Selling First Deal
I am currently rehabbing my first deal and I am going to try to sell the house myself before I get any real estate agent into it, so that I can save on commission fees. My question is should I make a flyer before my rehab project is done? and just list the improvements that I am currently making on the property, and the price that I am asking. Or should I wait until I am finished with my rehab work to advertise? thanks for any input you have
Start advertising while you do the work. Making a flyer is a good idea. Make a list of all the features the house will have when the work is completed.
Sherry
I wouldn't unless it were a rental or unless you were only making a few minor improvements. Most people don't have the vision to see past the mess of a major rehab and if they're turned off you may never see them again. Remember that saying about first impressions..................
You could show a floorplan and just say that the ins agency won't let you show it until construction is complete.
I have never done this, but I have a friend who does it all the time. Many of his prospective tenants are referrals from current tenants, and they are just waiting for him to finish his next rehabs. He has deposits weeks or more before the rehab is complete, and has no problem allowing prospects to visit during rehab. In this case, he usually has that advantage - the prospects already know the result because they've seen where their friend lives Works for him. Z
Quote:
On 2003-11-29 19:54, homestrategies wrote:
I wouldn't unless it were a rental or unless you were only making a few minor improvements. Most people don't have the vision to see past the mess of a major rehab and if they're turned off you may never see them again. Remember that saying about first impressions..................
I agree.
The thread starter said he was SELLING it not renting it.
I wouldn't start advertising or showing it before you are completed.
As far as making some excuse why you can't show the inside like the people wont stare in the windows and also probably figure out exactly what you are, a liar.[ Edited by MrMike on Date 11/30/2003 ]
My my MrMike aren't we in a bad mood! If you notice post#5 I would say you aren't very encouraging. It's not like anyone will buy without seeing it anyway...but he could get the interest before he is done with the work. Insurance agencies around here have been known to deny access to property while under construction. This post is to help not to discourage. SRC="images/forum/smilies/icon_smile.gif">
[ Edited by BethE on Date 12/01/2003 ] [ Edited by BethE on Date 12/01/2003 ]
I don't think there is any should or shouldn't dos in your case. You aren't going to hurt your self or lose any potential buyer if you advertise it before it is done, but you might sell it. The chances are slimer but if you aren't commiting a huge amount of money or time, what have you to lose?
Personally I would probably wait, but that is just me, I subscribe to the first impressions school. But it sure would be nice to be finishing the rehab knowing that it was already sold!
No don't show it while you are in
the process of rehabbing ----start
showing it BEFORE you begin
rehabbing it. As soon as you get
control of the property, plant a sign
and show it. You can save a bunch
on holding costs, labor,material, and
most importantly MONEY!!!
We never advertised our rehabs. But that's not to mean we wouldn't. It's just that we found that passersby would stop and ask questions. We sold several homes like that -- to people, off the street, who saw us working. One buyer knew exactly what this one house looked like before we bought it. She asked us what we planned to do and what the price would be. Next thing we knew, she had arranged her loan in anticipation of this house being completed. WE never once, advertised. The paint was barely dry on the day of closing.
I could see where one could do either. The ones who have no vision wouldn't likely be around to purchase your house when it's finished anyway. [ Edited by makingaliving on Date 12/01/2003 ]
thanks for the help I have been in the house three weeks now and quite a few flyers have been taken out of my box no calls yet but we will see!