In an interview with Molly Wood of Marketplace, HGTV stars the “Property Brothers” shared advice that some would-be investors may find hard to swallow: There’s no secret to being successful in real estate.
“Everyone thinks that there’s a secret, there’s a secret formula to real estate,” brothers Drew and Jonathan Scott told Wood. “And there really isn’t, because real estate in itself is the most basic of simple economics.
“It’s supply and demand: the more people that want your product, the better the price you’re gonna get. There’s no real secret, it’s all about educating yourself and not just doing the guessing game.”
The Property Brothers base their own success on years of experience. They have been involved with real estate since buying their first house at age 18 in order to keep from being “struggling artists” as they pursued acting. After doing extensive research, they sold it for a $50,000 profit.
“That’s when the light bulb went on” they told Wood.
The fact that there’s no secret doesn’t mean there’s nothing you can do to give yourself a leg up in the market.
In their book, “Dream Home: The Property Brothers’ Ultimate Guide to Finding & Fixing Your Perfect House,” the Property Brothers say the strategies to get the most for your house start with actions as simple as keeping it clean and fixing anything that needs it. “You can get an additional $20,000 or more for a house that’s neat and clean,” they write. “Why would you leave money on the table when it costs next to nothing to clean and declutter?”
Once it’s clean, you can start doing your research.