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A step by step guide to how I sold a rental property through our Flat Fee program

J. Andrew English J. Andrew English

Recently, I sold one of my own properties through Congress Realty. The property was located in NM and sold during the month of June 2020. I used the exact same systems that we offer our sellers through our Flat Fee MLS program. Below is an exact chronological list of how I did so.

  1. Served 30 day notice to my tenant to vacate. My tenant was on a month to month lease at that time.
  2. Acquired all keys, remotes, etc.. from my property manager.
  3. Installed a mechanical lockbox on the property so that I could get laborers into the property
  4. Received 3 bids on re-painting the interior. Chose a company, made payment and had them use the lockbox to complete the work
  5. Received 3 bids from carpet installers. Chose a company, made payment and had them use the lockbox to complete the work.
  6. Hired a handyman to run through the property to repair any small items, such as blinds, etc..
  7. Hired a photographer to take 20 photos of the property. (Note, I didn’t have 100 photos taken. I am a big believer in not over photographing the property)
  8. Listed the property on the local MLS through Congress Realty. At the time the listing went active, all of the interior work was complete, the photos were ready. I listed the property on a Thursday night. I offered the buyer’s agent 3% in the MLS listing.
  9. By Saturday, I had 4 offers and countless showings.
  10. Sunday, I chose a cash offer at list price with the quickest close. I provided the seller disclosures to the buyer’s agent with my acceptance of their offer.
  11. During the inspection period, I offered a small credit to the buyer in lieu of making any repairs.
  12. I made sure I was in contact with the escrow officer at all times. I ensured the buyer earnest deposit was deposited on time.
  13. I signed my docs remotely via a mobile notary. I chose to have my funds wired to me.
  14. Upon recording, I made arrangements with the buyer’s agent to pick up all of the keys, remotes, etc..
  15. The total time from the date my tenants vacated my property to the time I received my final wire from the title company was 30 days.

All 4 offers I received came from buyer’s agents who found the listing on the MLS. Had I chosen to wait an extra day or 2, I may have received multiple more offers. However, the quick closing cash offer at list price was appealing to me. A few things to note: In my opinion, offering 3% to the buyer’s agent helped bring in multiple offers. Making the property easy to show via a lockbox was helpful in bringing multiple offers.

As you can see, if you do things correctly and keep things simple, rarely is there a need for a full priced Listing Agent. You can save thousands of dollars using our Flat Fee Listing program. Upon request, I can provide the full property address that I am referencing in this blog post. This will allow you to verify it was owned by myself and sold through Congress Realty in less than 30 days.

Things I did not do: I did not use a Real Estate Sign. I did not post the listing on any FSBO related websites. I did not use Flyers/Handouts. I did not send out an email blast to Realtors.

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