You do not need to be a rocket scientist to be able to quickly figure out that how much you are able to sell your real estate options for is tied directly to how well you are able to package the properties you own options on. Packaging a property means to present the property to prospective buyers in a way that fully highlights its best features and future potential uses. As part of my marketing plan, I compile a comprehensive property information sheet, which lists the following features about any property that I have under option:
1. The year the property was built, along with the type of construction and architectural style.
2. The property's geographical location, to include any special features or benefits about the area.
3. A brief description of the building's interior, to include the square footage and geometrical shape of the building, spacing between interior support columns, ceiling and overhead door heights, type of heating and cooling system, and the size and shape of the lot.
4. Nearby sources of available transportation, to include rail, highway, airport, and port facilities.
And when I want to highlight a property's potential future uses, I make a listing of every conceivable way in which the property could be used. To illustrate, I once owned a one-year option on a vacant gasoline station, which was located on a busy intersection in North Tampa. The property belonged to a regional chain, which had scaled back on the size of its operation in Tampa Bay. The downside to the property was that all of the underground storage tanks leaked like a sieve and had to be replaced before the property could be used again as a gas station. However, the property's upside was that it could still be put to other uses. So I proceeded to market the property for future use as a:
1. Quick oil change and lube shop.
2. Auto repair shop.
3. Auto upholstery shop.
5. Motorcycle repair shop.
Three months later, I resold my option to a "Buy here; pay here" used car lot operator, who eventually went bankrupt and never exercised its option. Today, five years later, it is the site of a Walgreens Drugstore.
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