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Today’s Interview

Chas Foley
President
CERO Properties
Warren, NJ
908-791-3300
www.CEROproperties.com

Tom Pisciotta, The Goddard School of Denville

What’s the name of your company and what do you do?

CERO Properties, we buy houses for cash, perform all the repairs and remodels and put them back on the market taking our profit from the sale of that house.

Why would someone sell their home to CERO Properties, wouldn’t they make more selling with a Realtor?

Not necessarily, there are a number of expenses to factor when selling a home, off the top a realtor charges typically a 6% commission, closing fees are about 2%, painting could be $1,000 or more, some people believe that remodeling a kitchen or bathroom will more than make up for that investment, sometimes it’s true, sometimes it’s not but those remodels can take months and those are months you’re delaying your move. A typical house in NJ can take 4-5 months to sell and every month you’re paying taxes, insurance, mortgage and upkeep. If this is a second house or an inherited home that’s empty, those expenses can be as much as 1% of the sale price per month – it adds up. Plus if you discover any substantial repairs – flooring, foundation, roof – that will skyrocket your overall sales expense. Not in every case but sometimes it makes sense to take a slightly lower price, all cash offer – start to finish in 14 days and move on.

Who are your typical customers?

Most companies like ours focus on couples divorcing or people in danger of losing their homes – bankruptcy, lost jobs etc… We have found our own niche, those we help most are people who may have inherited a house from a parent that is geographically too far for them to reasonably perform the repairs and remodels themselves. Some of these families find that working together to sell a parent’s home very challenging so taking an all cash offer may be enticing. We also have worked with a number of seniors who have been in their homes for many years and want to move to a new maybe smaller house, maybe golf course house, but have no interest in dealing with contractors to paint & repair their home to ready it for sale.

When did you open your business?

2015

What did you do before you opened your business?

I was and still do run a contracting business.

What inspired you to start this type of business and did you consider another type business before you decided on this?

I’m an entrepreneur so I’m looking at multiple things. I work closely with a real estate professional and CERO Properties was a natural new business for me.

If you could step in your time machine to go back to when you started and give yourself some advice, what would you say to yourself?

Work smarter, be patient and don’t worry.

What’s one big challenge that surprised you when you started your business?

The experience of wearing all the different hats (accounting, marketing, HR, etc..) a business owner wears was a surprise

What’s one business related activity you would spend more time doing each day or week if you could?

Client feedback, asking how to improve our service and understanding what other services we can offer them.