A Little Realtor Advice to Some Flippers

[Shari Posey]

Hello All!

I just want to give a little friendly professional advice from a Realtor to certain flippers...

Every week I look at flips that are sitting on the market and in southern California if anything has been on the market more than 2 weeks it ain't going to sell for the price you have it listed at. Here is what I see as most flippers' biggest mistakes:

1. Know the neighborhood and what buyers expect. Before you choose your cabinets, appliances, style, etc. look at some other homes sold. I can't tell you how many times I go into a nicer area and I'm finding really cheap carpet, fiberglass tub enclosures, no dishwasher, stock cabinets, etc. These really cheap-looking remodels are fine in lower-income areas but not when you are trying to get top dollar in a moderate-high priced area. Buyers do not want to have to go in and remodel your cheap remodel. As someone who has done home remodeling, it really doesn't cost that much more to step it up a notch or two.

2. Be picky about your contractor's work. Buyers can see shoddy work from the curb. Be as picky about the standard of their work as you would with your own home.

3. Clean up after your contractors. Contractors don't clean up and you've got a new listing you just paid money to remodel and there's dust throughout the house, garbage in the yard, etc. Pay a housekeeper to clean the house up periodically.

4. Don't go with an ultra modern style. I guess there are some markets (Hollywood?) where black, gray and white are the in colors but in most family-oriented neighborhoods buyers tend to like warmer tones.

In my market we have a couple of flippers who do outstanding jobs and I know in advance my buyers will like their properties. But honestly, the majority are not that way and they seem to be getting worse--maybe as the margins are shrinking.

Just a few tips that will appeal more to my buyers at least :)

[Rob K.]

On the last flip that I sold, the buyer was telling me at ther closing about another flip he had passed on before buying mine. He said that the reason he didn't buy that other house was because the molding in the dining room had been pieced in on one wall in several pieces. Apparantly, whoever put the molding in had run out of long enough pieces and used a bunch of scraps to finish that wall. The buyer's thinking was if they hacked the trim like that, what other shoddy work did they do throughout the house?

Some rehabbers will walk over dollars to pick up dimes.