When creating a listing for a wholesale property (or any investment deal, really), the information we present in the listing can make all the difference to finding a buyer. Let’s take a look at one of the most overlooked ways to set your listings apart, and attract serious buyers that may be interested in purchasing your deals.
Presenting The Right Information Makes The Difference
When we prepare a listing for a new wholesale deal we have under contract, there are certain things we typically include in the listing details to attract a buyer. We’ll call these the basics. Selling a deal would be tough without including these:
- Property Address
- Property Description
- Estimated ARV (After Repair Value)
- Estimated Repair Cost
- Asking Price
Now, some wholesalers choose to leave out the estimated repair costs. Too often we see that inexperienced wholesalers include a number here that is wildly unrealistic and unhelpful to potential buyers. Ultimately the repair cost estimate does fall on the buyer to determine, so how can we help them arrive at or near this number quickly through the listing information? Well, one of those ways is through pictures.
Conveying Information Through Pictures
One of the tools that can help our end buyers determine a repair budget for our listings is the pictures we include. The right pictures can sometimes be even more important than the amount of pictures. When we say the ‘right’ pictures, we mean high dollar mechanicals. You want to include detailed pictures of the HVAC, Plumbing, and Electrical systems in the house.
When you are looking at the HVAC system, take note of the following: Is there a radiant system or duct system? Is it oil, gas, or electric? What is the date of manufacture?
For the plumbing: is it galvanized, copper, PVC, PEX or something else? In older houses you are more likely to see a combination of these. Are you able to tell what material the supply line is (where the water is coming into the house)? Is the water heater gas or electric? What is the year of manufacture?
For the electric: you may see knob and tube wiring, copper with and without ground, aluminum wiring, or something else entirely. It will help to get pictures of what is coming out of the panel. Though, that still may not tell the whole story. That new looking wire may lead to a junction box where it ties into wire that was installed 70 years ago.
When taking pictures of your deal, be diligent to include the above information.
Other Important Pictures To Consider
In addition to the high dollar items above, you will also want to show the following:
- Kitchen/Bathrooms
- Any notable structural, foundation, or drainage issues
- Condition of siding, brick, and concrete throughout the property
- Views up and down the street and/or alleyway
Final Thoughts
Wholesalers often get a bad reputation for various reasons. An easy way for all wholesalers to present as more professional – and knowledgeable about their deals – would be to consider including thoughtful and informative sets of pictures in their listings. Wholster makes it easy to take all of these pictures on your phone, and upload them to your new listing in just a few minutes.
It’s okay if you don’t know how much the rehab may cost. Including as much information in your listing as you can will help your buyers determine their cost to repair, and allow them to quickly make a determination about your deal.
Most importantly, the next time they see a deal from your business, the level of detail will stand out and they may not skip over it just by default.
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