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I work for a builder in a small metro where the average sales price is around $200k. Recently we participated in a "home-a-rama" type event where we (along with a couple other builders) built a high dollar luxury property.
Now that the event is over, we have to sell this property...like yesterday
I would like to know what the best plan of attack would be? What would you do first? I watch shows like "Million Dollar Listing" and it seems like the big black tie event is the way to go, but I'm not in NYC and that just doesn't seem to be the culture here. Should I target the luxury Realtors? Should I go directly to the big corporations around town and try to get info on executives relocating to the area? I've thought about dropping off brochures at the offices of attorneys and plastic surgeons lol
I didn't see the word BROKER in there...but you want some good free advice??
is this one property or many units??
put it in,,,, craigslist, the paper, any local online real estate sites
if it were me, this is what I would do- meet with 4 different real estate companies, pick one agent out of each company, that has sold like properties, have a "listing interview" with each one of them, walk the property with them, ask how they would sell/market it, and also ask them, what they think it is worth-ask for recent comps that have sold
there's a good chance one of them may have a qualified buyer already for it- then negotiate a commission with no split..(if they have a buyer)
Don't over price it if it is way out of the market. In a more expensive market, for example, maybe you price at $1.6M but accept $1.4M. In a lower priced market, price it at $1.4M but don't go any lower.
What are we talking about here.... list price-wise? How many properties SOLD close to your list price in the past 3 months? Past 6 months? And how long did they take to sell?
I gather you used construction financing to build the spec.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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It's common advice that you are better off owning the worst house in a great neighborhood, where the others pull up your value, than the best house in a less expensive neighborhood where the opposite happens. That horse has left the barn, though, so now you are faced with the problem some friends had when they were in a similar situation. They ended up renting it out for two years because there were no qualified buyers interested in living in that neighborhood, for enough to cover the payments/taxes. Eventually they did sell it but only for a little more than they had paid. When interviewing realtors, ask them to provide examples of properties they have sold in a similar situation, and ask them how they will market it. Choose the one that makes the most sense to you. If they are used to the commission on $200k homes, the potential pay day should provide a lot of motivation, but even the best realtor can't sell a home if there are no buyers.
I work for a builder in a small metro where the average sales price is around $200k. Recently we participated in a "home-a-rama" type event where we (along with a couple other builders) built a high dollar luxury property. Now that the event is over, we have to sell this property...like yesterday
I work for a builder in a small metro where the average sales price is around $200k. Recently we participated in a "home-a-rama" type event where we (along with a couple other builders) built a high dollar luxury property.
Now that the event is over, we have to sell this property...like yesterday
I would like to know what the best plan of attack would be? What would you do first? I watch shows like "Million Dollar Listing" and it seems like the big black tie event is the way to go, but I'm not in NYC and that just doesn't seem to be the culture here. Should I target the luxury Realtors? Should I go directly to the big corporations around town and try to get info on executives relocating to the area? I've thought about dropping off brochures at the offices of attorneys and plastic surgeons lol
Any ideas would be great! Thanks in advance!
It seems strange to me that this wasn't thought out long before you started planning the spec on this home. If the other homes in the area don't comp, it's gonna be pretty hard to get what you have in it.
You can list it on zillow for free. Just make sure the zestimate is at or above your asking before entering the listing and offer something out to the buyers agents.
It's common advice that you are better off owning the worst house in a great neighborhood, where the others pull up your value, than the best house in a less expensive neighborhood where the opposite happens. That horse has left the barn, though...
OP has committed a classic blunder: over-building for your neighborhood. It is inevitable that the neighborhood will drag the house value down.
All I can say is be prepared to take a loss and charge it up to your gain in experience.
OP has committed a classic blunder: over-building for your neighborhood. It is inevitable that the neighborhood will drag the house value down.
All I can say is be prepared to take a loss and charge it up to your gain in experience.
Even worse, several builders went in together on this fiasco? Are they all new to the business? SMH
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Price is everything
