April Showings Bring May Closings!

                                       April showings bring May closings!

This works for both buyers and sellers of real estate investments. Got a property you are trying to sell? Try to schedule as many showings with your Realtor as possible, private or open house. While it is typical for investment properties to have private showings, an open house is not out of the norm, especially if the property is vacant. While you may think that properties that are currently tenant occupied, with a history of making money, may be most attractive to some Investors, not everyone is looking for the same thing. Some want to start with a clean slate to look at a property's potential, carefully calculating their risks to ensure that it is investment worthy. But they want to "see" these properties, so if you are selling, roll out the "red carpet" and make sure it is ready to show.

The more traffic you have into a property, the more likely you are to get an offer sooner than later. Even if tenant occupied, it shouldn't become so difficult to schedule a showing with a potential buyer. Schedules can be worked around. Convince all of your tenants to avail themselves, willing to show their place. It doesn't have to be immaculately clean but it does have to provide a buyer with a solid sense of what they would be purchasing. While you can't and shouldn't stop living, you should always be ready to show. When that agent who has a buyer in the car and just saw your yard sign calls and wants to show, scramble and show it! Never turn down a showing request unless it's absolutely necessary. And just as in residential, how the property shows is important so make it the best in show. Clean it up, consider adding a fresh coat of paint and add some curb appeal. This could not only garnish an offer, but it may be higher than if you had done nothing. Not sure, what to do to make it show better? Consult a Realtor who specializes in your market.

As buyers interested in purchasing a residential investment, timing is everything. If you snooze, you could lose. Right now, inventory is low and interested lookers are plentiful, so act fast. If you are paying cash great, but if not, have your pre-approval before going anywhere. Narrow down the properties you want to see from looking at the listings online or that are provided to you. Then pick a few that you would like to see and set up a private showing for those which truly interest you. But please respect a Realtor's hard work by sticking with one Realtor to help you. A good Realtor will guide you through the process and keep you on track. And remember, every real estate agent is not a Realtor. A Realtor is a member of the the National Association of Realtors and invests in his/her practice by doing so.

While this chart is a good representation of the flow of a real estate transaction, investment properties have their own dynamics. From potentially clearing liens, to zoning issues, to calling a contractor in to get a better sense of rehab costs, all of these play into the time frame of closing on a property. A typical time frame from accepted offer to closing takes between 30 to 45 days or longer. Timing is everything. There are a lot of things that happen between offering and closing to accomplish your full due diligence such as negotiations, title searches, inspections, appraisals, contingencies, walk-throughs ... in addition to those that are specific to investments. Both the buyer and seller need this time to get everything in order. A good agent will help you through these steps, but in order to close as quickly as possible, you will need to be on top of things. If a showing is requested, avail your property. If you want to make an offer, don't delay. If documents need to be signed, sign them as soon as possible. Granted, you may want a quick close, but patience is crucial. Just like the old saying that "It takes a village to raise a child", likewise "It takes a team to seal a real estate deal". Realtors, buyers, sellers, loan officers, underwriters, banks, inspectors and settlement companies all play an intricate part in a transaction.

Bottom line.....Get going on finding that investment opportunity....go check them out. Be motivated to sell and motivated to buy as being very proactive can turn those April showings into May closings!