Residential Real Estate Broker · Austin, TX · Member since 2014 · 146 posts · 21 votes
Hi All,
I wanted to get your opinions on whether a property that is being renovated should be put on mls during the renovation period (major renovation). Or should it be put on mls after the renovation is complate and when the property will be beautiful and show well...what do you think?
My vote was to put list the property on mls after the property is complete...because it would show well and not risk having to get a high "days on market". On the other side, i know builders put thier homes on mls advance of their even starting construction.
Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
11y
The answer can be dependent on your market, but I would lean towards saving the MLS for afterwards for the reasons you outlined - if it's on the MLS people want to see it and are disappointed if they can't arrange a showing, and good photos get people out to the property.
You can still do plenty of "coming soon" marketing during the rehab. A great idea I borrowed from a local rehabber is to post a sign in the yard (or do Craigslist posts, email marketing, flyers to neighbors) and have a website devoted to the project where people can view photos or videos. Create some buzz around your project and you'll have people lined up to view it once it's ready for an open house.
Flipper/Rehabber · York, UK · Member since 2013 · 895 posts · 453 votes
11y
The answer can be dependent on your market, but I would lean towards saving the MLS for afterwards for the reasons you outlined - if it's on the MLS people want to see it and are disappointed if they can't arrange a showing, and good photos get people out to the property.
You can still do plenty of "coming soon" marketing during the rehab. A great idea I borrowed from a local rehabber is to post a sign in the yard (or do Craigslist posts, email marketing, flyers to neighbors) and have a website devoted to the project where people can view photos or videos. Create some buzz around your project and you'll have people lined up to view it once it's ready for an open house.
Investor · Sarasota, FL · Member since 2008 · 17k+ posts · 17k+ votes
11y
My opinion -- NEVER list a rehab until it's 100% complete. It's cliche, but true -- you only have one chance at a first impression...
The only exception is for new construction -- if you have a detailed floorplans, drawings and other similar units you can show (to give an idea of finishes and quality), there are times when listing a spec house prior to completion makes sense.
Real Estate Broker · Indianapolis, IN · Member since 2014 · 3k+ posts · 2k+ votes
11y
I don't recommend listing it on the MLS while it is being renovated. A renovation company by us uses this strategy:
Put a coming soon/for sale sign in the yard. Leave the blinds up so people can peak in. They leave lights on at night so people can easily see how it is coming out. Plus people are a lot less likely to break in if it is lit up and they can be seen.
They have sold homes before the project is done. They have also had people buy the home and pay them to customize/finish to their liking.
Realtor, General Contractor, and Developer · Redding, CA · Member since 2009 · 7k+ posts · 4k+ votes
11y
I struggle with this myself on new construction. I agree with @J Scott in most instances. However; on our new construction I have relented in order to give a potential buyer an opportunity to have some input into choosing colors of final final finishes, etc. Though it can be a nightmare scenario, I'm trying it right now on the house in San Clemente, and keeping my fingers crossed. If you want to stay in control of your job, and choose all finishes yourself, wait and list upon completion!
Woodland Hills, CA · Member since 2014 · 6 posts · 5 votes
11y
I never put a property in the MLS unless is completely renovated and staged. However my agent places a "Coming Soon" sign on the property when the renovation is about 90% completed always having a good curb appeal. Agents in the area with buyers see the sign and start marketing to them.