Periodic tips and reminders to help focus your
by-owner marketing and win your commission-free sale - from Canada’s
by-owner web-site, www.privatelist.com.
THIS ISSUE: Special Properties /
Interim Financing
ARCHIVES: www.privatelist.com/newsletter.htm
SPECIAL PROPERTIES
Military families or experienced corporate transferees will agree: the
easiest property to sell quickly is a typical house in a typical
neighbourhood.
Special properties, of course, change hands all the time (see, for
example, our testimonials page). But as a rule,
anything substantially out of the ordinary - be it in layout, decor, size,
amenities, price or location - will mean a relatively small pool of
prospects, and require certain adjustments in your selling campaign:
- enlarge the pool: factors like exchange-rates,
life-style differences or cost-of-living considerations may make
your property uniquely attractive to someone from outside the
local market. Your internet display beckons a world-wide
audience but consider classified ads as well - in other
parts of the country or abroad);
- fish several lines: it’s more critical than ever to employ every
possible way to get the word out: friends, work
colleagues or relatives half-way across the country, your
neighbour next door, bargain classifieds, a notice posted at
work, a highlight sheet enclosed with your phone-bill
payment . . . ;
- target your classified advertising: look for newsletters
your special buyers might use (like trade or life-style
publications, for example, for a cottage, bed-and-breakfast or
farm property), or bulletin boards they might frequent
(university faculty lounge, local medical center,
etc.);
- be more flexible on price (unique properties are by
definition difficult to appraise), but more cautious on
conditions: if you lose a sale for either reason,
subsequent offers may take longer than average to materialize;
- start early: compared to its more typical neighbours, a
unique, specialized or outstanding property can take 2-3 times
as long to find its special buyer.
Like all successful sellers, keep your eye on the big picture: your
reasons for selling (and selling privately), the rewards when you do,
and the consequences if you don’t.
INTERIM FINANCING
If you’re contemplating purchase of a new home before your old one is
sold, you can bolster your peace-of-mind considerably by exploring bridge
or interim financing now.
Interim financing is typically used when the proceeds from the sale of
your old home won’t be avalable until several days - or weeks - after
you move in to your new one.
The loan can be secured various ways:
- if you have a solid deal on your old house, the lender may offer
you a simple personal loan;
- if you don’t have a buyer yet for your old house, the lender may
place a lien against it, to be cleared - much like a
second mortgage - when the property sells;
- if the lender fears that your sale may not cover the amount
borrowed, other assets - perhaps even your NEW house -
may be used to enhance the security.
The cost and terms of the financing will vary with the source:
bank, mortgage or finance company, even some large builders or realtors.
You may, for example, be allowed to choose between paying monthly
interest versus letting it accumulate until the loan is repaid.
The best option may well come from the same financial
institution involved in either your sale or purchase but, as always, the
rule is shop around and shop early, when you’re in a better
position to negotiate terms.
FRIENDLY REMINDERS . . .
It's important to maintain an active marketing focus until your
property is sold. Just an hour every week-end, spent reviewing progress to
date and mapping out a response, can pay real dividends.
Therefore, each e-mail version of PrivateList PROACTIVE ends with a
series of reminders, and links to tips and tools for your on-going campaign.
To access these resources, press here.
©2000 PrivateList
