How to Prepare for an REO Sale in Seven Simple Ways- By: Karim El Sheikh
You know you have the perfect house to sell. Your Broker Price Opinion (BPO) listings are practically screaming to be sold. You have already overseen repairs and seen to the fact that the house looks great. You even did a little landscaping on the yard, just to give your potential buyers an idea of what the home will look like.
What else do you need to do?
Here are a few tips to follow when you show a house to a buyer that can help you guarantee a sale:
Amp up the for Sale Sign
A beautifully done For Sale sign does wonders. Make sure it is attractive and eye-catching and that your contact details are large, easy-to-see and memorize.
Present the house at its best
Try to at least present the house in as good condition as you can. Many bank-owned homes are sold “as-is” and can show signs of disuse or neglect, especially if they have been abandoned for a long time.
Knowing interior decoration and architecture can help you show your client the possibilities of the house. For example, you can suggest that a porch be screened in or a wall knocked down to expand the size of the living room.
Dress for the client
No matter who the client is, a great REO agent always looks professional. Good clothes, tasteful jewelry, comfortable (yet presentable) shoes give the buyer the impression that you take this seriously and give them enough time. Grooming is also important -- a harried-looking, scruffy REO agent makes no sales.
A little furniture can be a nice touch. You do not need to go all out and decorate the home completely. Select a room and give it a little life. Most clients have a difficult time imagining themselves living there so the sight of familiar furniture in a familiar area can calm them down. A great spot to furnish is the kitchen. Add a few bowls of fruit, bake a few cookies and offer freshly brewed coffee. It is a great way to get to know your buyer and get the preliminaries out of the way.
Do Your Research
Knowing your buyer can guarantee a sale, so do your research. What exactly are they looking for? Many buyers specify what type of amenities they want in a home and the hard economic times often force them to stick to a certain budget. If you know the house is something that they will love and what, remember to respect their budget and try to stay within it.
In short, try your best to find a home as close to what they want as possible.
On another note, knowing your client can also help you find the perfect home for them. A bachelor working in the city may not want that three-story in suburbia, but would be perfectly happy with a loft. A family of five, on the other hand, would probably be looking for that ideal four-bedroom bungalow.
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