Monday March 20th
I wrote this on Saturday but didn’t get around to posting it. Sorry about that.
Saturday March 17
It’s 10:00 and I am holding an Open House for a beautiful home. I decided this is a good time to share an industry secret with you. And this secret is very important for anyone who is rehabbing and flipping properties.Open Houses do not sell homes. I try my hardest not to do them, but every once in awhile you have a client that really wants one. So here I sit.
I arrived early to get my signs out and balloons up. Everything is in place the temperature is cold and it is very windy today, but I know I’ll have activity. Just not the kind of activity I want. I would love to have my theory proven wrong! But if I am anything, I am realistic.
I want you to think for a moment and picture yourself shopping for a home. How would you do it? If you are a motivated buyer, you will have an agent and you would be actively looking. You’ll look for new listings everyday and request showings immediately. Especially in a strong market where things are selling fast. And if you see something you like, you act. It’s the same thing you do as an investor when you’re looking for your next project. You are actively looking every day. This search starts on your computer. You’ll look at pictures and price. From there you will decide which ones to visit and hopefully you find one to act on.
It’s now almost noontime and I have had 13 couples and a group of realtors come through. I do my best to ask questions to discern where people are at in their home shopping process. True to form at least 75% of the couples were just looking. They have homes to sell that they still need to put up for sale before they can buy. At least one couple was trying to get an idea of the value of their own home. And 90% of the couples didn’t even have a realtor yet. Not exactly a sign of motivation.
As an investor, the golden rule is that your price will sell your house. Never forget that. Everything sells regardless of what market you’re in. You do not need to worry about open houses or flyers. If you know your numbers and set your price, you’ll sell quickly and without much effort. Again, this holds true in any market. So know your price to buy and to sell.
It is now Monday. And the couples who came through the house on Saturday have not bought the house….go figure.
However, I am not concerned because we are priced correctly and it has only been 6 days. I will let the market bring the buyers to us. And we have 2 showings for later today.