Sunday, January 31, 2010

Knowing your properties and your buyers

Having been in the real estate business for nearly ten years, I think I have gotten pretty good at knowing what buyers are right for each individual property. Each property is different and has a different buyer sub-set. Today I showed a listing in Bay Ridge and I could see this couple in the property-they liked what the property had to offer and what the building had to offer.

My colleagues, Josh and John and I closed on a house in Windsor Terrace in late December. At the open house in September where the buyers viewed the house, one of the family members was present. It was a lovely sunny day and each of the three agents took turns showing prospective buyers the property. A young couple arrived with a baby, with a sister of one of the spouses. They spent forty five minutes with one of the agents in the house while I was outside with the family member. I said to her, "those are your buyers." And sure enough within days we had an offer. They seemed like people willing to a little work, who were not scared of an older house that needed some renovation. If you know your properties well, you generally know who your buyers are.

Each property is unique. And each property has a more likely group of buyers. Although it seems somewhat obvious, a couple with a wife whom is pregnant is less than likely to buy a one bedroom apartment. You can often tell what sort of person, family or couple is more likely to purchase a property if you have years of experience under your belt and know your properties and neighborhoods. Choose a broker with that sort of experience to sell and market your property.

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