Hawaii Randy's Real Estate Opinions: November 2007

House Flipping & Staging TV - Fact or Fairy Tale

While checking my e-mail and getting ready to start the day, I have one of my favorite house flipping shows on the TV.

Flip HouseI am a real estate TV junkie.  I tape several house flipping and home staging shows each week and then play them while I am writing blogs and returning e-mail.  I usually do that late at night or early evening when there isn't much on TV worth watching anyway.

Here is a few of my observations on the different shows.  All but one of the shows seems to make the process appear much easier than in real life.  They leave out many of the true costs of acquiring and selling a property.  When they show the potential profit they are show a gross amount leaving out those costs.  They other expense they miss is carry costs in all but one show.

The one show that I enjoy the most is the one were they have a real estate expert gives them advice and then follows up with what went wrong when they do not follow her advice.  I particularly enjoy that part.  I hope that lesson will save a lot of people disaster in the real world.

So if I believe a big part of these shows is more of a fairytale than reality, why do I love watching them?  I get great ideas from them and they are entertaining.

One thing that happens as a result of these flipping shows is I get regular contacts from buyers who want me to find them a home they can put in $20,000 worth of repairs and make a quick $100,000 or $200,000.  Why would I give that one to a total stranger and not buy it myself?

The home staging shows are also quite interesting.  I watch several of them a week.  You can get many great ideas from them, but you have to keep it in perspective.  Some of the people going through on the open houses crack me up.  They hate the house at the first open house.  They are invited back the following week and are all gaga over it.  The home has the same nasty carpet, the same old furniture with a throw cover, and a garbage can with some flowers on it for an end table.  I forgot bed sheets hanging from the windows with new paint on the walls and some staging.  OK it looks much better, but please if you put a little lipstick on a pig it is still a pig.  These folks are only falling in love because they know they were invited back for the show.  If they don't love the home the 2nd time it they will not be on TV.

Some of the ideas they incorporate work well in parts of the country, but not so in Hawaii.  The strong colors on the walls are not as well received here by most buyers for example.  I personally do not like bed sheets for windows coverings and will never use that idea.

With that said, I have gotten many good ideas from the shows and do agree with the message they are sending to sellers.  Sellers are becoming much more receptive to the idea of preparing/ staging their homes for sale.

So in the end my opinion is that these shows have a lot of fairytale mixed with fact.  I learn from the fact and enjoy watching a good fairytale.

 

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Randy L. Prothero, REALTOR®

Broker-in-Charge, ABR, AHWD, CRB, CRS, e-PRO, GRI, MRP, SFR

eXp Realty

Team Leader - "The Prothero Group"

Randy Prothero is well established as an expert in working with military / VA clients and first time home buyers.  His home seller's (listing) campaign is one of the most aggressive marketing programs in the area.  His luxury home listings sell faster and for more money.

Based out of Mililani, Hawaii. Randy services the island of Oahu (Honolulu County) Performs mediations and ombudsman services for the Board of Realtors.  To improve overall professionalism in his area Randy also offers classes for real estate agents. 

www.HawaiiRandy.comOahu (Honolulu County) Property Search  Hawaii Military Relocations

Comment balloon 21 commentsRandy Prothero • November 09 2007 04:40PM
House Flipping & Staging TV - Fact or Fairy Tale
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