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Never Do These During Property Auctions

AuctionProperty auctions have risen in popularity for the past years and for good reason. It comes with major perks and benefits not just for sellers but even for buyers. But we’re not here to talk about those. That’s a story for another article. Today, we’re here to establish what you should not and never do at these real estate acquisition events.

  • Never come without financing. Property auctions often require a down payment right then and there. After winning a bid, you will be asked to pay for the upfront costs and the remaining balance shall be payable in the next 28 days or as the term of the contract stipulates which is often a tight and short payment period. Additionally, real estate costs a lot and it takes time to pool and/or arrange for these resources so preparing one’s financing ahead of time is not only advised but required me.
  • Never miss out on research. See to it that you run a background check on both organizers and properties. The auction house likely has a website or even if they don’t, information and reviews about them should be available on the internet. See to it that you read up on those. Familiarize yourself with the processes too as each organizer is different from the next.
  • Never forget to visit the property. Researching about them is one but seeing them for yourself is another. Both are equally as important. Why bid for something that may not be worth it after all?
  • Never come in late. You want to get a good grip of yourself. You’d want to observe the environment and see who you are up against. Coming in early should give you enough time to look around and pace your strategies.
  • Never show your cards. Keep your plans (e.g. which properties you’d be beidding on and how much you are willing to shell out for them) to yourself. Don’t divulge them to both sellers and co-attendees as they can use that against you.
  • Never let emotions rule above logic. Property auctions are highly competitive and intense platforms that trade real estate assets. So much is at stake both for sellers and buyers and one should make it a point to keep one’s head above one’s heart. Sometimes, you might feel like engaging in a bidding war without realizing that you’re doing it for the thrill or you’re going beyond budget. Don’t.

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How to Put up Retail Investments for Sale

retail-investmentAs an investor and a real estate entrepreneur, you need to know how to sell your product. It doesn’t matter if you’re already a seasoned one or are practically new to this. There are simple pointers, tricks and hacks that can help you put up your retail investments for sale in the best way possible thereby creating bigger returns and faster transactions. How do you achieve that? Take a look at the list below.

Know your assets.

You cannot effectively sell a product that you are not fully knowledgeable about. You need to know every tiny detail about it from its useful life, current market value, ongoing costs, construction history, building materials, architectural design, location dynamics and the list goes on.

Determine and get acquainted with your market.

Depending on the combination of features that your retail assets have, it can cater to varying markets and niches. Once you’ve drilled down what those are, be sure to know all there is about your target audience especially in terms of their preferences, lifestyles and actions. This way you get to better reach out and interact with them eventually ending up with a sale.

Find your best marketing channels.

A property no matter how great will cease to be valuable if people do not know about it. Scout for the available marketing media and match that to the preference of your target market. You have to reach your audience otherwise your asset never see the light of day.

Keep the property at tiptop shape.

No one wants to buy a forlorn and defunct retail property. No entrepreneur is crazy like that. Keep in mind that people want to make the most out of every penny they have and no one will even pay your assets a first look if they are too shabby beyond repair. So go ahead and clean up the front lawn, repaint the walls, make upgrades and renovate as needed. Just keep in mind that everything you do should add value to your asset for great returns.

Fix the papers and documents.

Putting up your retail investments for sale is not the same as selling lemonade by the sidewalk. It has a lot of paperwork and legal requirements. You have a contract or the deed of sale to begin with, titles and not to mention the asset’s blue print among others. A buyer wants as less hassle as possible and if you want a sale you’d cater to convenience for them.

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