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Selling Your Renovated Property11/7/2017 Selling Your Renovated Property is republished from https://mpgdeals.com/ So you purchased a fix and flip to sell retail. It can be an exciting and stressful time all at once. But when is the best time to actually start marketing the property? How do you know when it is actually ready to go on the market and pass inspections? These are the questions we will answer in this short article. Marketing Your PropertyWhen should you start marketing your property to get it sold quickly? We all know that the longer you hold onto a property the more it will cost you in holding costs. Insurance, HOA dues, utilities and if you used hard money can add up quickly cutting into your bottom line. If you ask most investors and realtors they will tell you that you start marketing the property once it is completely finished and staged, if you are going to lightly furnish the property for showings. We don't subscribe to that train of thought 100%. Let me tell you why. A few years ago we renovated a condo in a high rise. From day one the neighbors were curious about what upgrades we were making. We also ran into several real estate agents that were showing other condos in the building. After introducing ourselves we were often asked by these realtors if they could see the property, sometimes even when they had a client with them that were there to see another unit. Almost all of the realtors asked to be notified of when the property was completed, so we did. We actually notified them about 1 week before we were ready to go on the market. One of the realtors we had meet actually made an appointment to show the property the day it was ready. We hadn't even listed it with a realtor. He brought in a client and they put it under contract and closed within 2 weeks. We were extremely happy, being that the HOA alone on the property was $400 a month, and we only had the one realtor to pay! We found an article that helps explain in more depth the Pros and Cons of marketing your property before it's completed on Connected Investors blog:
Good advice. The one thing that you really need to take into consideration is how many contractors are on the job site that day, not only for staying out of their way, but for safety reasons as well. Ready To List Your Property?Okay, so everything seems to be done, or at least your GC tells you it's ready. Do you take their word for it? We don't. We always do a walk through and check every little thing. Just a few things wrong here and there can totally blow a sale to a potential buyer, thinking that if they see these little things wrong, how much more is wrong that they can't see. Danny Johnson put up some great info on the Flipping Junkie blog about performing a punch list before listing:
You need to read the full article. He gives a lot of good info. Home inspectors can be a huge pain, and can "ding" you on the smallest stuff. Before you know it they have a huge list with little stuff that looks like a mountain to a potential buyer when in reality it's only a mole hill. Summing It Up It's really up to you and the project you are working on when you will start marketing the property. Just bear in mind that not all potential buyers will be able to invision the finished product. Then when the property is ready to be listed, be sure and do a thorough walk through paying attention to detail on every little thing. As always, if you are looking for the best off market properties in Atlanta, sign up on our site. via Blogger Selling Your Renovated Property
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