I’m a RE investor in Victoria and am looking for some creative and innovative ways to market 3 condos (I’m working with two other owners). We purchased these condos as a pre-construction in November/05 and closing is rapidly approaching (March 15th). These condos won’t particularly appeal to the RE investor (as we found out!) but to someone who actually wants to live in them.
We’ve done, or are doing, the conventional marketing, e.g. MLS, realtor’s own websites and outreach, Craig’s List (and related), the RE networks, online advertising in places like Bermuda/Germany, eBay classifieds, family and friends... We’re primarily appealing to the retiree, vacation or second home owner who’d like to get away from the snow and cold and live on the beautiful west coast (I know, I’m one of them – formally from Calgary!).
We also thought that this opportunity might appeal to a company who wants to house executives and business professionals working in Victoria on short term contracts. Buying a condo near downtown is an alternative to renting space. Finding these companies will be a challenge though. Any ideas?
Finally, we thought of lease-option – appealing to those who might need rent-to-own (if we do close on the units and want a good renter). But this is a last option. We’re highly motivated, of course, to deeply discount these condos and even to offer a $5,000 moving allowance and finder/referral fee. Can anyone think of any other inducements to offer?
Getting these properties in front of the right buyers is our main focus for this month (assignments close Feb. 29th). We’re all a lot wiser after this experience (and likely will gain even more experience before this is over). So, just a word of caution to others considering assignments (buying into a pre-construction). Have an exit strategy! Know that you may “have” to close so be sure that you can. Anyway, wish I’d read Don Campbell’s books before I bought this property. Well, they say lessons can be expensive, but the learning is optional. I intend to learn from this one!
Thanks for any advice and suggestions you may have as to how to find a buyer for these properties.
We’ve done, or are doing, the conventional marketing, e.g. MLS, realtor’s own websites and outreach, Craig’s List (and related), the RE networks, online advertising in places like Bermuda/Germany, eBay classifieds, family and friends... We’re primarily appealing to the retiree, vacation or second home owner who’d like to get away from the snow and cold and live on the beautiful west coast (I know, I’m one of them – formally from Calgary!).
We also thought that this opportunity might appeal to a company who wants to house executives and business professionals working in Victoria on short term contracts. Buying a condo near downtown is an alternative to renting space. Finding these companies will be a challenge though. Any ideas?
Finally, we thought of lease-option – appealing to those who might need rent-to-own (if we do close on the units and want a good renter). But this is a last option. We’re highly motivated, of course, to deeply discount these condos and even to offer a $5,000 moving allowance and finder/referral fee. Can anyone think of any other inducements to offer?
Getting these properties in front of the right buyers is our main focus for this month (assignments close Feb. 29th). We’re all a lot wiser after this experience (and likely will gain even more experience before this is over). So, just a word of caution to others considering assignments (buying into a pre-construction). Have an exit strategy! Know that you may “have” to close so be sure that you can. Anyway, wish I’d read Don Campbell’s books before I bought this property. Well, they say lessons can be expensive, but the learning is optional. I intend to learn from this one!
Thanks for any advice and suggestions you may have as to how to find a buyer for these properties.
