Ok, so the buyers are fewer and farther between compared to 3 years ago. I get it. But there are opportunities to position your business for great success in the coming months. You have to be creative, smart and willing to do things others are not.
Case and point: Renters aren’t buying units? Hold an open house party! Serve food, have music, and make sure to have your staff ready to show units to perspective buyers. This is usually a hit with younger buyers, ages 22 – 35. Spend a little cash to get people in the door. I got this idea from a friend of mine who moved to California about 3 years ago. We still keep in touch. After a lengthy phone conversation, we decided to try this out. One reader of The FlipBoard wanted to try this out on a new apartment complex his company just built. The vacancy rate was a little high for the area and he wanted to do something about it. So, we picked a few Saturdays and Sundays to hold the event. What happened, initially, was a party with no one there. So, his company shelled out a few bucks to advertise over the radio. He even got a DJ from the station to broadcast live from the complex. It was a huge success! He sold 8 units over one weekend!
We did notice how there was a large number of free-loaders who wanted a free meal. The best way to stop this is to force individuals to sign a contact list before they eat/drink. It is not a committment, but it does build an awesome callback sheet!
This could possibly work for higher end, single family homes ($400k and up). You may want to manage it differently than an apartment complex. For example, the music played should be softer, more reserved and classical. Wine is served instead of beer. And wear a tie instead of a golf shirt.
The bottom line is with a little creativity and a small budget for advertising and refreshments, you could help potential buyers find you, instead of the other way around.
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