Don’t Wait To Start Marketing Property
By Paul Esajian on October 2, 2013
Regardless if you are wholesaling or rehabbing a property, your market efforts should start as soon as your contract is signed. The goal for any deal should be to make as much as you can in the shortest time possible. Time equals money in real estate and the longer you have to wait to find a buyer, the less in demand your property is. You don’t have to take a full page ad out in your local newspaper to get the marketing process started, but there are many little things you can do to attract attention. Don’t procrastinate, start marketing property as soon as you can.
The first and most obvious strategy is to advertise directly on the property. A small bandit sign on the front yard can go a long way. You will get the nosy neighbors who just want to see the inside of the house, but you may also get your future buyer. A sign on the front yard and a sign on the top of the street should get you some immediate local neighborhood interest. That should also get local realtors interested. You never know which realtor may be the one who has a buyer for your property.
In addition to bandit signs, you need to focus on social media. There is nothing wrong with a “coming soon” post on Facebook or tweeting out the property address. You can continue your posts with a series of pictures along the way, once some of the work is completed. Some investors prefer to wait until the work is totally done before they show the property. Others will want to get activity as soon as possible and will let anyone that is interested in. However, negative images are difficult to erase and may prevent some buyers from gaining traction on the property. If an investor has the image of damaged walls or shoddy flooring, they may be suspect in the finished product even after the work is done.
Your marketing on social media should be done in conjunction with your own personal website. With the reduced cost and ease to set up a website, it is entirely possible to have a dedicated website for each property you have. You can place pictures, property information and frequently asked questions on your personal website or direct buyers and investors to the property website. You should also be blasting out your property or a teaser email to local realtors. You may have to deal with calls and emails from realtors who want to list your property, but that is not necessarily a bad thing. Never dismiss any return call or email. It is entirely possible that one of these realtors may have a niche in selling your type of property in your area. For the cost of the commission, it may be worth it to have them sell your house at top dollar as quickly as possible. What you spend on commission can be made up for in the lower marketing costs.
Your marketing will evolve the longer you are in the business. Whatever you do, it is important that you get started as soon as possible. Waiting to start until your property is finished will set you back months. Get buyers, realtors and other investors interested as quickly as you can. You never know where you will get your next buyer from.