Hi Everybody. Yesterday a received a call from a property that we just put on the market. And the caller asked “Why is it so cheap?” That is my second favorite question when talking to buyers.
1. It tells me that I got the comps right. That is important feedback when there are very few comps. In this case I really had to dig and look for listings and recent sales to get a number.
2. If the buyer is serious he isn’t going to haggle much. He already knows that the price is great.
3. The buyer won’t drag his feet on the deal because he knows that other buyers will be attracted to this price. In this case I have two buyers out looking at the property after being on market for 2 days.
4. I have the opportunity to explain my business to the buyer so that he knows how we purchase properties and why the price is low. I also explain that there are no leins or back taxes. That way he can stop worrying about the property being a toxic dumping ground and get on with making a good purchase decision.
Oh yeah, my favorite question is “How can I buy it?”
If you want to hear people asking you these questions – send more mail.
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