When a property doesn't sell, it doesn't always mean there's something wrong with the property.
Sometimes the problem is how it's being positioned and marketed.
A Tacoma fourplex I recently sold is a good example.
Before coming to me, the seller had already listed the property with two other brokers who were unable to get it sold.
The Challenge
An investment property that has already spent time on the market can be more difficult to sell the next time around.
Buyers have seen it.
Brokers have seen it.
And the longer it sits, the more likely buyers are to assume something must be wrong.
Simply putting the property back on the market with another broker and essentially the same strategy isn't enough.
It needed a fresh approach.
The Solution
When I took over the listing, I developed a new marketing strategy and repositioned the property for the market.
The objective wasn't just to generate more clicks or inquiries. It was to present the investment in a way that gave qualified buyers a compelling reason to act.
The new strategy generated multiple offers, allowing me to negotiate from a much stronger position for the seller.
The Result: Full Price in 13 Days
The fourplex sold for full price in just 13 days.
But getting the property sold was only part of the story.
The seller then completed a 1031 exchange into a new-construction rental property offering higher income, easier management, and virtually no maintenance.
Instead of continuing to deal with an older fourplex that had already failed to sell twice, the owner was able to reposition the equity into an investment better suited to their goals.
If Your Multifamily Property Didn't Sell, Don't Assume the Market Rejected It
I've worked with many owners after a previous listing expired, was cancelled, or simply failed to produce an acceptable offer.
Before putting the property back on the market, I want to know why it didn't sell the first time.
Was it the price?
Presentation?
Marketing?
Buyer targeting?
Property condition?
Income and expense presentation?
Showing strategy?
Or some combination of them?
Changing brokers without changing the strategy may produce the same result.
Changing the strategy can change the outcome.
Charles Burnett, CCIM
Sound Property Group
206.931.6036
Thinking about selling—or have a property that didn't sell? Get a Free, Confidential Property Valuation:
SoundMultiFamily.com/sell