Six Rules for Selling Fast in a Slow Market

From Realtor Magazine Online, Daily Real Estate News October 23, 2008

Anyone looking for advice on how to close a deal in a tough market might get some inspiration from William Bronchick and Ray Cooper, authors of How To Sell A House Fast In A Slow Real Estate Market(2008: John A. Wiley & Sons).

Here are some of their most useful ideas:

Position the house in the right price range. Buyers search by price range. Positioning a property in the middle of the range increases the likelihood people will see it.

Have info available. Deals fall apart when the buyer has unanswered questions. Work with the seller to have key information available, including cost of utilities and taxes, neighborhood liens and covenants, and an evaluation of the schools.

Put out a good flier. People are much more likely to read the flier than they are to call the number on the “For Sale” sign.

Market to the neighbors. Market to people who have just listed their own homes in the same areas. Chances are they like the neighborhood and could be persuaded to stay in the area by the right property.

Talk to the seller about offering creative financing. For many people these days finding money is the biggest stumbling block.

Explain the first-offer rule to clients. In this market holding out for a better offer is a big mistake.

Source: Forbes, William Bronchick and Ray Cooper (10/21/2008)