Ideas on Selling a House????

[hardybents]

I have been trying to sell a home for over 1 year. I have decided to Auction it off and take a real gamble? Appraised at over 600K. Anyone have any ideas on how to get max exposure?
I am better than average on CL, I plan to blast that within 125 miles (large city is at that radius point, many have homes up this way, thats why the distance). Newspapers, Direct Mail (targeted), maybe TV?
Any other ideas? Thanks

 

[NoirHat]

The best thing you can do is get it on the local MLS.
U can take the appraisal and throw it in the trash, if you truly want to sell it...get a realtor to give you a set of comps.
you can do other stuff like craigslists posts and other sites with some traffic for house sales but MLS is where it's at.
Having a realtor is a great idea also, find a flat rate realtor that knows what they are doing

 

[loclhero]

I have been trying to sell a home for over 1 year. I have decided to Auction it off and take a real gamble? Appraised at over 600K. Anyone have any ideas on how to get max exposure?
I am better than average on CL, I plan to blast that within 125 miles (large city is at that radius point, many have homes up this way, thats why the distance). Newspapers, Direct Mail (targeted), maybe TV?
Any other ideas? Thanks

I'm assuming you used a realtor right? Or are you a realtor who is trying to sell. If the former and the answer is no, get a realtor. Only cheapskates try to sell a home themselves, especially in this market and ESPECIALLY in FL.
If the answer is yes, it's all about price and your realtor might have it listed to high.

If the former, then you know all this already but I'm assuming since you're asking how to get "max exposure" that you're the home owner who has been trying to sell it by yourself.

Get a realtor. If it hasn't sold in a year, there's a reason and it's almost always price. The only thing that matters is comps in your area.

 

[orbit]

I agree with Noirhat... Along with all your other marketing... MLS is still king. There are sites that will get you on MLS list it for for a fee. He's also right about getting a flat rate, low fee realtor is very possible on a sale. Agents don't have to do much, you can find them in socal for .5%... Many times they will sell for you at a 1/2 point hoping to sell you your next house.

Heres an idea you might not have hit on yet: If it's just an unbelievable deal, make sure you get the word out to local agents. Fax, email, whatever. Just blast them all and update them on price changes. They love getting this info... These people LIVE to sell properties and do it 24 hours a day.

Be careful with auctions. I've seen houses worth $150k and no one show up for a $10k min bid. It's just rediculous. Personally, I'd list super cheap before I'd auction.

 

[BassTrackerBoats]

ESPECIALLY in FL.

I own 3 places in FL and would not try and sell a home in this market because IF you do sell it, you'll take a beating.

 

[joshweaver9]

Sent you a PM but let me know if you need a referral to a realtor in your area. Or if anyone needs a realtor in IL hit me up.

 

[Cfodavid]

eBay... Stuff always sells for what it is worth on eBay...

During the 1 year that you were trying to sell it did you have a realtor, because if you did, then they should have been doing advertising for your home for you.

 

[hardybents]

We have had it with Sotheby's and Realty USA/ REMAX. Sothebys for a year and Realty USA for 6 months. Appraisals at one time were useless as they came out to whatever they needed to come out at. Now appraisals are much more strict, however I agree they are worthless. Things are only worth what someone will pay for them. It has been on the MLS, advertised locally etc etc. We have had major price reductions, we live in a very depressed area so 98% of the potential home buying market is out. I just want to dump it in a day, so the Auction Process is the way I am going to Gamble. By Auction I mean, Professional Auctioneer....Picking a day, having a swarm of people 99.9% without a pot to piss in, and hoping for 2 individuals to battle it out. My question is, what would be some interesting ways to get the word out about the home auction. Some non-traditional ways?

 

[hardybents]

I'm assuming you used a realtor right? Or are you a realtor who is trying to sell. If the former and the answer is no, get a realtor. Only cheapskates try to sell a home themselves, especially in this market and ESPECIALLY in FL.
If the answer is yes, it's all about price and your realtor might have it listed to high.

If the former, then you know all this already but I'm assuming since you're asking how to get "max exposure" that you're the home owner who has been trying to sell it by yourself.

Get a realtor. If it hasn't sold in a year, there's a reason and it's almost always price. The only thing that matters is comps in your area.

all great points.
Price is always a factor, however there are other factors:
Modern Home (non traditional)
Area (economically challenged, small pool of qualified buyers)
and other factors that pose challenges.

I just want to dump it at auction.....any ideas on how to advertise it to get asses in seats?

 

[DamonJ]

I would advise against selling it at auction unless you have a very high reserve. The folk (or businesses) that buy at auction are looking to get the product (in your case, your house) at wholesale. No one will buy it unless they believe that they can make a profit on it at the price they pay. Therefore, whatever your house sells for will be at the bottom end of what it is worth in the market.

I don't know if you are up-side-down on it but if you are then you might consider renting it out. A 600K house seems like it would be a good candidate for an executive rental.

if you are prepared to take a beating, then just keep lower the price until it sells. The market decides what the house is worth not an appraisal.

Good luck to you.
Damon

 

[BassTrackerBoats]

My question is, what would be some interesting ways to get the word out about the home auction. Some non-traditional ways?

Bandit signs.

Sign Twirlers.

Rent a Fire Engine and drive it around town with the Auction info on it.

Hire the local HS cheerleaders/Football team/Band to dress in their unis and walk about promoting it.

Clowns; clowns doing the above will draw attention.

 

[hardybents]

Bandit signs.

Sign Twirlers.

Rent a Fire Engine and drive it around town with the Auction info on it.

Hire the local HS cheerleaders/Football team/Band to dress in their unis and walk about promoting it.

Clowns; clowns doing the above will draw attention.

lol; Clowns scare me.
All good stuff to draw the local crowd....I am hoping to pull from a huge city about 3 hrs away.....Other than CL, maybe print ads in the major papers there? Free Real Estate mags? etc.

 

[orbit]

Ok marketing driven to an auction for a quick sale it is...


Regardless of the buyers in your area being broke, you correct. If you can get (2) people fighting over the property you?re looking at a sale at the highest possible price...

HANDS DOWN, MAKE SURE YOU DO THIS!!!:
Make sure you let every broker, agent and investor KNOW you are going to auction off the property in an extreme attempt to unload the property...

You will be competing against HUD Auctions, REO's, Bank Auctions, etc... BUT: You will have a huge advantage as you are selling a turn-key home in beautiful condition. Most of the other discount homes will need work.

HERES WHY YOU NEED TO CONTACT THE BIGGEST PLAYERS IN YOUR AREA: Many of these brokers/agents have "Buyers already in their pocket." I've seen it time and time again... The big players in the area (I'm talking agents doing a couple mill a year) will take the risk of buying your property at auction only to sell it to a buyer they already have. If they do not have a buyer yet, they will bust ass to find a buyer and flip your property with a profit asap.

I've seen big time agents do this, (unfortunately) screwing the new buyer, but clearing $150k in a month on one property. Do not doubt for a second the power these guys have to buy your home and flip it in this market... Especially if it's as nice as you say..

RE: Getting "regular" buyers to your market... Like mentioned above, sign twirlers, girls, etc. Maybe make a preview open house with all you can afford to get people in the door... Anything from pop-corn machine and free drinks, to a full on brunch. All this advertising your auction...

One other idea, although extreme, would be to get a huge floating balloon over the house advertising the auction/preview and also using sky lights at night. Make sure you have a huge 4x8 sign in front of the house colorfully showcasing the auction specifics, or showcasing the preview date and attractions.

 

[TNphoneman]

Instead of an auction, how about a raffle? This way your target audience is nationwide. Partner up with a charity that is nationwide like shriners, make a wish, american cancer society etc and they have marketing outlets and can get it in the news. Have a site where people can sign up and purchase tickets. A portion of the proceeds to go to the charity.

 

[hardybents]

Instead of an auction, how about a raffle? This way your target audience is nationwide. Partner up with a charity that is nationwide like shriners, make a wish, american cancer society etc and they have marketing outlets and can get it in the news. Have a site where people can sign up and purchase tickets. A portion of the proceeds to go to the charity.

Slick idea. In conjunction with non-profits pushing the home....maybe even set up an affiliate type program, paid via tickets sold. $100 raffle ticket gives you a chance to win a $600,000 home. Give the affiliates $50 per ticket sold. 10,000 tickets seems to be alot, but not really with the right marketing. I would really be happy with $300,000 for it, I believe it would bring high 200's at auction.

A penny auction site could even be set up. i checked with beezid.com and they do not deal with used items, nor realestate... I thought a penny auction site for realestate would be a great business idea, but there are many legalities and variables that would pose problems. Plus with credits costing $1.00 it would take forever to hit the mark. Credits would need to be $50-$100 per, with that price people would not be as free to bid, as they are at $1.00? It may still work.

If anyone has an interest in an affiliate venture to sell raffle tickets, I would be open to speaking with you. This could be a hell of a business model, if it works with this house. I have flipped homes with ease in the past, this home is just a beast... IF this house moves....I would be willing to try this over and over.....Buying homes dirt cheap now, at stupid interest rates, with little down, is the norm...nothing would have to be done with the homes...just raffle them off. With the right marketing, this could be nice.

 

[hardybents]

orbit. thanks for the ideas...locally some of these things would work...I am looking to draw people from a big city 3 hours away as well.

 

[MyCrazyWorld]

You could sell it owner financing on land contract with 7-10% down for full price, and make it so they have to refinance it within 3-5 years.

 

[orbit]

orbit. thanks for the ideas...locally some of these things would work...I am looking to draw people from a big city 3 hours away as well.

Yes, I do understand that you want to attract as many buyers possible. I was not ignoring that, but I lean more towards local.

Heres why; markets change from state to state, zip code to zip code and even street to street. The chances of a buyer coming in from 3 hours aways is slim. They simply most likely don't know your market. If its a popular market, so popular that it is known from 3 hours a away, then hell yes. Newspapers, brokers, CL. Plus build a little site showcasing your auction and use adwords to target those buyers. Adwords would be a powerful targetting tool.

I thought about raffle as well, but do not think that indusive to a quick sale. Of course you would have cash flow, but I'm guessing that would need to be in some kind of escrow account.


MyCrazyWorld has a great idea, where you can get EVERYTHING you want.

You get a fat CASH down payment, you get to sell the property for a much higher price AND you get a sale. You get a HUGE market of buyers, since credit does not have to be in the equasion. Basically, if they have a down payment and make the payments they're in. If they default, you get to keep it all. Plus his idea of 7-10%+ down is good, since most everyone else is requiring 20% down. Personally, it's what I would do. Plus the work is minimal, you could probably put a couple CL ads up and be done with it.

 

[ElPadrino]

hardybents i like the way you think. You want buyers 3 hours away from your home and thats real estate thinking beyond the local real estate borders.But like orbit had mentioned buyers 3 hours not familiar with your area would pass on this deal. Unless they are very aware of your local market then yes but not what you would seek. you have stated your property is located in a very economically challenged neighborhood with very small group of qualified buyers. To me that is a big red flag as an investor that does not know the area. I would pass. I would ask my self "why is this home not moving at this price? "what are the comps?" "what stigmas surround or are on this property?" etc. Only if I knew the area or was seeking to expand into this local market.Honestly The best suited method would be a terms deal. from what I read you seek to dump your property, and an auction seems to provide that solution for you. I would seek other avenues such as different types of terms deal or joint venturing with others to push this home for you.

Options: (The first top 2 options are my choice to get the most money out of the deal)

Option1# Owner financing: Seller financing is big right now especially due to the credit crunch.I believe owner financing differentiates your property from 95% of the ones being sold currently at the moment. This sets you apart and increases your chances of it being sold on terms easily. There is still homeseekers wanting to own there own home. With shitty credit but very good jobs/work history and down payment

Option 2# Lease To Own: People with good jobs/work history and a nice downpayment looking to rent and own down the line.

Option 3# Round Robin Auction: Google it because I hate writing and this strategy works like butter-Screw the auctions you can do it yourself and with better results.

Option 4# Joint Venture: with other investors in the area or agents and split the pie.

Option 5# Get someone here on the local BHW forum that specializes in mobile marketing to generate a list for you in your local area. and blast that damn list with your property. ( hey this was just and idea)

 

[Greybeard]

I like your ideas, Orbit. However, would that be considered a lottery? I know in some states, that is illegal if you aren't doing so with a charity. On the other hand, if you did it with a charity, wouldn't you have to donate all of the money?