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Oakland County Real Estate Agent Explains Project Management for Inherited Homes

Oakland County Real Estate Agent Gives Tips for Inherited Homes

A common mistake Oakland County property owners make is calling contractors for repairs as they are discovered vs. bundling multiple repairs to be performed on one visit, and obtaining multiple bids from contractors.

The Risk: Payment of numerous service- call fees, lost time spent waiting for contractors, overpayment for services, increased frustration.

Having a strategy and a timeline will reduce stress and streamline the process. Before calling any contractors, take time to develop a sequenced management plan. Make note of experts, contractors and helpers needed. Consider whether you will have the house inspected and who can help secure and maintain the house during the transition period.

Bundle Multiple Repairs in One Visit

Consider contractors who can handle multiple aspects of each project. If repairs are not an emergency, bundling multiple repairs in one visit can save you money because the contractor will be making less trips out to your home allowing them to make the most efficient use of their time. Bundling repairs will save you time as well since you won’t be tied up waiting for several contractors on various dates.

Review and Research All Repair Contractors

Hiring a quality contractor can make the difference between a stress-free project and a construction nightmare.

You can avoid future problems by thoroughly researching any contractors you’re considering for work.

  • Make sure all contractors are licensed and insured.
  • Ask for references.
  • Check customer reviews on social media and other review sites.
  • Check the Better Business Bureau and local court records for any complaints or problems.

Decide if You Would Benefit from a Project Manager

The process for preparing and selling an inherited home and it’s contents can be time-consuming and frustrating.

A project manager can be beneficial to the seller, especially for larger repairs. Project managers are knowledgeable in all aspects in construction as well as the financials of the project. For example, they know the cost of labor and materials and can help prevent any overruns of time and/or material.

If you are interested in professional property management, Oakland County real estate agent, Tracy Wick has over 25 years of experience, deep contractor connections and has created the Property Protocol ™ system, which streamlines and simplifies the process of preparing and selling an inherited home.

Case Study: Recently the system was utilized to assess, prepare and sell an inherited condo for an optimal ROL.

Without any improvements, the maximum list price of the condo was determined to be $100,000. Deferred maintenance items were identified and a “must do” punch list was created to stabilize the property.

The client’s budget and timeline were taken into consideration to determine which cosmetic or staging activities would maximize the ROI. To get the house market ready, a $2500.00 investment punch list was created which consisted of repairs, painting and cleaning to the interior and exterior.

Once the repairs and clean-out were complete, the condo listed for a sale price of $110,000. In only four days Property Protocol ™ produced a sale price of $111,000! The estate received a net profit of $8,500 – more than a 300-percent ROI.

Oakland County Real Estate Agent Gives Tips for Inherited Homes

Contact Oakland County Real Estate Agent, Tracy Wick for More Information

Tracy Wick Property Team provides full spectrum, concierge-like services to those who want an easy, ‘hands off’ approach. Our trusted contractors built over 25 years of experience will help you to prepare and sell your home quickly and at the highest ROI for the beneficiary.

Contact Tracy Wick Today by Calling: 248.912.7407