Why Your Properties Aren’t Selling
In spite of being in a super hot market, some real estate investors are still finding they are stuck with inventory sitting on the shelf for months, or even years.
With so many bidding wars, and competition between buyers, it seems bizarre for properties to fail to sell immediately.
This is incredibly important. Even more so than many investors appreciate. Properties that are languishing in your inventory are costing you money. They present risk every day. They raise questions about the strength of the market in your buyers’ minds, and can detract from your other inventory. At a minimum, they are watering down your overall returns, even if you paid cash for them.
It doesn’t take much dead weight to sink you. Or to eat up all the profits from your other properties. It puts you at risk of breaking the golden rule to not lose money.
Why Your Properties Aren’t Selling
Pricing:
In this market, when most properties seem to sell in a day, the most obvious reason something isn’t selling is that it is wildly overpriced. It’s not even in the ballpark.
It may make a lot more sense to cut the price, get your capital back, and get on to a deal that you can make more money on.
Trust:
Even if you are offering a stunning deal, if buyers don’t trust you, they are not going to buy. Period.
It’s Too Hard To Communicate With You:
This isn’t about what works for you, but being available in the medium they prefer. Many simply do not want to talk on the phone today, won’t take calls, and never check voicemail.
If you don’t respond to emails and text messages, then you are probably going to miss out on the bulk of buyers out there. The opposite is true as well.
They Aren’t Sure What It’s Worth:
You may not be conveying the value of what you are offering well. Perhaps there is too much uncertainty over comps, property condition, and repair costs.
How To Move Them Faster
Owner Finance:
In addition to the above tips, you may consider offering financing. Think low down payment, palatable monthly payments, and perhaps even three months with no payments to get them started.
Work On Your Website:
It doesn’t have to be big, complex, or fancy, but it should be up to date, and boost your credibility, and likability.
Find The Buyers First:
In future, don’t speculate by buying and hoping you can resell. Instead, find the buyers, fill their orders, and use transactional funding to turn them around immediately.
Top Funding News
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