Not getting offers

15 Replies

We listed our latest flip in San Antonio 42 days ago. The realtor is doing a good job of showing the house with some decent traffic, we've done some staging, it is in the desirable Alamo Heights neighborhood, and all seems to be ready. We've even already done one price drop.

I understand the need for patience. I'm just curious to hear from the community: what actions do you take after a flip has been on the market for a while to improve your chances of getting an offer worth taking? Do you continue to make small improvements, additional price drops? My partners are thinking about painting the exterior and adding some shutters to increase the curb appeal (although I think it still shows pretty well).

What are your thoughts, BP?

If interested, here's the link to the listing:

http://realestate.sabor.com/homes-for-sale/TX/San-Antonio/78209/202-TUXEDO-118555986/popup

Greg

Greg, I recommend taking the property off MLS for the time that it would take to add some additional curb appeal. When re-listing the property will you will have a new look and instantly bring your listing to the top of the MLS as "New" this should help drawing more visibility. Hope this helps.

Paul

@Greg_fend

I live a quarter mile south on AH blvd. both tuxedo and Ah blvd are busy streets within AH proper so you'll see a slight discount. I've noticed things have slowed slightly in the past 30 days but still moving quickly when priced right. Any offers to date? If not I'm a little surprised. This house sits back a little and .25 acre is big for the area. I watch this market and area closely; I think very low 200s psf is right. Maybe 725+ but you're close enough you should be seeing offers. I'm happy to take a look and give you my thoughts. Photos look great. Might I ask how you found this deal originally? If you do more in AH I would love to talk with you.

@Paul James , thanks for the recommendation; not a bad thought!

@J Koehne , we haven't gotten any offers yet. It seems to show well, but haven't really received any solid feedback as to why no one is making an offer. The area is really great...we just closed on our first project on Corona after sitting on the market for a little longer than we would have liked. Corona was our first flip as a team (our EGR Properties team), and we got to learn some lessons, including some minor GC issues on that one. As to how we found it...we picked up both our Corona and Tuxedo places through New Western (Paul James' team). Overall, very happy with the Alamo Heights area!

Shoot me a message if you'd like to connect. I'm the "removed" partner at the moment, as I'm currently stationed in Korea. But still always looking to build my network!

Thanks, @Tom Keith!

Want to buy it?? :)

Seriously, though, thanks for the positive feedback!

Greg,

Nice looking house. It looks like you have done a excellent job on the flip.

That's not my normal type of flip price range so its hard for me to suggest much. But I would have to throw this out. You can always offer a higher % fee for the buying agent, along with a 1-5k bonus for an accepted offer by a certain date, maybe June 1.... This could help you create a frenzy of showings, every buying agent around would love to get an extra .5-1% and Bonus, so they might be showing anyone and everyone who might be interested.

Good luck, I hope it moves fast....

If your getting traffic with no offers, something is turning them off. Your agent needs to hound the showing agents for feedback, while they all promise to give it to you, most are too lazy unless you chase them down right away while its still fresh.

I would hold a well publiczed open house and same thing, work the crowd for feeback. There has to be something that is giving a bad feeling or turn off.

my guess is the location. Tuxedo is very busy. Similar to claywell/Eisenhower. Avg price in the neighborhood is 450-600 so this is a very big house and lot for the area so you'll see a discount on psf. Outliers from 600-2mm are new construction or incredible restorations on premium streets.

@J Koehne , AH is a pretty wide-ranging area for such a small pocket of greater San Antonio. I love the historic feel of the neighborhood and all the work that everyone has done in the area to keep things looking great.

I think if we get the right person through the door, we'll get a great offer on what is a great house, IMHO!

It's a beautiful house! But I think you can do better with the staging. Line that front walk with bright flowers. Put in a fridge! At least, I guess that's what's supposed to be in that fridge-shaped void in the kitchen ;) The office space is great, but it looks abandoned. You need some books and things on the shelves, and a blotter and pens or something on the desk. And I think the picture of the carport shouldn't be on there, it looks really low-tone compared to the rest of the place. I do think the shutters on the front would be a good idea. Also painting- if it were a lower priced property i'd say the blue was OK but if I were paying $775k for a house I think I'd expect a fresh paint job in a more current color palette. Good luck!

Thanks @Jean Bolger and everyone else for the candid comments. Had two showings yesterday and waiting to hear back on how they went!

I agree with @davidniles. If no traffic, then it's a price issue. If traffic, but no offers, it's normally a problem with the product.

Maybe get a friend(preferably not someone in the real estate industry) to see the house and get some honest feedback

Our listing has expired, so we're going to keep it off the MLS temporarily to see what we can do to improve the showing profile of the place before we re-list.

Any thoughts on possibilities on the exterior? One option is to stucco the exterior. An initial rough estimate puts that cost at over $30k (!!). I don't know if that's standard in San Antonio, but it seems high to me. Another option is to re-paint and hang some shutters. We also plan to pull out the tree to the left of the entry, clear out some of the thin bushes, and dress up the landscaping.

We feel that the exterior doesn't quite match up to the great work we've done inside, so we want to really make this place stand out from the moment buyers show up.

Any input would be greatly appreciated!

Greg,

I think you're spot on with your thoughts on the exterior. I drive by it everyday and don't think it screams what you're asking. Do not stucco that house. What you have is consistent with the charm of the neighborhood. Did you paint the exterior?

We haven't painted yet. This is the pre-flip paint, just power washed.

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