Last Mogul Field
Last Mogul Field
Once the second jump is done there is still a mogul field that cannot be overlooked. You can see the finish line right ahead but if you focus too much on the finish you will hit a Volkswagen size hump and fall over. This will ruin your chances of a finish let alone the hopes for a medal. This last mogul field is overlooked because it is a bit smaller than the others but it’s important – it will make or break the race.
This last mogul field for a real estate investor is finding the buyer. In reality if you have done everything else right up to this point finding the buyer should not be too difficult don’t spend the money until you have it in your hand. My philosophy is very simple. A. Be the 3% under the other comparable homes in the area B. List with a quality agent and don’t skimp on the Buyer agent commission. I would get a discount from the seller’s agent but make sure the buyer’s agent gets a full 3% commission. Make sure to put in your contract the amount that the buyer’s agent will receive. Most contracts just state the total commission that is paid. Create an addendum to the listing contract that shows exactly how much the buyer’s agent and seller’s agent will receive C. Have the house better than everyone elses. I don’t care what market you are in, if you are the lowest price house and the nicest home in the area you will sell, fast. That is the key. Sell Fast and get on to the next deal. There is a cost to hold the property, not just the cost of your money, but there is an opportunity cost on the next deal that you may miss, or something else you can do with the money. Holding the property also comes with risks. Too many investors think you can always start high and come down over time. This is stupid! Price for what the property is going to sell for. Too many investors think that some idiot from another state (like California) is going to come and pay more than what the property is worth. Price the property for what it is worth and then discount it 3% and you will have buyers coming. In some cases you will get more than the asking price because you may end up with multi offers. Yes you heard me right multi offers in this market place. The key is if you are the best home at the best price people will fight over it.
The Last Mogul field is easy if you have the right strategy and you don’t plan on a Jet engine to push you faster to the finish or plan on some idiot to over pay for your property.
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