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wildwestinvest!

Realtor Games -- spending too much time showing property

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The painting, little garbage left in kitchen, broken light bulbs, messy backyard....All small things, but the buyers pick those things up very quickly and you can't convince them that all these are going to be fixed!

Oh, yeah! The first impression is critical. It's often said that the decision to buy or not is made during the first 90 seconds. In other words, curb appeal is everything.

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As far as the little things go..... I try to make them a BIG deal. I'd rather people feel relieved when they show up, than the opposite.

 

When I picked up this property, I was told there were numerous repairs and the sellers came down 10k on the price in order to sell it 'as is.' I had never seen it at this point. When I did show up, 10k in repairs was a deal! There was just some 'polishing' that needed to be done. This made me want to buy it, so I took this into my approach of showing it to other people...

 

I REALLY like Steve's idea of letting them talk you into showing it. This helped future showing stay positive.

 

Although it came down to the 2 gents closing on it, I believe they purchased for 3 reasons:

 

1. it was a deal

2. they felt the pressure from other people trying to grab it (justified the deal for them, created a situation where they MUST act)

3. they were motivated Buyers (their current lease expired in time for them to pick this up)

 

I think #1 was the driving force on this one. Experts concur? I'm sure this game is more about deals than my ability to be good Vanna White, eh?

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Actually that's my strategy too now, i tell them on the phone right away the place needs repair. a bit late but hopefully i can catch someone interested.

 

also a strange observation, about 80% of my callers are female. Anyone else observed that?

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. . .

also a strange observation, about 80% of my callers are female. Anyone else observed that?

Yes. But I've been told I'm a babe magnet for ever, so don't go by me. :P

On to matters of lesser importance, when showing a house that needs work, overstate the needed repairs to the caller. If you haven't scared them off and they are still interested, when they see the house they'll be pleasantly surprised and think they have a steal of a deal. Under-promise, over-deliver.

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Daniel you said "also a strange observation, about 80% of my callers are female. Anyone else observed that?"

 

There's no mystery here. That's why men marry---so they can have a secretary :o(and a homemaker, errand runner etc) but it could just be my jaded side speaking :P

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Do group showings. Arrange the showings once or twice per week. Pick morning hours after school drop off and evening hours. if someone presses you for time to do a private showing. Set a time to meet and have them call you when they are there. I have found out if they want the house they will wait 15 minutes for you to get there. Otherwise it saves you 2hrs.

 

If you have not done so. do a virtual showing. Use video and lots of pictures. Also if you had done your job right you will have met the neighbors. They are good to do fast showings. Keep applications at the house.

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Hi Johnathan, wish there was some high tech way to do showings (camera, atomatic door locks etc).

 

Daniel you said "also a strange observation, about 80% of my callers are female. Anyone else observed that?"

 

There's no mystery here. That's why men marry---so they can have a secretary :o(and a homemaker, errand runner etc) but it could just be my jaded side speaking :P

There ya go. Get married and have The wife do the showings. :ninja:

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Well, I don't know what to think of this. but it's definitely a lesson in showing houses.

 

The owner of the property that I am showing never gave me the keys, and probably that's partly my fault because I never asked for one. So every time I show the house she comes and opens the door, sometimes she hangs around while I show the property.

 

I figured no big deal right? Since we are doing a co-op assignment. We have the common interest. So even though I felt uncomfortable that she was there, I didn't protest.

 

It turns out even a co-op assignment you can have a conflict of interest with the seller.

 

The seller is carrying the property at a roughly $2000 monthly expense, we got an interested couple who wants to take it, but they only got $5000 down, and maybe another $3000 in 4 months. And the couple can ONLY move in January next year. So the seller has to carry the property for another 2 months and half. This is only half of what I expect of option payment but at least I consider it as a last resort if nobody takes the property.

 

Another couple comes buy, who brought proof of income, and say that they can move in 10 days! The problem is because they just started a new job, they only got $3000 down payment. That's not even enough to cover rental deposit. So obviously it would not work for me. But the seller was very happy that someone who can move in right away and cover the expenses! And they didn't ask for repairs! (the house needs about $2000 work done) If we continue to show the house, it's almost certain that the seller will need to pay 1 more month probably even 2 more months of carrying cost, which can go up to $4000 to $5000.

 

Now what? Seller want them and I can't get paid, should i negotiate them and wait 2 years to get paid when they close?

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Daniel, this is a great example of why we need to remain in control of the deal. When we don't retain control we often don't get paid.

The first thing you need is unfettered access to show the property. If the homeowner is reluctant to give you the keys, at the very least she goes to the mall for half an hour or so while you are there with the t/b prospect. Having a third mouth and opinion there only mucks up the works. . .as you are seeing first hand.

As for these prospects you have so far, neither of them is a viable t/b for this property. $3K down? $5K down? For a $440K house? I get more from tenants moving into a straight rental. Forget about what they are promising to pay in the future. That money never seems to appear.

If the homeowner is hot for the couple who want to move in immediately, your only chance at making a buck is to charge her a fee for showing the house and providing a lease agreement, (assuming she wants to use yours). Start with a month's rent and be prepared to accept less just to put this behind you and put some cash in your pocket while gaining some experience.

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The owner text messaged me and she already asked the existing people to move, so I guess it's set that the couple is moving-in in 10 days. Right now I just have to find a way to make the most out of this.

 

I think the owner is reasonable so she will pay me for the showing at least, and I told her of my expenses advertising in the newspaper and all the signs. I will know later this week.

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Good, Daniel. Just be sure to get something in writing from her. Use the Consulting Agreement to make it official.

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