Don’t let your house sit on the market! Advice from real estate expert Sidney Torres
You did it! You flipped your first home, and now the final task has come – it's time to sell.
Sidney Torres, real estate expert and star of CNBC's "The Deed," is no stranger to listing gorgeous homes for sale. With his expertise, selling your new house doesn't have to be so daunting.
Torres says he's never had a home sit on the market. He owes much of this success to his mentors, who encouraged him to "understand the market" before listing and to rely on brokers to help him in the process.
As for brokers, he believes they should be your best friends before, during and after a project. "You want to ask them and involve them in the process of when you're getting ready to list it because you want to get their buy-in," he says. The worst thing you could do, according to Torres, is put your house on the market without feedback and then have agents tell you "it's overpriced" or "it's too much."
To get brokers on board, you're going to have to put your hosting skills to the test. Torres suggests you "have a little private, prelisting meeting where you invite the top brokers over. You have a little cocktail and hors d'oeuvres, and it's just to talk to them to ask, 'What do you think we should price it for? This is what I'm thinking.'" Testing the waters like this will prevent you from listing too high and having to bring down the cost multiple times. Once that happens, Torres explains, "they'll know you're desperate and they're going to low ball you on the offers."
If you're still concerned about that final price, make sure to do your research. Torres believes "the best thing you can do is spend a little bit more time researching what's selling when it's selling, how it's selling."
To hear more tricks of the flipping trade from Sidney Torres, catch an all-new season of "The Deed," Wednesday 10 p.m. ET/PT.