Are your property manager clients frustrated because it seems that the sales at their buildings under management seem to be few and far between these days?  Some experts say “that while the majority of sales mistakes are related to price, there are other small slip-ups that can prove costly when trying to sell a property.”

 

Here are a few things that property managers should be aware of in order to  directly or indirectly positively influence sales at their properties…

1. Know what the property is worth – Knowing recent comparable sales and being prepared with a list of these similar sales creates credibility with potential buyers.  This will give buyers confidence in your client’s knowledge and allow them to become familiar with the price point of the property.
2. Poor Maintenance of the Property – The first impression of the property is what will impact the potential buyer the most.  Property Managers should encourage their tenants to make sure their property is spotless and smells fresh and inviting.
3. Talking too much or ‘Overselling’ – It is common to be eager to sell a property and determination to do so is a great attribute, but being an obnoxious or pushy seller could deter potential buyers from purchasing a property.  Make sure your client’s know when to stop selling and listen to the potential buyer’s wants and needs.
4. Rushing the Sale – Learning to establish a relationship with the potential buyers without detouring off of the sale is a tough task.  It is important to educate the potential buyers on the property and allow them time to trust you before you jump straight to the sale.
5. Being Unprepared – Encourage your client’s to research the property before they show it to a potential buyer as well as just knowing current comparable sales.  Anticipating questions the potential buyers could ask will help your client be more confident and will again, build a trustworthy relationship between the buyer and the seller.

Property Managers both directly and indirectly influence sales at their properties whether intentionally or not.  Avoiding some common mistakes can help property managers maintain interest in their properties!

Sources: www.trexglobal.com; www.fourandhalf.com

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