Getting to The Finish Line!
Is your finish line getting your rehabbed property RENTED or SOLD?
If your goal is to RENT your rehabbed property, we recommend hiring a Top Property Management Company. Let them do what they do best.
If your goal is to SELL your rehabbed property, we recommend hiring a Top Producing SELLING Agent.
PRICE IT RIGHT: It is important to secure updated comps (sourced from the MLS) to determine if your estimated ARV is accurate when you finish your project. If it’s not, adjust your price.
You want your property always to look GREAT while on the market. You are maintaining the property and grounds until it is SOLD impacts potential buyers’ first impression.
If you are SELLING and not getting showings, it is likely the price.
If you are getting showings and no offers, review the house’s feedback for concerns or issues. You also may consider increasing the commission rate you are paying. Pay more so that you are a top priority to both your listing agent and buyer’s agents. As a last resort, consider lowering your price.
If planning to sell on your own, but the property on Zillow.com, fsbo.com, craigslist.org & social media is a way for potential buyers to contact you.
- Offer a competitive commission rate to the buyer’s agent (est. 2.5%) AND an incentive (like a TV or iPad) – don’t be cheap.
- Spread the word at your local REIA (create a FACT SHEET flyer and offer an incentive to anyone who brings a buyer).
- Do a social gathering inviting neighbors to see your finished home.
Don’t get greedy on price! Often your first offer is the best! Your goal is to get your property under contract early. You don’t want to sit on the market for an extended time; time is money. Once you have an offer, you’ll follow some simple steps.
- Request the highest and best offer (even if you have one offer).
- Review & evaluate all offers.
- Once you have accepted an offer, the buyer will schedule a home inspection.
- Have your contractor/handyman present at the inspection.
- If repairs are requested, 1) negotiate and agree to do some or all repairs, 2) offer a repair credit, or 3) offer to purchase a 1-year home warranty (provided by an outside provider).
- Complete repairs.
- Send report with pictures (before & after repairs).
- Schedule a final walkthrough with the buyer and buyer’s agent.
- Be in communication with your real estate agent, closing title company, or attorney regarding appraisal & mortgage commitment progress.
- CLOSE & CELEBRATE!
CONGRATULATIONS! YOU DID IT!
Once you’ve crossed the finish line, it’s time to celebrate!
Remember to schedule a time to review and capture what lessons you learned. Each rehab is an opportunity to learn and grow. Determine what worked well and what you need to improve. Repeat what worked and implement necessary changes for improvement on your next deal!
That is SMART Rehabbing!