Selling a ‘Diamond in the Rough’

Selling a ‘Diamond in the Rough’

Selling a fixer-upper property can be challenging, but the process can be made a lot smoother by making some smart decisions:

• Hire a REALTOR® with a proven track record of selling fixer-uppers. You need a REALTOR® who knows how to market your property to potential buyers. When interviewing agents, ask for past examples of fixer-upper sales.
• Decide if it’s worthwhile financially and timewise, to repair or renovate before selling.
• Determine if you will sell it “as-is.” Doing so will limit liability for issues, such as broken appliances, mould, pest issues, etc.
• Choose whether it makes the most sense to stage, not stage, or leave the property vacant.
• If it’s not going to be a complete gut job, have it professionally cleaned.
• Price it right. Check out what recent fixer-uppers in your area have sold for and determine the lowest price you will accept.
• Be sure to market to builders and contractors. Focus on the potential and selling points (e.g., layout, desirable location, original wood), be transparent about any issues to avoid liability, consider mentioning cost estimates for renovations, and try to time your selling with when the weather is more agreeable for renovations.

Selling a fixer-upper might take longer than your average property sale, but with some patience, optimism, and a solid strategy it can be done.