellhomes.com (if you want to wholesale it)
Not to mention going to the left of this forum and finding a REIA group in your area. Networking can often lead to a lot more than you expected! You can find buyers, generate a wholesale list, and potentially find new funding sources as well. Never underestimate the power of networking when selling a house.
Finally, check out places like www.usadata.com or www.infousa.com. These guys will rent you a list of renters in your zip code with specific yearly incomes who would probably love a postcard from you telling them how they can move into a beautiful home like yours easily!
Good luck and don’t stop buying! It’s much harder to get the buying machine cranked back up after you’ve stopped to sell the house than it is to just keep going.
Big Cheese
Thanks Big Cheese! This is wonderfull. I expect to explore these options.
It is my pleasure. One more website, though…
Before committing to payment on any of these (or any other websites), check them out at www.alexa.com first. You can see the amount of traffic the site gets and can determine whether or not the money they’re asking from you is worth the benefits their site can provide. It’s free and has been helpful on numerous occasions!
Don’t be afraid to flyer the neighborhood and let the residents know that they can pick who moves into the house! I’m sure they’d rather pick their neighbor than cross their fingers and hope that the new tenants/buyers/etc don’t pay loud music or have 10 cars parked in the front yard! Offer them an incentive ($250 - $500) if the person they recommend moves in.
Selling houses is more fun to me than buying them. As I’m sure you can tell, marketing to sell houses is a passion of mine.
Good luck!
Big Cheese