‘I have personally sold 100 properties a year for decades’ (Picture: Jam Press/@lorraine.jordan.kw)
Lorraine Jordan, 52, has been in the real estate business for over 30 years, and has sold around 10,000 homes in all that time.
In her 34 years in the field, she’s been able to turn herself into a millionaire.
‘It’s the little missing things that you need to worry about,’ said Lorraine, from Ontario, Canada.
‘Last year, I went and bought 56 investment properties with some partners.
‘Most estate agents sell four homes a year. That’s the industry average.
‘I have personally sold 100 properties a year for decades.’
So, suffice it to say, she’s an expert in buying and selling property, and when she says she’s got a list of tips prospective buyers and sellers need to keep in mind, you should probably pay attention…
The devil really is in the detail
If you notice someone’s cut corners in the decor, be mindful that they may have done so with some more serious parts of the house too.
But don’t get caught up in what are really just matters of taste.
Lorraine said: ‘People will often skip things like a backsplash or tiling near the cooker in the kitchen.
‘If that’s not there, and they put in a brand-new kitchen, I’m going to look a little closer to see what else they have missed out. Look at the woodworking: if you’ve cut corners on that, what did you do behind the wall where I can’t see?
‘If there is carpet, look for water signs. Check the roof, check the windows, check how old the boiler is.
‘Those are the real pitfalls. Those are the areas where if it’s wrong you will end up paying thousands.
‘But people end up getting caught up in what colour the walls are. That’s the cheapest thing to change.’
One of the properties Lorraine sold in her time (Picture: Jam Press/@lorraine.jordan.kw)
Leave your feelings at the door
Yes, you’ll ideally love the home you live in – it’s an emotional thing to find the roof that will go over your head for years to come.
But try not to let those emotions cloud your judgement.
‘I have shown people homes which have new windows and a new boiler, but they’re put off because it looks dated,’ Lorraine said.
‘People buy on emotion most of the time. They’re looking for that dream home, instead of looking at it like a practical investment.
‘People end up paying more money because it’s storybook-looking, rather than looking at all the practical stuff.’
Pay attention to where there’s fresh paint
It could just be to freshen the place up ready for a sale, or it could be hiding something like damp – especially in a basement.
Lorraine said: ‘If I see that, I’m going to look for water signs.
‘I’m going to take a flashlight and get down on my stomach under the staircase and see if there’s a water stain line underneath the back of the stairs.’
Don’t let glitz and glam fool you
Fancy-looking work that’s been done to the property can still hide a nasty secret or two.
Lorraine said: ‘I was in one recently that was all done up.
‘It had a fantastic-looking deck, but there was no permit for the decking.
‘It probably cost $15,000 (£8,800) – but as soon as I looked underneath I knew they didn’t get a permit, because it didn’t match the building code.’
Lorraine built her own multi-million dollar real estate empire selling homes like this (Picture: Jam Press/@lorraine.jordan.kw)
Don’t worry about the time of year
Lorraine says it’s a myth that properties only sell well in spring or summer.
She said: ‘There’s less competition if you sell at other times of year.’
However, she does say that viewings later in the evening are a good idea, say at around 8pm. This is because someone who’s willing to visit later is probably seriously interested in the home.
Lorraine has written two books – ‘Truly Winning in Real Estate’, and ‘Freedom to Live’ (Picture: Jam Press/@lorraine.jordan.kw)
Keep furniture (not clutter) around if you can
Furniture helps people see themselves as being at home in a house much more easily than an empty space does – just make sure it’s all clean and nicely arranged too.
Lorraine said: ‘A bedroom or living room actually looks smaller without furniture in it.
‘Furniture helps you with spatial visualisation, not just aesthetics.
‘Staging a property so that people get a warm, homely feeling is extremely important, including details such as cleaning the windows.’
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‘I have personally sold 100 properties a year for decades.’
