Today we continue our discussion about the seven reasons a property sells: right now, a big one, here’s price. Thanks for tuning in to the Real Estate Today podcast.
I’m Bob Nelson real estate investment broker with Pacwest Real Estate Investments. And I’m Marcia Edwards, residential broker with Windermere Real Estate.
Marcia Edwards: We’ve been talking about some of the greatest influences in a successful sale. But listen up if your home is not selling because it may also be what’s preventing your success. We’ve talked about the terms of the financing, the location of the property, the timing of the sale, pricing and positioning we spoke on last program. We’ve also got condition of the property, marketing exposure and expertise involved in the success or failure of a sale. Let’s talk a little bit about the marketing and exposure.
Bob Nelson: If you do not reasonably market a property and do it in such a manner that the most probable buyer, and who’s that? Well we don’t know. They’re out there, but if we don’t put it in front of the most probable buyers, we’re not going to get a price that is effectively the best price that would come out of the market.
Marcia Edwards: That’s exactly how I approach a listing. My first walk through in a house, my obsession is who is the next most likely owner of this home. Often it’s you when you bought that time of life or that space where your family situation was at the time. So we want to understand who the target market is and we want to go toward them. I am not a fan of the coming soon signs that you’ve seen in residential real estate, because that kind of whispers the word, hey it’s going to be sold, this house is going to be sold. It doesn’t scream it from the mountains, you want it just the whole world to know it so you can create the strongest demand in a single point in time to attract the strongest buyer.
Bob Nelson: At the same time, from a income property standpoint, you never put a for sale sign in front of a property. The tenants understand that what your inviting in is somebody with a long tail and forked tongue etc who’s going to raise the rent, going to be horrible. This is the concept that at tenant will have of the next landlord, and that’s not reasonable but that’s what happens when the tenant all of a sudden says, “Oh my gosh, things are going to change, somebody’s going to come in and be really bad to me. I think I’ll move right now.”
Marcia Edwards: So your exposure, your marketing plan has to have some finesse and go right to the target.
Bob Nelson: Very finesse, yes.
Marcia Edwards: Very “finessey”, yeah. I think that’s important in regards to real estate is understanding who you’re working with. And that’s part of the formula of the greatest influences of successes, getting the expertise that knows not to clear your rental by announcing it with a sign. Sometimes someone that’s new in the investment side do that, so you’ve got to look for someone like Bob to be able to manage and navigate that success. I’m Marcia Edwards, Windermere Real Estate.
Bob Nelson: And I’m Bob Nelson real estate investment broker with Pacwest Real Estate Investments.
Join Bob Nelson and Marcia Edwards Eugene, Oregon, real estate experts daily at 5:30 on KPNW for the “Real Estate Today ” radio show.