Right now we’re going to talk about knowing your property when you’re selling it. Thank you so much for tuning into 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 the preparation prior to putting a home or an investment property on the market. What’s critical to understand is that we have very small windows in which to seduce or pull forward the prospect or they will pass us up. So we’ve got a quick window make some decisions as a buyer, we’ve got a quick window as a seller to impress that buyer.
Bob Nelson: Now staging from an investment property standpoint is again making the landscaping look as good as possible. When sprucing this thing up don’t … if it has a little bit of a tired image, that’s what maybe a fixer upper buyer is looking for, a value add buyer. But you know what the buyer, the value add buyers are also going to do? They’re going to offer you a price discount so that they can fix it up and make a profit off of their energy. Now on top of that we need to make sure that the title is in good condition or I want to see a preliminary title report, I want to see the leases, I want to see the rent roll and I want to see three years of tax returns.
Marcia Edwards: And you’re not …
Bob Nelson: Concerning that property.
Marcia Edwards: You’re not talking as a buyer yet. You’re still talking about preparation for …
Bob Nelson: But I’m representing a seller in this and …
Marcia Edwards: Right.
Marcia Edwards: But getting ready to be able to present to the buyer and have any of the speed bumps removed that would cause the buyer to say, “gee what about, what about, what about?” I’m going to have all the answers, as many answers as I can available to them, to make it a smooth and easy decision.
And residential real estate is not that different from what you describe. You should look at the possibility, if it’s ever had a rental history, you want to understand the rental history. If you look at the title, recently I looked at a title and it obligated nine signatures to move this property for sale. So prior to going on the market we brought that down to just two of the trustees and signatures which really sped up the process. So you really want to do your homework in regards to what’s attached the property anyway. If you thought maybe you could convert it to a second living, because your mom was ill and you’re thinking about moving her in, tell that to your residential realtor because that talks about the possibility of second dwelling or mother-in-law’s units, things that increase your pool of buyers which increases your price.
Bob Nelson: Exactly and again, think, as a seller, think through the eyes of the buyer. How is the buyer going to react to what I have? And some sellers say I take it or leave it, and in a market with extremely tight inventory, a low inventory availability, you might be able to get away with that, but you won’t get the higher price.
Marcia Edwards: Exactly. Optimize the seller’s market. 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.