Today we’re going to talk about success of ownership and resale of a property. Thanks so much for checking out the Real Estate Today podcast.
I’m Bob Nelson, real estate investment broker with Pacwest Real Estate investments. And I’m Marcia Edwards, residential broker with Windemere Real Estate.
Marcia Edwards: We’ve been talking features and benefits. It’s kind of real estate 101 at one level. But another point, it’s changed the climate for real estate. For example, online, you can go search all three bedroom two baths in certain areas of town in a price point. Those are the features of the home. The benefits of the home are tougher to … more difficult to play out online.
Bob Nelson: Well, it’s a difficult thing to correlate an online presentation to an actual feel as you’re sitting in the middle of the property, as you’re sitting in the middle of the living room or sitting in the middle of whatever. And for, I think, millennials, it’s a much easier transition. But for those of us that aren’t, that is a fairly difficult thing to do.
Marcia Edwards: There’s a few things that are critical to your success during ownership and resell, and that is the location, what’s around the property. There’s very little photography, unless you’ve got a gated community, that shows what’s surrounding that home or that investment property. In addition to that, you’re gonna wanna know the floor plan. There’s some functional obsolescence that you can’t repair and you will price it wrong if you don’t understand the floor plan. For example, if the second bath is actually off the laundry room by the garage door as opposed to in within a master suite, there’s gonna be perceptionist buyers come in assuming that second bath is available for privacy for the master suite occupant or occupants, and it’s not. So it’s not the benefit it appears to be on paper.
Bob Nelson: You know, it’s interesting, neighborhoods also change. You might say, “Well, what do you mean by that?” When I initially moved to the home I currently live in, there may have been one dog in the neighborhood that would bark at night. Now, everybody’s got a dog. And they all bark. If you sleep with a window open, it’s really miserable. Frankly, I don’t. I have air conditioning and air filtration, but I can still hear it. The neighborhood has absolutely changed. Several people around us raise chickens. We now have a rat infestation problem because the chicken feed is left out for the chickens to eat and the rats are doing well.
Marcia Edwards: You are officially off the marketing team for your neighborhood to sell that. That’s not gonna work. But what you’re suggesting is to go the property at different times of the day, understand what’s surrounding you, and do the best you can at forecasting what it will look like in the future. If it seems tenant occupied or not feeling the love and digressing, it may digress further during your ownership.
Bob Nelson: You know, it’s an interesting process. If you have questions, give us a call. We’re glad to talk to you.
Marcia Edwards: I’m Marcia Edwards, Windemere Real Estate.
Bob Nelson: And I’m Bob Nelson, real estate investment broker with PacWest Real Estate Investments.
Join Bob Nelson and Marcia Edwards Eugene, Oregon, real estate experts daily at 5:30 on KPNW for the “Real Estate Today ” radio show.