Why Your Realtor Won’t “Just Try” Selling Your Minneapolis Duplex

The other day a prospective Minneapolis duplex seller suggested we just throw his property on the market at the price he “needs” to see if someone will just make him an offer.

The funny thing is, when you list your duplex for sale, most buyers think the price you list it at is what you truly want for it.

And if that number doesn’t make sense– as in it’s way out of line with what other properties are selling for– they won’t waste their time looking. Especially if it’s as much as $100,000-$150,000 above current market value.

Most duplexes and investment properties are presently selling for within 10 percent of the price they’re originally put on the market for. Therefore, a buyer has no reason to sincerely believe he or she will be able to purchase the property from you at present market value, which may be 30, 40 or 50 percent lower than the amount you “need”.

Here are the facts. If you purchased any kind of property after the year 2000, it’s probably worth considerably less than what you paid for it.

Or, if you’re a duplex owner who refinanced and took equity out of the property to pay off credit cards, buy another property, or go on vacation, odds are you owe more than the property’s worth.

And that stinks.

But today’s duplex buyer is unwilling to compensate you for that loss.

Here’s another fact. Putting a Minneapolis duplex on the market “just to try it”, costs your Realtor money. Marketing costs, like hiring a professional photographer, designing and printing brochures, paying a company to install “for sale” signs the agent bought, gas, insurance, licensing fees, and so forth, are all up front costs your Realtor pays.

Even if your duplex doesn’t sell.

And in today’s Minneapolis duplex sales environment, where Realtors are working harder and longer hours, often for less pay, there aren’t many of us willing to give you a “free loan” of “let’s just see” marketing money.