I just closed on the sale of three townhome properties in Ogden.
The sellers of these condominium townhomes contacted me in February to discuss a strategy for liquidating their investments. They had purchased these properties in 2013 at a discount and had been utilizing them successfully as income properties.
Rather than flooding the market with all three units at once, we initial took an approach of liquidating one at a time. We listed the first townhome for $114,900. This was slightly above my recommended list price but we thought the market might catch up to that price point over the course of several months. We had several showings but no offers.
Part of our trouble was the presence of the renters when getting the home shown. The renters made scheduling showings a little awkward and they didn't always keep the property is perfect showing condition. My experience has been that selling rental property to owner occupants is a pretty tall chore unless the property is in a highly demanded location. In our case, there was nothing particularly special about our location. So, we became frustrated with how the market was receiving the listing.
Later we dropped the price to $109,900. Around that time, we also listed the two other units and decided to approach it from an investment perspective rather than trying to market to the owner occupant niche. This strategy proved successful. Shortly thereafter, we received an offer. If was too low, but we were getting calls and attention from investors.
The sellers decided to move things more quickly and we reduced the price of all three units to $99,000. The next day a buyer that had shown previous interest in the property made a full price cash offer. The transactions closed a month later.
Congratulations to my clients! If you are looking to acquire income property or need to sell to transition into another investment, CONTACT ME, and lets discuss a marketing strategy that will help you accomplish your financial goals.
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