EOTM Press Room

What to Do If You Can’t Sell a Property?

In Uncategorized on April 13, 2009 at 7:32 pm


Unfortunately, things don’t always go as planned. Sometimes you can’t sell properties for what you originally thought. Markets sometimes change as we are seeing in our current situation. Currently the real estate market is softening up in a lot of areas. Below are some tips to help you sell properties faster and what to do if you can’t sell a property.

1. Keep it clean – Properties should be spotless. Chances are, you’re asking a buyer (or renter) to spend a lot of money. There is no excuse for dirt, stains or extra material lying around.

2. Flower boxes & plants go a long way – Especially if it’s summer time, put some nice plants and flower boxes around. If there is a yard, make sure it’s neat and well-groomed.

3. List it with a realtor – If you’ve been trying to sell it yourself, get a realtor. I know 6 percent is a lot, but most realtors will get more money for a property then you will. Plus they pay the advertising costs. Plus you don’t have to waste your time with open houses or showing the property. Plus they’ll sell it quicker… How much does it cost you every month your house doesn’t sell? How much has it cost you so far? What was that? Were you thinking that you can sell it yourself? Obviously not. If you could, you wouldn’t be reading this.

4. Change realtors – If your realtor can’t sell the property, dump him/her. I never recommend signing listing agreements for more than three months. Always choose a realtor in the neighborhood. A realtor 20 minutes away has no idea what’s going on in your neighborhood. Also, don’t negotiate their commission. If you’re paying them 5 percent and someone else is paying them 6 percent, who do you think they’re going to take the hot buyer to? In fact, pay them more. Offer incentives to sell it quick.

5. Reduce price – I know it stinks, but if it doesn’t sell, either offer concessions or cut the price.

6. Rent it – If it doesn’t sell and you have a hard time making the payment, rent it out. I know you want the big “payday”, but how long can you realistically carry the mortgage payments and expenses with a vacant property? Rent it out and try to sell it again when the market gets better. We specialize in property management and tenant placement, contact us for more information.

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