Flipping for Real Estate

March 03, 2006 (PRLEAP.COM) Business News
A new real estate website is helping home buyers avoid spending tens of thousands of dollars on home renovations by marketing only investor’s new and renovated homes and condos.

The website, www.flipmyproperty.com, features Toronto and GTA area fixer-uppers bought and renovated by real estate investors. The properties marketed on the website appeal to buyers looking for homes that do not require any additional investment toward renovation.

Puneet Luthra, a real estate agent and the owner of the website, says “buyers come to me looking for a home only to find out that a large majority of the homes they see will require a significant investment toward renovation. They’re shocked to find that these costs can easily add twenty thousand dollars or even more to the purchase price”. In addition to marketing renovated properties, the website will also be featuring new construction homes and condos.

The website is also a useful tool for the sellers (the flippers) of these renovated properties. Sellers often place their properties on the MLS (Multiple Listing Service) only to have them go unnoticed amongst the tens of thousands of homes that are featured on the service. According to Mr. Luthra, “sellers love our website because they know that buyers will be able to easily find what they’re looking for”. The website also allows sellers the opportunity to fill in a listing agreement online, making the listing process one step quicker. In terms of the selling commission, www.flipmyproperty.com charges a lower rate (4%) than most agents because, as Mr. Luthra puts it, “the sellers have already put in a lot of money into renovating the property, and plus, a lower commission keeps the price down for the buyer”.

The site is also trying to appeal to homeowners who may have done some work on their own homes and are interested in possibly selling, or at least finding out how much value has been added to their property. To do this, Mr. Luthra offers free market evaluations for homeowners looking to see how much of a return on investment they can expect from their renovations.

For more information, sellers and buyers should visit www.flipmyproperty.com or contact Puneet Luthra directly at 416-464-3277 or info@flipmyproperty.com.