when to put rehab/flip on market?

Question

Hi BP

This may seem like a silly question

I'm usually a buy/hold. And sell in have to situations. Moves and transfer or someone approach to buy my unit.

I'm also getting ready to get my license.

My rehab should be down in a few weeks.
If I pass exam it will be under my chosen broker until I have my physical license.

I haven't had any new agent training. 
I usually hand my property to professionals.

Any advise would be helpful.

Do I wait til I staged it?
How do I go about marketing it?
Wait til I get my brokerage setup, follow their lead?

Thanks

Dell Schlabach · Answer

Opinions will vary on this, but I never put a house on the market until it is totally complete with landscaping, final cleanup and staging completed.

You only get one chance to make a good first impression with a buyer, you want the buyer to be noticing all the great features, you dont want them looking and noticing incomplete or unfinished items.

We have had many of our houses sell first weekend on the market this past year. Most we get a contract on within the first two to three weeks on the market.

I just put one on the market last Friday, five showings, two second showings scheduled this weekend. I doubt we would have this kind DOM success if the houses were not totally completed and staged.

Re Marketing the house, Most of the buyers have agents looking for them, thus most buyers will come from the mls. So good pictures are very important.

As far as being a new realtor, and not being sure about having a professionial list it. The odds are probably somewhere around 80% that another agent will be bringing the buyer, I would definitely list it myself even if I was brand new, your broker should be able to lead ou through any challenges. If its a broker that doesnt provide that, BP Realtors are always a message away to help solve any challenges.

All the best to you, may you recieve multiple offers the first weekend.

Its always more fun being on the sellers side in a multiple offer situation, than the buyers side.

Suzie B. · Answer

I think listing it sooner is better than later, saves on carrying costs for one thing.  If you are in real estate for the long haul you will have plenty of time to list your own properties down the road.  Hubby and I, neither one, have our license yet although I hope to get mine when things slow down a bit.

With our first flip, our local realtor who has been in the area for years had us a buyer before it even made the mls.  We didn't stage the property either ... More $$ we got to keep.. But staging I think depends on your location and the pricing level of your property.

Jennifer Lee · Answer

Mike G. hahaha good point! thank you! 
as you can tell, marketing and sales is my weak point.

just curious, when you watch 'em flipper/guru show, what is the marketing are they talking about... you know getting ppl on their first open house??

again sorry for these newbie questions.

Mike G. · Answer

Marketing??  Do they still do marketing for houses where you live?  Here, unless it's a multi-million dollar home, you just put it on the mls.  It's probably the same there.

And do you really need to spread the word before you list it?  Nobody is going to be able to see the house anyway, right?

Jennifer Lee · Answer

J  Scott and Dell Schlabach thank you those are  very good advise.

I think I will list with my brokers bc in my "interview" that is all their ideas.  for prudential he gets a cut, and for keller she is willing to waive if it's mine, but it isn't. this is my investors' porperty, I have POA

I will put it up when it's COMPLETE. meanwhile how do I spread the word???

one brokerage said they have a buyer lined up....I m not sure how true it is, they want me to work for them...me not so much.

J Scott · Answer

My recommendation is to find a good listing agent, let him/her know that you're getting ready to get your license, but that you're not yet comfortable listing the property yourself.  Tell him that you'll give him the listing if he'll walk you through his process of selling and marketing it.  That way, he gets the commission and you get the knowledge you need to be able to do it yourself the next time.

Another alternative is to agree to give him 50% of your next 5 listings, with you as the co-agent.  That gives him more upside (50% of 5 deals vs 100% of 1 deal) and also gives you more experience

Jennifer Lee · Answer

Thank you!!! That was my other issue. Bc it would my first should I leave it to professional lol

Andrew B. · Answer

My wife is busy getting her license too, and we have recently sold a few properties we flipped. We decided not to rush her and to use a well experienced realtor to sell both, which I think by doing worked out great. Its all relevant to the market and the offer you have currently. You wouldn't want to lose the offer while you wait to get situated and you could have your cash untied working for you quicker on the next deal.

Why don't you do all the staging and use a realtor for this one? Obviously I don't know the value of the sale etc, and what you would be missing out on by not selling it. I have also recently negotiated with a realtor on their rate- it helps sometimes. It was just a once off and I showed them numbers to justify it.

I look forward to my wife getting her license , but like I said I defiantly think our realtor has made us some money with their experience.

when to put rehab/flip on market?

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