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Forums » Rehabbing and House Flipping » Rehab Complete... no showings, now what?

Rehab Complete... no showings, now what? Subscribe to Rehab Complete... no showings, now what?

35 posts by 17 users

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Residential Real Estate Agent · St. Louis, Missouri


So here we go. My rehab is complete, had it on the market for about 3 weeks, and no showings. We have 1 open house with 7 or so couples coming through.

So here's the question, what do I do to increase traffic, better yet, what would you do in this situation?

I'm guessing all the responses will be lower the price, but I am curious if there's any other advice.

Thanks again BP, I could not have reached this point with out this site and J Scott's site. Now we just have to sell this place!


Wholesaler · Dallas, TX


I'd first run comps, or better yet, have a local Realtor run comps on your property and make sure you're priced right. Do you have room to lower your price?

Have you considered offering a buyer's agent bonus? I'd offer a bonus and call successful local agents and talk to them about your home and the bonus that you're willing to pay out.


Landlord · Hendersonville, Tennessee


Stinson has some great ideas ...

After the above, I'd take a look back at what your exit strategies were.

1) Dropping the price if need be.
2) Holding on to it and renting it until the market recovers (if it ever does)
3) Flipping it to another investor just over cost if you get in a bind or got in over your head, etc...

EDITED TO ADD: You have to remember to always take in to account holding fee's (3 or even 6 months reserves). I'd only suggest option #3 as a last ditch effort.


Real Estate Investor · Toledo, Ohio


Put it up on craigslist in the For Rent section and advertise the payments. You are still looking for someone who can get a loan, but this opens you up to people who think they can't get a loan or who just need a house that's nice enough or a deal that's good enough to push them along.

Here is a link to one of my craigslist ads for your reference: <a href="http://toledo.craigslist.org/apa/2521071494.html">http://toledo.craigslist.org/apa/2521071494.html</a>.

Note the big, bold, red letters that say you must have a 600+ credit score to qualify. That is Wells Fargo's minimum. Make sure you have a contact there or with another L/O that can offer a low credit score loan.


Wholesaler · Dallas, TX


Great idea from Ryan.


Commercial Real Estate Agent · Washington, Washington D.C.


Of course price is paramount. Ryan also has a really good idea. I might try that one on the realtor side ;)

I've also had some luck with offering additional appliances. Not upgrades or anything but actual duplicates. People are having to jam more folks in less space and so where room permits my props all have 2 washers and dryers. Usually side by side in the garage. Also you may want to throw in an extra freezer somewhere.

You can try all kinds of things but if it's not being shown at all it's probably being eliminated on price before they even get in to see how nice it is.



Are you marketing it yourself or through a real estate agent?

Make a flyer. Distribute it among all the neighbors. Offer $500 if a buyer names them as a referral. Stress how they can pick their neighbor, whether it be family or friend.

Make another flyer offering it for lease option. Distribute it at nearby apt building (may have to get permission first).

Good luck!


Real Estate Investor · Little Rock, Arkansas


Hopefully you are listed on MLS. If not, you need to be either through a FSBO web sight or a realtor. Don't get too "reduction happy". Hopefully you budgeted at least three months for holding during the sale. I would drop the price once a month; this moves the listing back infront of realtors that have buyers. Offering closing assistance is a nice touch rather than a bunch of give aways you will have to purchase. But, all of the appliances should be in your budget already as well.
Don


Real Estate Investor · Wheat Ridge, Colorado


First, is it on the MLS? If not, that's the problem and you need to get it on there.

If it is, is the listing complete? All the info is there. Pictures are in place. Descriptions are complete.

What's the market like in your area? Are houses in your area and price range moving? If the market is really dead, but your place is priced correctly, you may just have to wait.

If you already have it on the MLS and sales are occurring in your market and price range, its overpriced. Simple as that. You should have had a flurry of activity right when it hit the MLS. That's when the pool of existing buyer's will first see it. If its a good deal, they will have a look. The fact you've had ZERO showings would indicate everyone who looked at the listing rejected it from just the listing. After three weeks, your listing has been seen by all the potential buyers and now you're waiting for new buyers to come along and find it. Nothing wrong with that, and eventually you may find a buyer, but ZERO showings after three weeks says something is seriously wrong with your listing.

Small_flying-phoenixJon Holdman, Flying Phoenix LLC


Real Estate Investor · North Carolina


We are in the same boat, 2 weeks, 3 showings, one mildly interested. OPen House had 4 neighbors out of the 5 that showed up (but then it was the day after Irene:-).

All of our feedback indicated price was not the issue (one couple did NOT like the solar panels on the roof, too complicated they thought), they like the rehab, there are other issues (older, "too mature" landscaping etc). I have been following the MLS stats and it just shows the market is dead.. Nothing anyone can do about it.

We do have generous selling-agent commissions. WE will cut price if 4 weeks go by with less than 10 showings. Looking into the lease up and then sell to investor exit as well.. Many people are looking for turn key Investment property in our area..


Real Estate Investor · Holly Springs, North Carolina


Regarding "My rehab is complete, had it on the market for about 3 weeks, and no showings." Do you really know what the value is? After 3 weeks, I'd say there is something wrong, although I'm not sure your timing was great... since there seems to be a lull in the market about this time of year.

I would get a current appraisal, and if the valuation on the appraisal is more than your asking price, promote this fact on your MLS sheet. If it's less... then you mis-valued your rehab and should reconsider your price.


Real Estate Investor · Atlanta, Georgia


First, verify for us that it's on the MLS.

Next, post a link to the MLS listing so we can see the pictures and the copy. We can probably give you an idea of whether the first impression from the pics and copy is positive or negative, and if it's negative, that could be your problem right there.

J Scott, Lish Properties, LLC
Telephone: 770-906-6358
Website: http://www.123flip.com
http://www.123flip.com


Residential Real Estate Agent · St. Louis, Missouri


Thanks for the replies everyone! Yes it's on the MLS, please
feel free to rip the copy apart. Thank You.


Residential Real Estate Agent · St. Louis, Missouri


http://maris.rapmls.com/scripts/mgrqispi.dll?APPNAME=Gstl&PRGNAME=MLSLogin&ARGUMENT=KXT1Gv4BUGJkd4uGSzzT1SLZrmgRQYgqhCK5f2kjQ24%3D&KeyRid=1&Include_Search_Criteria=&CurrentSID=149962078 Here's the link


Multi-family Investor · Central, Texas


Nice looking place. First question I would have as an out of town person is- Are most of the houses in that area that close together? Even if so I would trim some of the other houses out of your pictures of the front and back of the house. Even if thats normal those pictures are going to remind someone how crowded they will be.

If it were mine I would drop the price to $119,900 in hopes of getting more people looking at it.


Rehabber · Silver Spring, Maryland


Take this advice with a grain of salt- house is on the market 3 days now so it maybe a totally bad idea all together. I asked my agent to put the picture of my kitchen as the first picture you see- I thought the kitchen was a wow factor and I thought people would lose intrest if they had to go through 23 pictures to get there.
I'd suggest finding your best picture and putting that as the very first one- not nesecerially the front of the house. Hey it may not work- we will see.
Also I'd drop the price a little- maybe like $2500 or something.


Real Estate Investor · Atlanta, Georgia


Originally posted by Ophelia Nicholson
I asked my agent to put the picture of my kitchen as the first picture you see- I thought the kitchen was a wow factor and I thought people would lose intrest if they had to go through 23 pictures to get there.

I can't speak for MLS in other areas, but both of the MLS in my area REQUIRE that the first (main) picture be an exterior pic. If you try posting something else as your first pic, it will get flagged and taken down.

J Scott, Lish Properties, LLC
Telephone: 770-906-6358
Website: http://www.123flip.com
http://www.123flip.com


Rehabber · Silver Spring, Maryland


Okay a couple quick notes- Just cause I'm curious- 1st picture starting after exterior- the kitchen picture with table- you may want to remove the table- yes the kitchen has eating space but the table where it is also makes kitchen look smaller than it is- Open the kitchen window and take a better picture.

Second picture- nice arch and windows- mat in the middle of the walk way looks out of place.

3rd picture- Open the window and get some light in the house- remove the cups/plates and just add a runner on the table and then the flowers.

4th picture- Umm why is there a outside sitting chair in what seems to be room- confused.

5th picture- weird place for the couch- you may want to move it to where the tv is or maybe where the window is-room looks awkward- yeah definately where the window is and then maybe two chairs- some pillows with a bit of color.

6th picture- weird thing on wall- tv and mat again in weird place.

7th picture- what room is this and why is there a weird shaped sideway window?

8th picture- yep definately remove the table- open the shades, remove that clear glass thing over the dishwasher. Why do all your pictures says 6/6- makes me think you've had the house sitting for 2 1/2 months and noone wants it.

9th picture- remove that picture with the flower- again table is blocking the door- add cookbook where the flower picture is- and can I say I really dislike those towels but if needed can you put them together for me.

10th picture- hmm get back to you on that one.

11th picture- may not be so bad- picture is dark and stuff is too close to walkway.

I think I'll stop now- to me the house looks like someone has lived in it- not like its a renovated staged house- more like hey someone has lived here.


Rehabber · Silver Spring, Maryland


Originally posted by J Scott
Originally posted by Ophelia Nicholson
I asked my agent to put the picture of my kitchen as the first picture you see- I thought the kitchen was a wow factor and I thought people would lose intrest if they had to go through 23 pictures to get there.

I can't speak for MLS in other areas, but both of the MLS in my area REQUIRE that the first (main) picture be an exterior pic. If you try posting something else as your first pic, it will get flagged and taken down.

Hi J Scott,
I guess every MLS is diffrent, Its not common in my mls as everyone has diffrent thoughts on how its done but its definately not a requirement that the exterior be the first picture.


Residential Real Estate Agent · St. Louis, Missouri


Keep the suggestions coming please. Thank you all, especially Opehlia!

Updated: 05:51PM, 08/29/2011

Please comment on the rest of the photos Ophelia. KEEP IT REAL!!!! And thank you!

Updated: 05:52PM, 08/29/2011

Update 2: We are putting most of your comments to use O, KEEP IT REAL=thank you for Keeping it Real!




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