Right now we’re looking at how to make your property ready for the market.
Featuring:
Bob Nelson, Eugene real estate investment broker
Marcia Edwards, Eugene residential real estate broker
Marcia Edwards: In residential market as well as commercial I’m sure, there’s only one little window for a first impression. And buyers and sellers, and I’m assuming investors Bob, really make the decision on whether they’re going to step toward it or away from it very quickly.
Bob Nelson: And a seller will potentially state, “This is my price,” period. And frankly, if the listing broker says, “You know, that is above what the market has recognized or performed in the past.” Are you sure you want to do that because you are blowing your first opportunity to stand before the crowd and be accepted.
Marcia Edwards: That’s right. So looking at property presentation, you’ve got to look at pricing very carefully, but let’s talk about condition. This is critical, you’re going to compete in condition with all those properties that are for sale at a similar price with a similar opportunity. We’re going to take a look at how to make an impression that’s positive by not oversharing information regarding the condition of the house, and by not representing it as a lifestyle that is not appealing to a broad base of buyers.
Bob Nelson: And that’s an interesting thing, because the property is what it is and how do I market the benefits of that property. I’m allowed to use what’s known as puffery it’s not measure representation. I can accentuate the positive features of the property without an obligation to disclose all of the “negative” features of the property in my advertising effort. And that’s reasonable, because what might be negative to me, maybe an extremely positive feature to you, because you’re looking for value add opportunity. A situation where I can buy something, modify it and cause its value to increase.
Marcia Edwards: Marketing preparation means how is a seller and buyer … how’s a seller going to have the buyer meet the home and what’s it going to look like in preparation for the next homeowner? And I would suggest that that’s going to be an internet relationship initially. You’re going to probably see your property for the first time online in photos, so you’re preparing the property in its condition to be very appealing to a broad base of buyers on an internet experience, means not too many photos about the property that talk to people interviewing it, but then talk them back out. Just enough photos to bring them to the property itself.
Bob Nelson: From that point forward, it’s up to the buyer to identify how much do I like this property, because there are some features that need to be changed in order for it to … particularly as a rental property. For it to be fully acceptable by the market.
Marcia Edwards: There’s a lot you can do to be the most appealing as possible to have a broad base of buyers.
Join Eugene, Oregon, real estate experts: Bob Nelson, Real Estate Investment Broker with Pacwest Real Estate Investments, and Marcia Edwards, Residential Real Estate Broker with Windermere Real Estate, daily at 5:30 on KPNW for the “Real Estate Today” radio show.
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