Please give me some suggestions on how can I sell in a buyers market? I bought brand new a duplex last year and I owe 320K on it and it appraises for 350K. I have it listed for 335K so I can pay the realtor’s commission. I am not behind on the payments so most investors are not interested in it since its not a distressed property. It needs no work or rehab. Eventually, it will start hurting me financially because I had to kick the tenants out 2 months ago for non payment. I am looking for more tenants but it’s not easy. I have it listed with the agent, it’s advertised in the local newspaper, and on craigslist for almost 2 months and only 2 people have called about it. How can I get more exposure and get it sold as quickly as possible? I’m ready to move on from this investment.
First, what all does your agent do for you? Does he/she hold open houses in it, do they send out flyers, is it only listed on his site, or does he have it listed on a MLS site? He/she should have given you a marketing plan when you listed. You can call him even and ask what he is doing with it. Open houses are not always great for selling a single family home, but actually they are okay for a duplex, or quad. something like that. The reason is sometimes families will move in on one side and move their elderly parents in on the other. Unless you know people that could be interested in buying it, you yourself cannot do much. By the way, what is your commission agreement with the Realtor? I figured the average (6%) and even if you sell it at 335, you’ll still have to come up with money just to pay him, not including your portion of the closing costs.
You may just need to find some good renters. If you could just rent it for what your monthly payments are it will help you financially each month. Which you can still do. Even though the realtor is trying to sell it you could still put a For Rent sign up and rent it until it sells. If you do, charge them first, and last month’s rent plus a cleaning deposit, so if they don’t pay you’ll still be okay for that 30 days after the eviction notice before they leave. It takes special people who are not investors to buy a duplex. I am very sorry to say that to you.
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