I hope everyone had a great holiday weekend.
As we get summer behind us and look forward towards fall, smarter landlords are also looking forward to some great end of the year purchases. It has been my experience over the years that some of the best deals show themselves towards the end of the year.
Why is that?
I think there are a couple of reasons.
- People have had their property on the market for a while now, some since spring trying to hit the “peak” buying season, and have had no success. They will now be ready to make a deal.
- Banks will be looking to unload non-performing assets or foreclosures.
You see, the end of the year is both a psychological and fiscal boundary. People want to start fresh in a new year. They want to unload things that are perhaps holding them back. They are tired and ready to deal.
Banks and many other businesses will be starting a new fiscal year. That means it is time to clear the books. It is time to take those tax write offs. It is time to move some inventory so the banker can get their year end bonus.
Basically, the looming end of the year can be a great motivator.
So what should a smarter landlord do if you want to pick up some of these deals?
- Get your money and/or financing in order. You will need to be able to move quickly. It is best to have all of this arranged now.
- Know your market. You will need to know what a deal is and jump because others will be looking too and the good ones go fast.
- Network. Let others know that you are in the market and what you are looking for. Paying someone a finder’s fee is a great way to get deals.
- Keep a close eye on all of your sources. Many deals are still found through the Realtor’s Multiple Listing System (MLS). Have your realtor set up a search that will e-mail you directly potential deals. Use key words such as bank or corporate owned, price reduced, make an offer, priced to sell, estate, etc., as part of your search criteria.
It’s September. Time to think of the autumn leaves, football and getting a break from this humidity. But smarter landlords are also thinking about picking up some year end deals. Some are going to come your way. Be ready!
