Now, I will be the first to tell you that I am NOT sure how this is going to work because I have just changed my listing. However, if it does work, you gotta love the upside!
Anyway, about three months ago I listed this vacant lot in a nice neighborhood. It was priced moderately well to sell. The listing went up, I promoted it, prayed over it, and nada....zip....zero response. Knowing that my seller was somewhat anxious, I knew that if it generated zero interest in three months what are the chances that I would have buyers clamouring to buy it over the next nine months?I
My wife and I drove to the property to hopefully get some inspiration on how to market it. After looking at the lot and the neighorhood, I was convinced that if there was a house on the lot, it would have a lot better chance of selling. "That's it", I said, "we will get a builder to put up a spec home!" My wife gave me her special "look" that said, "and how do you think that will work out for you, genius?!"
Undaunted, I called Elaine Prezzemolo at Paradise Homes and explained what I wanted to do. She politely explained that while it may not be feasible for them to invest in a spec home, she had a solution that may work even better! She gave me all of the instructions on how to change a land listing to a residential listing by using a builder's model plan for new construction. She gave me the price of the model without lot prep work, etc to which I added my seller's listing price for the land. Voila! From a $15,000 land listing, I was listing a new home on the land for $199,000 plus prep. My seller pays commission on the land, Paradise Homes pays commissions on the home. You do the math! Here is the approved MLS write up:
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