How To Find A Buyer For Your Rehab Property Fast

by | 19 April, 2024

In the world of real estate time is money. With every rehab property you work on it is essential that you find a buyer as quickly as possible. The interest payments, insurance and taxes don’t stop until your property gets sold. The first 24 hours of any new listings is the best time to generate interest. The longer your property goes unsold the harder selling becomes. Buyers, and their agents, feel the lack of demand every day your house sits on the market and will adjust their offers accordingly. Like anything new how you roll your property out can make all the difference in finding a buyer or waiting until the market comes to you. Your rehab work isn’t over until you get a signed contract and close. Here are five tips to help get your rehab property sold as quickly as possible.

Price right

You have probably heard this a hundred times but you can’t understate the importance of pricing right. You need to remove any personal attachment and ego you have with the property and let your real estate agent give their unbiased opinion. Regardless of the market all sales are based in part by comparbles. You may have done great work but if there are limited sales it will be reflected in the value. You need to weigh the value in selling now, even at a slight discount, with waiting a few weeks to try to get maximum value. In a perfect world, you would have three full priced offers to choose from but this is rarely the case. You can try to shoot for the moon but you should understand the damage you will cause by listing too high. Buyers will see the price and immediately look elsewhere. Your demand will be limited and eventually you will be forced to drop your price. All the while you will have wasted weeks without gaining any traction. Finding buyers starts with pricing right from the get go.

Marketing blast

The primary role of a real estate agent is to generate as much interest in the property as possible. In the past, the best way of doing this was by physically showing the property. With the advances in technology, buyers can find almost anything they want online prior to a physical viewing. The most important job of a real estate agent today is generating a marketing buzz. With the right demand everything else is easy. You and your real estate agent need to sit down prior to listing to discuss exactly how, when and where they will market the property. On your end, you may need to acknowledge that increased marketing may cause an increase in commissions but if you look at the big picture it is worth it. 1% of the sales price can lead to thousands extra in your pocket. Without interest in your property it will be difficult to quickly find a buyer.

Staging

After spending tens of thousands of dollars over the course of the rehab the last thing you want to hear about is spending more money. As difficult as it may be, now is not the time to close your wallet and pinch pennies. Even the most perfect rehab property can still feel naked without furniture. You are relying on the instincts and imagination of your buyers to get the real feel of the property. To help give your property the final push it needs you should consider staging. There is no getting around the fact that depending on the size and your demands that staging can be pricey. But, just like with agreeing to the extra commission you need to consider the bottom line. Is it worth it to you to spend $2000 on staging if it helps attract a full price offer in the first 24 hours? Almost every rehabber would answer with a resounding “yes”. Staging doesn’t work for every property in every market but for the right one it can be just the thing that helps find your buyer.

Details matter

Prior to listing you need to make sure that everything with the property is perfect. If you want to get your price you need to look at every nook and cranny. Start by taking inventory of the exterior of the property. A couple of plants by the front door may influence a buyer on the way in. From there make mention of the lighting, temperature and even the smell of the house. First impressions matter especially when the property is just listed. A lingering bad odor could be what someone remembers after they leave the property. You should dot every “I” and cross every “t” until you are completely satisfied with the product.

Pick the right offer

Getting an offer is not the ultimate goal. Sure, it may make you feel good but you need to accept the right offer. When any offer comes in you and your real estate agent need to give it a thorough examination. In addition to the price look at the closing date, financing contingency and what they want to do with the inspection. A offer with FHA financing and a 45-day close is not the same as a cash offer prepared to close in 10 days. How much of a discount should be based on your net profit and the current market but every offer must be considered. Choosing an offer that drags their feet and ultimately ends up not closing will set your property back weeks, if not months. As soon as your property is listed you need to be open for business and hit the ground running. Use these five tips to help get your rehab property sold as quickly as possible.