One of the largest profit eaters when it comes to investment properties is a drawn-out marketing period. Over many projects, we have streamlined the process of selling a property in order to single out the reason for an untimely sale down to price alone. We aim to have an offer in the first week and almost always close the sale within 45 days of listing. This is accomplished through a team effort and a marketing strategy with detailed responsibilities and deadlines.
We buy all of our deals as principals through agents (not auctions) so we show our appreciation for bringing us the deal we relist the renovated property with them and provide them with our marketing plan. Here’s a snapshot of what we do before and during the listing:
14 days out both we and the agent create a cma independent of one another and tour properties noting positive and negative characteristics to arrive at a listing price or range. We send the agent the marketing plan along with a commission scale that rewards them based on their work and on the profitability of the project.
7 days out agent visits the property and takes pictures and notes punch list items that need fixed before property is show-worthy. After the final construction clean we schedule staging (if appropriate) and professional photos/virtual tour the following day.
3 days out our agent prepares a marketing flyer using the new photos and calls/emails agents who work that area to inform them of the property and present an opportunity for a pre-mls showing with their buyers. We collaborate on the best pictures and wording for the flyer and mls listing.
1 day out Agent puts up a sign and sentrilock on the front door. We keep a separate combination lockbox for our contractors and maintenance personnel. Agent posts an ad on several media sites (craigslist, facebook, etc.) and we post to our company blog.
Listing day list the property on the mls the day prior to the area broker pitch/caravan. We attend the pitch session with flyers and promote the property and our company. The agent sets up the open house and caters breakfast or lunch. We offer a gift card to the agent who guesses closest to final sales price.
Agent keeps the sign stocked with flyers at all times and sets up www.homefeedback.com to collect agent feedback efficiently. Agents need to be very responsive and answer their phone at all times. We schedule periodic cleaning and lawn maintenance.
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