There’s nothing more satisfying than seeing the result of a well-executed plan. And when it’s a plan that provides our client with $284,000…it becomes something extra special.
Tower was recently engaged by a client who needed to sell their Californian bungalow home. While the property had clear potential, it also needed some fairly significant renovation work to spark interest and attract prospective buyers.
The list of jobs wasn’t small – a new bathroom, internal and external painting, landscaping and various repairs. But the value that could easily be realised by undertaking the repairs was unquestionable.
The finished ensuite
This left our client with a dilemma. Their first questions were “how much do I need to spend?” and “will the result cover the cost?”
We engaged an independent Valuer to assess the property in its current state, and provide a valuation based on completing the proposed work. The valuation estimated if the client spent $100,000 upgrading their home, it would deliver a dollar-for-dollar increase in value - clearly not worth doing.
So, we then obtained quotes for both the renovation work and the professional staging needed to present the property in its best possible condition for sale. The total cost came to $51,000. While this sounds like a reasonable investment, our client just didn’t have the money to pay for it.
Senior Property Manager Phil Hoopman with the happy vendors
Instead, Tower stepped in and funded the work for the client, safe in the knowledge we would be reimbursed from the proceeds of the sale. Within five weeks, the property underwent a complete transformation and looked absolutely stunning in the professional photographs used in the marketing campaign.
Confident that an auction would deliver the best result, Tower recommended the client shouldn’t consider pre-auction offers based on recent comparable listings and sales in the area. And what great advice that was. On auction day, we had three strong bidders who competed to push the price far beyond the initial valuation, yielding a return 4.5 times the $51,000 investment in renovations and presentation work.
Phil Hoopmann, Senior Property Manager for Tower, regards this as one of his more rewarding sales.
““The client was delightful, and it was great to be able to assist them in every aspect of the sale – planning, renovation, presentation work, funding, agent appointment, management and advice.” ”
And the client too was delighted with the outcome.
““It was indeed an excellent result. Your professionalism, knowledge and assistance have been absolutely exemplary, and we would have no hesitation in highly recommending Tower Property Advisory to future prospects.””
