We have discussed a few times on how to be able to sell your house property whether it’s a fixer-upper house, a retail house or a rehab home. However, we have not really gone in depth on finding ways how to be able to find potential buyers for your property.
Finding potential buyers for your property can mean from such a simple task of looking for those who seek what you can offer as a real estate investor to such a deep thing like destiny, wherein a person was just at the right and at the right timing to discover about your available property, or maybe that is just plain luck. So here at Nicholas Haley, we will be discussing ways on how you can find potential buyers for your property.
- Ask help from your real estate agent friends
Some people you know who are real estate agents may know some people who are looking for certain properties that for some reason, is in your possession and you are selling it to the market. This certain way of referral can be effective in creating a wider connection of network for faster selling of properties.
- Place an ad online
This is a no-brainer as it is evident that ads placed online can have more reach than flyers and posters spread around the neighborhood. You can enlist your property in business listings where it has a heavy traffic of users and potential buyers who are looking for properties to buy. It is also important to be creative and specific when it comes to your online ads, do not sugar coat everything with what amenities and utilities you are offering or is included in your property. State what must be said and make sure to enlist certain information such as if the property is near hospitals, schools, police stations, malls, and recreational areas such as parks.
- Go to online forums
Some potential buyers go to forums and place their shoutouts with specifications of the type of house they are looking for. Make sure you know where most people lurk on the internet for these sites as it can be helpful if you join the forum, place your ad and market your property, therefore, heightening your chances of raking in that potential buyer. Make sure you are interactive and do not give the specific address right away, have the upper hand of being able to be one to show the potential buyer around the property itself and inside the house.
- Use your car as a mobile ad
I am sure you have been stuck in traffic amongst the sea of cars and trucks and there will always be the sleek sports car, family SUVs, cars owned by students who are still in college, your car, and of course, the car with an ad on the back with very specific information such as “House for Sale, Call 1-800-xxx-xxx”. Honestly, let us admit that it does sound silly however you cannot deny that it is very eye-catching and a simple marketing strategy such this can garner in more potential buyers.
Selling a house is definitely the most basic part and the starting point of becoming a real estate investor. The goal is to be able to find the right buyer, get paid according to the agreement settled with and to be able to earn a huge profit from the deal itself. However, what some real estate agents or investor faced with is the problem of not being able to sell the house as soon as they possibly can. Some may take a few months to a couple of months and then to a year and that can be extremely frustrating on your part as you just want to get on with it, and the dreaded part may come wherein you might just settle for a lesser price out of exhaustion from trying to sell it for a long time.
- Improve the house
Trying to sell a tattered house will just end up with you having to sell it at a much lower price. If you want your selling price to be higher, add some improvements to your house such as a new flooring, new set of carpet and even repainted walls for a fresher look. If there is a leaking in the roof, you might want to fix this as well to avoid any complaints or problems in the future. Do not neglect little things such as a new doorknob if one of them is faulty and replace blinds if they need to be changed or if it has turned yellowish already. Aside from interior improvements, you might as well not forget the exterior design of your house, and that includes your curb, the landscaping of your garden and your front lawn, make sure that the exterior itself is appealing to definitely lure in prospective buyers.
- Compare prices among the nearby properties and settle with a realistic price
It is inevitable if another house property is being sold in the neighborhood, therefore, you have another competitor. By looking up at business listings wherein you will be able to find properties near you that are being sold online, you will be able to determine which ones are selling fast and which ones are not if you just spend a bit of time observing the changes in the properties. You will notice which ones are sold already once they are removed from the business listing or if they have been indicated as sold. By studying other prices, you will get an idea on how much you should sell your property for, however, it is important for you not to settle for just any price, settle with one that is according to the value of your property, you can sell it at a higher price if you want, but definitely not for a lower one.
- Advertise your house online
Simply putting up a “For Sale” in big bold letters outside your house is not just enough. With the age of advanced technology wherein information is just at the tip of your fingertips: a tap on your smartphone or one click away from your laptop, prospective buyers will look for properties online. Put up your house in business listings, you can even create a montage of photos or a video of a home tour all around the house. Prospective buyers will definitely be encouraged once you do this.
- Make sure your property is ready for showcase anytime
Whether day or night, your house has to look appealing. During daytime, it is quite easier to showcase your house from the outside as people can easily see it. However, it is a different scenario at night wherein you have to turn on the front light so it can still garner attention from prospective buyers driving by at night by coincidence. If it is possible, hold an open house and invite all the potential buyers and even the neighbors, they might just spread the news of an available house for sale to their family, friends, and colleagues.
As property owners and real estate investors, being able to assure that we will be generating money and continue on raking in profit with the least energy and time spent as possible. However, just because we want to go through the process of being able to find tenants as fast as we can, it does not mean we can skip the standard operation procedure of scanning our potential tenants with scrutiny.
As real estate investors, we have to make sure we are getting the right amount of money back for our investment which may be an apartment or a house, therefore, truly knowing the history and the paying habit of the potential tenant are the utmost priority.
So what is Credit history?
Credit history is basically a record of a person’s ability to repay his or her debt, this record will show you how responsible that person is when it comes to being accountable for his or her spending and being able to pay back. This credit history will also show you how much this person still owes, the amount of used available credit, whether or not the bills were paid on time or it was late and etc.
Discovering about their credit history is not an invasion of privacy, this is needed when it comes to real estate. Just as in job interviews wherein the Human Resource personnel would call one’s previous department head for any necessary background on the interviewee to see if he or she is being true to his or her data on the resume and if he or she has a bad record on the previous company. By learning and knowing about your potential tenant’s credit history, you will be able to dodge a bullet of future damage such as your tenant not being able to pay his or her monthly rent which will cause a hassle on your part as you have to take care of taxes and other utility bills for your property.
While we discussed about how to rent your apartment in the previous article, it is important to take note that it was more on advertising and marketing your apartment, when you want to properly deal with renting out your apartment, you would have to take note of these tips that will guide you on successfully being renting out your own real estate property that is your apartment.
- Understand the scope of the business and the responsibility involved
Diving into an unfamiliar water may just get you drowned. It is important to be well-aware and well-versed in the kind of business you want to get yourself involved in. Twinkling with real estate properties such as renting out your apartment will involve paying a lot of money for taxes, utility bills, and maintenance for your property. You need to anticipate that you will be shelling out a lot of money and your main goal here is to generate profit that can take you beyond just breaking even with your initial capital.
- Make sure your house is prepared for new tenants
Your potential tenants will inspect your apartment with so much scrutiny and you need to prepare yourself for that. As a landlord, the moment one tenant leaves, make sure all the broken things such as a burn out light bulb, broken door knob, cracked tiles, and stains on your walls have been fixed already. One faulty feature in your apartment may shoo away potential tenants.
- Consultation is key
As a landlord, surround yourself with the right professionals such as an accountant and your own attorney. In this way, they will keep you grounded when it comes to monitoring your finances and whether you are abiding by the law of the state. By keeping your own personal attorney, you will have someone to protect you from future lawsuits against a tenant.
- Set a realistic price
For sure, you have competitors just around the neighborhood, you need to scope out their prices and settle with one that could garner you more tenants while making a profit. It is important to take note that your price should not be too low or too high either, just right and realistic.
- Do a close examination on your potential tenants
Yes, these potential tenants are your key to making money, however, you cannot just hire anyone. You must do a close examination on your potential tenants by calling the previous landowner of the house they used to live into asking for a reference, reviewing their credit history, and learning about their main source of income. You cannot just hire someone whose paycheck says it’s impossible for him to pay the monthly rent.
Venturing into the real estate is an exciting experience as it opens up your mind to new tactics and ways to earn money by socializing with people, finding out what they need or want and serving it up to them on a silver platter if you may. Everyone is either looking for a new or a more comfortable abode they can settle into for either a short or a long amount of time, depending on their need, and this is where you, a real estate investor, come in.
Here at Nicholas Haley, where you are encouraged to train as a real estate investor, we will freshen up your minds with ideas and options for real estate investment.
One way to always earn money annually and maybe even weekly is through leasing an apartment to your e tenants. Compared to its obvious counterpart which involves selling houses, you can continue on earning money from it as long as you want whereas in selling houses it has a fixed timeline and a fixed price point bound by a contract. If earning money constantly and consistently is your goal as a real estate investor, then leasing apartments is for you.
Fixer upper homes, as what we have discussed here for a few times in our blog at Nicholas Haley, is a real estate investment wherein you take in a house that needs a bit of tinkering with. By tinkering, it means an improvement of small details such as a new wall paint, carpet or flooring, it may also involve replacement for the old doorknobs or broken glasses. It does not have to cost much but your goal here is to make it look more appealing to prospective buyers than it initially did.
Retail homes are the type that needs almost too little to no changes at all as it only requires for it to be sold right away to a prospective buyer. These are the type of homes that are usually sold in a rush due to varying reasons from its previous owners such as moving out of the state or out of the country and maybe even moving onto a better house.
Rehab homes involve more challenge but it also is the best way where you can train as a better real estate investor. It may cost a lot more than the previous options but the mere idea of flipping a drab of a house into something a lovely couple can imagine growing their families in is a sweet of an idea in itself.
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