Real estate mogul: This is the factor that sells a property fastest

Sidney Torres bought his first investment property with a $40,000 loan co-signed by his grandmother.

"As soon as I finished that house, I ended up getting it appraised for $100,000 more than I actually had in it. I refinanced that house and I took that money and I bought another house next-door," he tells CNBC.

Since then, the self-made millionaire has developed over $250 million in commercial and residential real estate.

On Wednesday's episode of CNBC's "The Deed," in which Torres uses his money and expertise to help struggling property investors, he shares the key to selling any property quickly: an accurate listing price.

"Brochures and staging helps, but there's nothing that sells a property quicker than listing it for the right price," the real estate mogul says. The price-tag should "grab someone's eye and make them want it."

RELATED: 10 real estate social accounts to follow for ultimate inspiration

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10 real estate accounts to follow
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10 real estate accounts to follow

Illustrated Properties
@illustratedproperties
Based in Palm Beach Gardens, FL, this account exclusively features current listings (including prices) of mansions with pools. A fine display of true and massive Floridian architecture.

Photo credit: Instagram


 

Saunders & Associates
@hamptonsrealestate
Because who wouldn't rather be at a beachfront estate in the ever-glamorous Hamptons?

Photo credit: Instagram

MSM Luxury Estates
@msmluxuryestates
Based in Beverley Hills, CA, celebrity homes are often featured, as are infographics including statistics on the current market. 

Photo credit: Instagram

Joyce Rey Real Estate
@joycereyrealestate
Featuring estates everywhere from California to Italy, prime luxury pads are accompanied by shots of pretty decor, quotes and personal moments from Joyce Rey's glamorous life. 

Photo credit: Instagram

Houlihan Lawrence
@houlihanlawrence
The real estate firm that specializes in Westchester County and the suburbs of northern NY posts listings in real time, as well as shots of hip and marketable hotspots in the towns where they sell.

Photo credit: Instagram

Chad Carroll
@chadcarroll
This "Million Dollar Listing: Miami" star posts pictures and listings showcasing all of Miami's architectural beauty, from rooftop views to sleek interiors.

Photo credit: Instagram

Douglas Elliman
@douglaselliman
As one of the most prestigious real estate companies in the world, it's no surprise that this account is full of all things luxurious, including cityscapes, events, and famous landmarks.

Photo credit: Instagram

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Choosing a sales price that's too high can mean you'll have to lower the price later, putting you in a vulnerable position, says Torres: "It makes people feel like you're desperate or they're going to be able to take advantage of the situation because you're lowering the price."

Plus, you simply may not be able to make the sale, which happened to one novice flipper on "The Deed" who chose to list his property for $30,000 more than Torres recommended.

Torres prefers to list his properties at an attractive price, "so people feel like, 'We've got to jump on this or we lose it,'" he says.

Plus, if you sell quickly, there's an added bonus beyond just collecting your money sooner: "If a developer turns a property quicker, it's a good look and the banks love it."

Watch Sidney Torres in CNBC's "The Deed," Wednesday 10 p.m. ET

Don't miss: Real estate mogul says this purchasing secret helps him find perfect buys

SEE ALSO:
This self-made millionaire bought his first flip while making only $40,000 a year
This entrepreneur was fired by Lenny Kravitz and went on to make millions

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