Well it's busy season and I am super busy making magic happen in the real estate world. As well as getting new listings on the market of course I am dedicated to helping my buyers find homes and helping my investors find "deals".
Now I've started to notice that some of these investors, flippers (whatever you want to call them), have a formula for upgrading houses. Let me tell you something, as a real estate professional who works with buyers and sellers all day - you must, MUST work with the character of the house and with the style of the neighborhood.
It is one thing to update a California bungalow - open it up a little, new kitchen, new bathroom etc. But to take a lovely traditional home built in the 1920's with so much character and remove every inch of it to put in a modern, ikea-like kitchen and ugly tile floors, stupid water walls and retarded modern sculpture gardens!! ew yuck!!! Guess what dum dum.. NOBODY will buy it for the price that you want!! I don't care how much you spent. You didn't use your brain and think about who would be buying this house.
Please let me give you an example of a flipper taking a cute little traditional home in Hancock Park / Larchmont Village and turning it into a weird spaceship. It has been on the market for over a year and is now finally pending... who knows who bought this. Yikes!!
Listen - I'm not being mean or rude - I'm being honest. Why did anyone think that you can take a cute little 1920's traditional and turn it into a modern, downtown LA, loft-like, Ikea showroom??
Whatever happened to restoring the home to its original beauty with the added touches of modern amenities??
Please if you are an investor - the most important thing you can do once you have secured your property is to call a neighborhood expert, like me, and say "would you mind coming by to take a look and please give me your input?"
Real estate agents live and breathe our neighborhoods. We know what sells, what is over priced, what is a bargain, what needs work and what house needs to be torn down. We know who is divorcing, who is getting married, whose kids just graduated and who is having a baby. It is our job to know what the neighborhood demands and the type of person who is attracted to that area.
It actually makes me sad to see some of these lovely well built 90 year old beauties get given a whole body makeover when all they needed were some nips and tucks. It's called restoration!
Please investors, stop using the "formula" and start using some common sense. You will sell your properties faster and for a better price - I promise!! If you don't ...well that's because you used the wrong agent and should have listed the property with me in the first place!
Til next time...
Now I've started to notice that some of these investors, flippers (whatever you want to call them), have a formula for upgrading houses. Let me tell you something, as a real estate professional who works with buyers and sellers all day - you must, MUST work with the character of the house and with the style of the neighborhood.
It is one thing to update a California bungalow - open it up a little, new kitchen, new bathroom etc. But to take a lovely traditional home built in the 1920's with so much character and remove every inch of it to put in a modern, ikea-like kitchen and ugly tile floors, stupid water walls and retarded modern sculpture gardens!! ew yuck!!! Guess what dum dum.. NOBODY will buy it for the price that you want!! I don't care how much you spent. You didn't use your brain and think about who would be buying this house.
Please let me give you an example of a flipper taking a cute little traditional home in Hancock Park / Larchmont Village and turning it into a weird spaceship. It has been on the market for over a year and is now finally pending... who knows who bought this. Yikes!!
Whatever happened to restoring the home to its original beauty with the added touches of modern amenities??
Please if you are an investor - the most important thing you can do once you have secured your property is to call a neighborhood expert, like me, and say "would you mind coming by to take a look and please give me your input?"
Real estate agents live and breathe our neighborhoods. We know what sells, what is over priced, what is a bargain, what needs work and what house needs to be torn down. We know who is divorcing, who is getting married, whose kids just graduated and who is having a baby. It is our job to know what the neighborhood demands and the type of person who is attracted to that area.
It actually makes me sad to see some of these lovely well built 90 year old beauties get given a whole body makeover when all they needed were some nips and tucks. It's called restoration!
Please investors, stop using the "formula" and start using some common sense. You will sell your properties faster and for a better price - I promise!! If you don't ...well that's because you used the wrong agent and should have listed the property with me in the first place!
Til next time...
Great article! Love your writing!
ReplyDeleteThanks Jason!! It came from the fire within!! :)
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