Today is PART two of “I would Sell But, Where Will I Go?”
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PART TWO
5. Consider keeping the old house, turning it into a rental for now, and proceed to find and purchase the next home. You can handle the lease yourself or refer it to your favorite leasing agent. The home stays an asset for your client and they can keep their low-interest rate mortgage. Don’t assume that this isn’t an option. You have to ask! Remember that Americans currently have record-high credit scores. They may be more comfortable taking this option than you think. In some markets, keeping the home and turning it into a short-term rental can be very profitable. It might be the best option for your clients.
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6. Consider selling the home first, but leasing it back to the buyer for a set amount of time, allowing your client to find their next home. The buyer is happy because they secured the house, and your seller is happy because they have both time and money coming in to facilitate their move to the next place.
7. Consider this little-known but much-utilized possibility: buying an RV, a houseboat, or a sailboat. We have many examples our coaching clients have shared about their sellers who cashed out their homes and simply bought something like this and just decided to travel for a while. You might be surprised that it’s not just baby boomers or retirees who are doing this! Another version of this is for sellers to cash out and rent a series of short-term rentals in different areas of the country or the world, trying out new possibilities before they decide where to land.
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8. Consider finding your would-be seller an off-market home to purchase where that seller has flexibility. The advantages here are that you are in complete control of both sides of the transaction, and you may pick up yet another client when the off-market seller also needs to buy. Refer to our podcast series and Housing Wire articles about how to find inventory that’s not in the MLS.
9. Some of your seller prospects may be ready to move into an assisted living care facility. Many of the homes that ARE coming onto the market right now are in 55 and over communities, downsizing, empty-nester homes, and the like. Are you prospecting in those neighborhoods?
10. Last but not least it may not be for everyone but is certainly an option. Moving in with relatives, whether that’s moving in with parents or kids or cousins somewhere else, it can be a short-term solution.
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Bottom line? You can’t just wait around for listings to appear for your seller prospects who have to buy! Stop relying on your DRIP system. Be proactive with different solutions that could work for them. You’ll have more transactions and they’ll value your expertise, netting you both current business as well as future repeat and referrals.
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