Brian Setencich
Brian Setencich is a respected architect and real estate investor from Chicago, Illinois. The Florida native trained at the Illinois School of Architecture. His residential and commercial buildings have received a great deal of local recognition. His specialty lies in building high-quality homes for first-time home buyers. He believes in meeting the needs of this segment of the home buying market by including several amenities that other builders miss.
Setencich’s side business is flipping houses. He enjoys purchasing a property that has fallen on hard times and rehabilitating it. His attention to quality and detail makes his homes better investments than those of other flippers. Unlike other flippers, Brian Setencich does not let a poor-quality home go without making major improvements. He can make a tidy profit from his home flipping business, even with the added expense of making sure the home is solidly built and renovated.
Outside the office, Brian Setencich is a family man with two children. He travels widely for business and pleasure. His entire family enjoys going on adventurous vacations together. A recent trip took them to Australia, where they enjoyed parasailing, surfing, and other exciting sports. His family also loves white water rafting. He frequently travels to Florida, where his extended family lives.
Setencich’s combination of architectural skill and real estate savvy make him a valued part of the Chicago housing market. He continues to work toward his goals of designing magnificent buildings as well as rehabilitating older properties.
What do you know about the real estate industry?
I am not only an architect but a seasoned home flipper. I have been in the market through several boom and bust cycles. I feel like I have a good handle on the changing nature of the housing market. While I’m not involved in selling the homes I design, I always try to adapt my designs to the demands of the market.
Have you ever sold real estate? How did you make it happen?
I sell real estate frequently. I make it happen by improving the properties I purchase. Many of my buyers compliment me on the quality of my home renovations. I believe that unscrupulous flippers are part of the problem in today’s real estate market.
How much experience do you have in buying or selling real estate?
I have a fair amount of experience in both buying and selling real estate. I not only have a successful flipping business, but I have also purchased and sold a few of our family homes. I feel like I know the ins and outs of the business and how to take advantage of real estate opportunities.
Have you ever made a sell or a purchase you have regretted?
I once bought a house that was too far-gone to renovate. I ended up taking a loss on the property, and the next owner built on the vacant lot. I stopped working with a particular home inspector when I realized that he was not giving me a complete picture of the homes I bought. I learned a lot from that purchase, mostly that I am not infallible.
What advice would you give inexperienced who are wanting to buy or sell?
Be sure to do your research on the property. Go back in the purchase and sale records and find anything that stands out. Work with a trusted home inspector who can give you the best quality information about the home you want to purchase. Lastly, don’t make your first offer on home too low, or the buyer will be insulted and won’t take you seriously.
What have you found out to be the best way to market property?
I have had excellent luck with my real estate agent. I let him handle all of my marketing since that is not my forte. My real estate agent sends postcards to other homes in the neighborhood when a house sells. This encourages other people to put their homes on the market. My realtor also lists everything on the MLS and Zillow. I think that real estate apps are a great way for home buyers to sort through the listings they want to see.
What tools do you believe are essential for success in the real estate industry?
Honesty, integrity, and a willingness to take risks are all important. I have found that the more people I work with as a flipper, the more I learn about the business.
What has real estate taught you about life?
Real estate has taught me to be patient. When a home doesn’t sell right away, don’t be tempted to drop the price too quickly. Wait a little bit and see whether anyone is willing to make an offer at the price you set. Dropping the price quickly only makes you look desperate.
How can you use what you have learned in real estate to succeed in other areas?
Real estate has informed my work as an architect, as I’ve come to know first-hand what a new home buyer is looking for. I can then use this information to adapt my designs.
Do you have a mentor who taught you what you know?
When I first started flipping, I worked with an older builder who taught me the basics of the business. At first, I was only in it for a quick buck, but the builder reminded me that I had to make my updates to the home last.
Do you have a feedback system? How does it work?
Yes, I have a feedback system. I encourage my buyers to contact me with any questions or concerns.
