Over the years, Kennard has acquired a good number of rental properties around Charlotte. He has been watching the market closely and decided that 2018 was the year to start selling his rentals, while the market was good.
After talking with Hartis Real Estate Experts, Kennard felt like his instincts were validated and decided he did want to sell. First up were three homes on N. Alexander Street, in the Belmont neighborhood (just outside of Uptown Charlotte). Included in those three homes was one home that had a fire in the back half of the house (pictured in the lower left photo below).
Kennard's initial plan included trying to negotiate a deal with a developer that wanted to tear the homes down and increase the density, by building townhomes/condos on the property. He'd actually been approached by the developer and while he was excited about possibly selling to the developer, their negotiations stalled a few times because the developer was trying to also acquire a few more parcels of land around Kennard's. So, he asked Scott to see what he could do, to get the homes sold. If that included the developers buying his houses, great. But he wanted to get things moving faster. He told Scott he wanted to sell the homes "as is" with no repairs, because he thought they each needed some work. He thought "if I am going to have to put work into these to sell them, then I might as well rehab them myself."
Next Steps for Kennard
So, Scott and Kennard talked about who they thought the eventual buyer would be for the homes. Even though anyone could buy the homes, they thought the homes would likely be bought by one or more investors that wanted to either rehab the homes or tear them down and build new construction on the homesites. As an aside, two of the homes had active tenants living in them, so they knew the homes wouldn't be easy to show. So, Kennard and Scott came up with a plan to put the homes on the market, but to have a small window of time, for initial showings, so the tenants would be displaced as little as possible. They did this by creating a weekday morning open house and invited as many investors as possible, but still allowed others the opportunity to come as well. (See a time-lapse video of the Investor Open House below.)
The "Investor Open House"
Sixteen potential buyers showed up at the open house event, to see the three homes we marketed.
- Length of "Investor Open House" ➡️ 1.5 hours
- Number of Investor Groups that attended the Open House ➡️ 16
- Number of Homes sold at the end of the Investor Open House ➡️ 2
High Octane Marketing Results
By creating a "most likely buyer" profile, and then catering to that profile, Scott & Kennard were able to successfully sell all three homes in a short amount of time. It also allowed Kennard to sell the homes without making repairs. Also, by using the strategy of an investor open house, they were able to create a buzz around the properties, and ultimately sell the homes at the price Kennard was extremely happy about.
Are you curious about how much your home is worth or the process we use to market and sell real estate for top dollar? Start your journey here.