Renting AND/OR Selling |
I may not be able to move your property. I highly recommend that you try to rent and/or sell your home while I market your property. I have a reliable agent that you can use WHILE I am trying to lease/option your property. I can't help you with renting, I honestly don't know of a good company. |
Winter |
Very few properties move between Nov 15th and Jan 15th. Everyone has Thanksgiving, Santa and gifts on the brain. No one likes to move during the holidays. If your property doesn't move by November 15th, hunker down for a long winter. |
Pricing |
Slowly drop the price until it moves. Every week you should drop something just a bit so your property is broadcast on the "Reduced" list. It's easy, follow the log in instructions and tweak the option fee or monthly. TIP: Reduced and new properties are broadcast on Mondays. Put it on your calendar to reduce every Sunday. |
Lower Value |
The lower the value the better. The estimated value on the web doesn't mean it's the price your buyer/tenant will pay at the end of the lease. Most partners make the mistake of putting inflated values on their property thinking this is what they will get for it. What they don't understand is that the estimated value has nothing to do with a lease/option. Lowering the value gets you more prospects and increases your chances of success. |
Increase Rent Credit |
Makes your property more enticing. If you increase your rent credit, you will get more folks interested in the property while maintaining the same cash flow. Since there is only a 20% chance they buyer/tenant will exercise the option and since there is a chance that your property will appreciate, the rent credit cost washes out. |
Feedback |
You will get emails from me about twice a month until your property moves. The purpose of the emails is to give you some feedback on inquiries, appointments or general status of your property. The only time I will ever call you is if I have a deal going. Calling me and asking "what's happening?" is just wasting your time. Unless I have a deal going, my answer will be "nothing." |
Improvements |
Don't make any. Properties move every week "as is." Complete with holes in walls, carpets ripped up, doors hanging off hinges. Often, sweat equity and pride will be enough to purchase a home. Spending money on carpet, tile, countertops is all wasted money. You will never get that money back. |
Cleanliness |
Get the carpets cleaned, remove the dog crap and sweep up the dead roaches. Women have issues with a house being dirty. If your house is dirty, your chances drop 50% because there is a 50% chance a woman will take one whiff and turn around and never step inside. The $400 you spend cleaning up the house will pay for itself easily. |
Appliances |
Don't buy any. Most people are finicky about their appliances and will buy their own anyway. If you already have appliances in the home, just leave them be. |
Air Conditioning |
Have it serviced yearly with our without your tenant. The $45 you spend will save you thousands. I also recommend that you drop off "free filters" from time to time to encourage your tenants to replace them frequently. Just about every summer month, an air conditioner bites a seller in the butt. |
Grass |
Remove it when practical. It will die anyway so just get it over with. Grass costs you money, your HOA will always be sending you nasty notes and it's environmentally the right thing to do. Grass encourages dog owners and you don't really want them anyway. |
Preparation |
Put garage door openers, mail box keys and other keys in the kitchen drawer. One less thing you need to keep track of and this simple little task will save us all headaches. Deals happen quickly and I love to be able to say "everything you need is in the kitchen drawer." Every month, some partner has to spend $40 to Fed Ex a garage door opener or pay $35 for a lost mail box key. |
Payments |
Direct deposit is the way to go. The "lost in the mail" issues go away and you will hear fewer country & western songs. If you have multiple "similar amounts" from multiple tenants, give them pre-printed deposit slips with the property address in bold so that it can easily be read after it's scanned and posted. I'm cheap, I just photo copy them and cut them up. If you get freaky about someone having your account number, create a new bank account with a nation wide bank to be used as a clearing house for monthly deposits. |
Respect |
Your tenant is a buyer. They will be buying your home. Treating them with courtesy and respect pays off at the end. Pissing them off will cost you big - you will lose them and your property could get destroyed. Treating people with respect doesn't cost you anything so pay attention to your verbal skills. If your tenants are late paying, contact me, I know how to get the issue resolved while treating them with respect. |
Late Payments |
Don't procastinate. If your tenant is more than 3 days late, contact them (with respect) and then contact me immediately so I can stay on top of them. If they don't return your call, a 5 day notice will certainly get their attention. |
Evictions |
Let me do it. I have never lost a battle in court and most of my evictions result in "elegant departures." I will keep you posted through every step and most likely end up with a property in good condition. |
