Andy Sentgeorge

Selling a Run Down Rental Property

Client: Caitlin Michelle

When Caitlin agreed to meet with Cathy and Andy about getting her family rental property sold last year, the prospects were not good. For the previous year, a local real estate expert had had the property under contract twice – without being able to get it all the way to closing. The challenge was merely one of perspective.
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This beautiful stone home was built in the 1940s by Caitlin’s grandmother. Through the years, there were additions and upgrades and then was subdivided into a multi-unit apartment building. At the time we first saw the home, it had been uninhabited for several years and the deferred maintenance was extensive. Though the systems were intact, there were lead pipes, asbestos everywhere, and even an original oil-burning furnace. Let’s just say that we didn’t use “Move-in Ready” in our marketing.

So despite the environmental cleanup issues and the three front doors, we ended up selling this home in 27 days.

Because of Andy’s background in land development, it was easy for our team to react and respond to the potential of this great home. Starting with a floorplan rendering, we were able to recreate the feel of this old home – to showcase the feeling of the space that could be, not the limiting constraints of the apartment walls. Going way beyond the typical inspection process, we were able to navigate the scary discussions of the process of cleanup. And then we partnered with the buyer – through his buyer agent – to give them the confidence that they could indeed get a permit from the City to return this old lady to its former grandeur as a single-family estate. We also had to convince the buyers’ lender that this project was worthy of their investment since it didn’t fit into their typical profile.

The perspective we brought to this situation was not magic. Every other person that had been to the home was an investor – each of which soundly rejected the project because of its cost and rehab headaches. This project needed more than someone to put it into the MLS and wait for a buyer. It needed more.

We provide MORE. More to a young lady trying to solve an old family problem. More to the buyer that was thrilled to reconstruct an old house into their dream home. More to our community, because we were able to create a domino effect of renovation and improvement. We provide MORE.