I always put a sign out the minute I take possession.
I can make a potential customer see what the house will look like upon completion. If they can’t, I will take them to one of my finished homes so they can see my product. Many times I will present the concept of a home they can customise to their desires. i.e. paint colors,flooring etc… I always get half of the down payment (10% of my retail sales price) up front. I get money in hand and a reasonable time schedule to complete their home. The deposit is non refundable so they won’t change their mind. I have them locked in. Repairs are noted on the Sales agreement and detailed up front. I’ve found this to be a very successfull and profitable approach. They will tell their friends and relatives about the program, I have a waitng list of potential buyers already in place for my next projects.
Do you/Have you ever placed a sign/banner on a house you are currently working on saying something like “Another great project by ABC Renovation, We buy houses, xxx-xxxx”? I am considering doing it, but was wondering if anyone received negative impact from using your company name (I think it adds credibility to the business if you have name recognition (correct me if I am wrong or doesnt matter)? Or would you just put up a huge banner as you are working on it with a “we buy houses xxx-xxxx” sign? Any info is appreciated.
We just started putting signs up during rehab time
(instead of waiting for rehab to be 100% complete).
We don’t put them up right away - when it looks like
a bomb hit it, but about 50% through the rehab, we’ll
put up a sign like
“Coming Soon - Another Quality totally renovated home
by XYZ rehabbers” and our number.
It helps shorten the selling time, as opposed to waiting
for it to be 100% complete before posting signs.
ALos, per Gavin Wilkinson’s post - yes - most home
buyers can not picture how nice the house will look
when the place still looks terrible. Much like,
alot of people eat sausage, but I bet if we all saw
how sausage was made, we wouldn’t eat it anymore.
To avoid turning prospective buyers off we
Try to make the outside look decent as soon as
possible (weather permitting) so it has some curb appeal.
A crappy looking outside will cause people to drive on
by, even though the inside may be beautiful.
If we are still working on the inside and it’s not
too pretty, we’ll put the white film/paint on the
windows so people can’t peek in - much like you see
on commercial projects. I’m sure they use something
different, but what works for us is auto glass
decorative paint- like for writing “just married”
or “go team” on the back of your car window. Get it
at party stores - easily comes off with soap and water.
Re: Signs on house while under rehab? - Posted by JeffGinFL
Posted by JeffGinFL on April 02, 2004 at 12:11:21:
Once I close on a property I generally go to the house and put up two signs same day…One is my “We buy houses” sign and the other is my “This house for sale” sign. I’ll pull the old realtor sign or FSBO sign if its still there too.
I also have some info tubes that I made out of extra 4" PVC pipe that I have. I make up an info sheet on the house based on what I am going to do to it and how I want my exit strategy to work (sell, l/o, rental) and I get that out there right away as well.
I’m a big believer in delivering a consistent, frequent message so I like to tell everyone that I buy and that this one is for sale (or whatever) as soon as I own it. This can work very well for you if you work specific neighborhoods. I have an area in my town that is primarily 2bd/1bath homes. I love to buy those as rentals and people know me in that area. They’ve seen the rehab work that I do and when I get one of those homes, I place my rental sign in the yard and my phone generally starts ringing same day or next day. Every neighbor knows someone who wants to buy or needs to rent. I’ve saved money on ads several times because a neighbor called a friend and gave them my info and told them about the house.
I don’t believe in advertising before a rehab is almost finished. Every time I have advertised (by ad, banner, sign or word of mouth) someone has come by and been unable to see what the final work would look like. They come by and see the old carpet, unpainted rooms etc. and just don’t see it. They leave without making an offer etc.
When I wait until the unit is finished the buyer or renter has come in and oohed and ahhed over the nice new look and has never bickered over the price. In fact, my wife complains I sell too low since every unit I have done has sold within a week of being ready.
Re: Signs on house while under rehab? - Posted by Randy (SD)
Posted by Randy (SD) on April 02, 2004 at 08:47:02:
IMHO put up signs and banners the minute you get it under contract, even before you start the rehab-obviously during the rehab up to the point of closing. You never know when a buyer might come along. Wouldn’t you just hate to sell the property before you even finish the work?