Whether you’re just starting or you’re an experienced house flipper, there are ways to ensure your hard work is paid off properly. Many people are using the pandemic as an inspiration to start new chapters of their lives—this means more and more are looking for new houses to buy. This is where you come in.
Doing your research and working diligently to ensure everything is completed correctly will help you sell your property quickly. Here are ten tips from experts to help sell your fix and flip fast.
Research the Market
Before you purchase the property to flip, check the market to make sure you can complete your work and make a profit at the end of the day. Since the real estate market is constantly changing, stay on top of it by thoroughly analyzing it each day to understand the patterns of the specific season.
Additionally, is your location a prime space for your target buyer? Check around the see what other homes are selling for in the area. You may consider working with a local real estate agent. An agent may know the ins and outs of the town and help you understand what people are looking for.
Follow the 70% Rule
Determine your potential profit numbers and follow the 70% rule as part of your research. The 70% rule states that you should spend no more than 70% of the after-repair value minus the renovation costs on the home.
This will help you determine your investment budget and how much you can put into the home while also leaving with a profit.
Perform Repairs Correctly
Before you make repairs, make sure that you take inventory and thoroughly inspect the property before beginning your work. This will help you to determine what needs to be repaired, renovated, or upgraded.
For example, if the kitchen doesn’t need any repairs, but the refrigerator is outdated, you may consider investing in a new edition to make the home even more appealing.
Make sure the plumbing and electricity are safe and easy to operate. If they’re not safe, be sure you perform the necessary repairs. Perhaps you may ask for help and hire a contractor to help you with repairs you’re unsure of.
If the home needs few repairs, you can utilize your budget to add more bells and whistles to the house. Chances are, the money you spend will return to you two-fold.
Keep in mind that while you may be expediting the selling process, this part must be done efficiently to make sure the home is safe for families to purchase.
Find Your Target Buyer
Once you’ve completed all repairs, try looking online to see what kind of houses people are looking for. For example, many social media platforms are advertising popular home designs, inspiring people to look for similar appearances when they begin their search.
Make it easy for the buyer by preparing the home to be move-in ready. When they see they don’t have to do much to upgrade the house themselves, they may be more willing to buy.
You may consider partnering with a home designer at this point in the process. Talk with them about which colors look best, how to make rooms look more prominent, and more. This will put you ahead of the game over time.
Stage It
After repairing and renovating the home, it’s time to stage it. This is part of the process of making the house more appealing by giving potential homebuyers a glimpse into what their daily lives would be at your property.
Showing potential buyers what it would be like to live there may bring in more people and potential investors, enabling you to sell fast.
Improve Curb Appeal
Don’t just stage the interior—stage the exterior as well. Once a potential homebuyer sees the outside of the home, they’ve most likely already made up their mind about the property before they take a step inside.
Follow the season and decorate the outside the home accordingly. This may include partnering with a landscaping business to ensure the yard looks clean. Make their first impression a good one to gather more interest in the home.
Do a Walkthrough
Once the home is ready, be sure you take another walk through the house to ensure you don’t miss anything. As you repair certain features, it may be easy to overlook things, so thoroughly going through everything will ensure you’ve completed the job correctly.
Walk through the home as if you’re a buyer—not only checking to ensure the home is safe, but that it’s a home that the newer generation will appreciate as well.
But it’s not over yet! The following steps will help you to sell your property to the right person—and quicker than you’d planned.
Price Competitively
You may want to set a high price for your hard work, but unfortunately, that may cause the property to sit on the market. On the contrary, pricing too low may cause a financial loss. You’ll need to price it just right.
Your research would show you the average selling prices in the area. Make sure you price your property at or a little below the average price in the neighborhood to sell fast.
Get the Word Out There
One of the essential steps is to take high-quality pictures of the property and properly market it to your network. This means you’ll want to have a social media profile or website to post your properties on to get more eyes on the home.
Quality photos will show off the home and allow people to better picture what they’re going into when you set up a showing with them.
You can work with a professional photographer or take the photos yourself. Just be sure to use natural lighting and try not to take too many pictures—you want to leave room for curiosity.
Network
Once you’ve successfully sold the property, stay in contact with the professionals you worked with along the way. They may be able to help you or provide insight on your next fix and flip. You can do this by exchanging business cards and reaching out to them.
This includes your financial investors. For example, if you decide to work with fix and flip hard money lenders, they may be able to help you on your next property and make the process smoother down the road.
It’s vital to foster professional relationships you create throughout your care. After all, you may have something that can help them down the road, and vice versa.
To be a successful house flipper, be sure to follow the above ten tips from experts to help sell your fix and flip fast.
