Real Estate is either great or in the tank depending on what side of the fence you may be standing on. If you are trying to sell, you better have more ways to market than sticking a sign in the yard. If you’re a buyer, you better have an above average credit score with a nice down payment. So, what side of the fence are you on? As a property management company in Buford, Georgia, we not only offer property management services, but sell our own properties too.
Selling real estate in Gwinnett County has changed a little. Okay, it’s changed alot over the past 4 years. Sellers, like myself, have had to employ a number of strategies for moving properties. My 3 favorite must have strategies are:
1. Make it accessible. If it’s empty, put a lock box on the door and give the potential buyer the code after a quick qualification. If it is not empty, establish times that are going to be the most convenient for the buyer. Not you!
2. Offer some sort of owner financing. Depending on who you speak to, 70% of the buyers currently searching for a home cannot qualify for traditional financing. Either they lack a large down payment or have a lower credit score than is required. I would hate to start a business or any endeavor where 80% of the market is cut out.
3. Price accordingly. Really! The vast majority of homes on the market are foreclosures. Most of these homes are not in retail condition and are priced to reflect this. Typically, homeowners that have lost their home to foreclosure have not been able to handle the upkeep on the home. This is deferred maintenance. As you may have guessed, the bank will often not incur the cost, so they pass the cost to the buyer with a reduced sales price. This is your competition. If your home is in retail condition, you can ask for more, but the buyer will ultimately decide between a lower price and a finished product.
Yes, this is a buyers market. Although buyers know this, they are not taking advantage of everything this can bring. Everything is up for negotiation. My 3 best stratgies are:
1. Of course, price. However, justify your price. Sell the owner or agent on why you are offering what you are.
2. What’s included. Whether it’s furniture, cars, paint, carpet, lawn equipment, trailers, or exterior buildings. I have negotiated all of these including a 1965 Mustang.
3. Closing date. This may not sound like a big deal, but a closing date may be to the seller. Be sure to find out why they are selling.
I cannot stress this point enough. Have a game plan in place before you begin the process of selling your home. Once you start, emotion takes over. My 3 must do items are:
1. Set a specific time period that you will attempt to sell. Look at your time constraints and plan accordingly. Set a 90, 120, and 180 day plan and stick to it.
2. If your home doesn’t sell during your established game plan, consider Leasing your home with an exit strategy.
3. Act quickly, decisively, and get professional advice.
If you do decide to Lease your home, do your homework. Here are 3 key areas to focus your efforts.
1. Price according to the market. Not what your monthly payment may be.
2. Reduce liability through insurance and a Property Management Company.
3. Act quickly, decisively, and get professional advice. I know this has already been mentioned, but don’t wait to the last minute to begin leasing your home.
Whether you are buying or selling a home, be sure to do your work. A home can either be a great investment or a large anchor. To inquire about our services, check out our Lease to Sell Program or our Property Management services.
We can be reached at 770-826-2426. 4th Avenue Property Management manages homes and apartment buildings with a strategic, long term strategy.
