Aside from the millions of dollars celebrities make by starring in movies or putting on concerts, a new trend is emerging where celebrities are raking in the big bucks by flipping houses. In fact, Ellen DeGeneres made a cool $15 million by flipping a house she only owned for 6 months!
Now, you may be wondering how celebrities like DeGeneres are able to sell their homes so quickly and make a huge profit. The good news is that there are a few tricks celebrities use to sell homes fast. And while us non-celebrities can’t benefit from all of them, there are a few that we can use.
Do you want to know more? Keep reading to learn how the rich and famous are able to sell their properties quickly.
1. They Buy in Desirable Locations
It’s not always the house itself that drives a sale. Oftentimes, people want to buy in a specific town or neighborhood. Celebrities are no different, and they often buy properties in popular locations, such as Manhattan and Beverly Hills.
When homes in these areas are hard to come by, people will jump at the chance to buy one. So, many homes in these posh neighborhoods don’t last long on the market.
While you likely can’t afford a Beverly Hills mansion, you can still use this tip to your advantage. When buying a house, make sure you take the neighborhood into consideration too. Look for homes in popular and well-developed areas, and pay extra attention to towns with amenities like parks and public pools.
2. They Have Status
Wouldn’t you love being able to tell people that you’re living in Jennifer Lawrence’s or Johnny Depp’s past home? Sometimes that famous name is all celebrities need to ensure a quick sale.
Buyers know that anything in a home can be changed. But the bragging rights they get from purchasing a celebrity home just can’t be beat.
Of course, celebrities also have plenty of money to do owner financing, which has huge benefits for the buyer and seller. This useful page has everything you need to know about this type of financing.
3. They Keep Everything Updated
Do you think that Oprah’s California mansion has an outdated kitchen or old carpeting? Of course not!
Many people are looking for homes that are move-in ready. While they’ll likely make changes over time, the allure is that they don’t have to make these renovations right away.
Although you probably don’t want to spend thousands installing a new kitchen right before you sell your home, you can still make small updates to help you home appear move-in ready. Shampooing your carpets and giving your walls a fresh coat of paint can go a long way.
4. They Hire Professionals
There’s a growing trend to DIY home renovations and repairs. On the surface, this seems like a great idea. You can save money and get the exact design you wanted.
However, there is a downside as well. Those who aren’t experienced or skilled when it comes to home renovations often produce poor craftsmanship. Potential buyers who see this may be turned off from purchasing a home since they don’t know how much was DIYed in the home and how durable every DIY project is.
Celebrities, on the other hand, always hire professionals. And not just any professionals, either. They hire the best of the best to handle any home repairs they need.
The end result is a home that is beautifully crafted, so buyers can feel comfortable knowing that nothing is going to break any time soon.
5. They Keep Things Simple
Not all celebrities are pros at selling homes fast. Many trick out their mansions with expensive personal touches, like a home theater or indoor basketball court. While these extra features may seem like the perfect selling points, they’re often a turn-off for buyers.
Let’s face it — nobody, not even the rich and famous, wants to spend extra money on things they don’t want. And celebrities who keep things simple end up selling their homes much faster.
6. They Stay Within the Value of the Neighborhood
Another risk some celebrities take is renovating their home until it’s the most expensive property in the area. This means that their home is overvalued, and those who can afford it likely don’t want to live in that neighborhood — they’d rather purchase a home of the same price in a fancier part of town.
However, many celebrities avoid this dilemma by building their lavish mansions in the right neighborhoods.
7. They Create a Pocket Listing
The most popular way to sell your home is to list it on an MLS (Multiple Listing Service), which is a database that connects selling realtors to buying realtors.
It may seem like this is the fastest way to sell a home. And for most people, it is. However, many celebrities choose to create a pocket listing instead.
With a pocket listing, the realtor hired to sell their home will only contact a few buying realtors that they personally know and trust. The home will not be listed on an MLS or advertised to the public. This ensures that only serious buyers are able to view the property.
This means that the realtor won’t have to sift through countless emails and waste time setting up showings for people who just want to see the inside of a celebrity’s home. Instead, they can contact serious buyers faster and get a sale made.
How Celebrities Sell Homes Fast
There’s a good reason why some celebrities are able to sell their properties in a heartbeat. From buying in a desirable location to creating a pocket listing, there are plenty of ways they can sell homes fast.
Do you want to learn more about celebrity homes? Then browse through the rest of our blog today to catch a glimpse of how the rich and famous live.