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A realtor last night contacted me about a house he just listed. He is a buddy of mine. The house cost $7M to build and is on a big lot. It is in mint condition. The owner wants to sell it fast to get into some other venture and is listing it for $3M. The realtor has 3 months to sell it before it gets taken off the market for winter.
Seems like a fantastic opportunity for an HBS? But at this price range it will require a lot of marketing – maybe worldwide? Can people help with marketing suggestions? Thanks. I’m sure my realtor would be willing to split his commission.
Hal
Just because it cost $7mm to build does not mean it is worth $7mm today. Get some comps of other homes in the area to see what they have sold for. Are there any comparable homes in the same neighborhood?
I would certainly NOT settle for splitting commissions if you secure the buyer. You need to get an option, then do the HBS. You should get everything over the strike price. The agent should get 2-3% of the option price – which is paid by the seller.
You need to do aggressive marketing – and it has to explain what are the benefits of that area and that house vs other choices in that price range. *if you can’t answer that, don’t do the deal)
Press releases worldwide
post on worldwide real estate web sites
professional color flyers – to have at the house and send to CEOs of major companies in the area
etc etc — and you still use signs – lots of signs 0- during the 2 day open house
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