Fixed and flipped properties are hot on the market because of the high demand for turn-key homes. Those same buyers are also most likely looking to obtain a mortgage for the next 30 years so they don’t want any hefty projects to tackle right after making the purchase.
Once the renovations are complete and your home has been staged, it’s time to list it on the market. Now that everything is ready to go, how do you sell your fix and flip project in a reasonable amount of time? There are a few ways to get started.
Open House Showings
List the house on the same day as your first open house showing on a Saturday or Sunday afternoon. If you have a great property you may get multiple offers in the first day. Once buyers know there is a bidding war, you may even receive over your asking price. Host another open house every weekend until you get the right offer. Don’t be afraid to really “do it up” by adding some treats and fresh lemonade. Everyone loves good food and a little hospitality while they hungrily search for their next home.
Pricing your flip correctly is an important step towards getting those first offers. Don’t overprice by too much or you’ll risk scaring off potential buyers. If you underprice you may end up getting a quicker sale, but it will cut into your profits. A common listing strategy is to list just under value and/or list a property that you want to sell for. This works by listing a home worth $150,000, for instance, at $149,900 to employ some buyer psychology. If you drop the price by a few thousand more you’ll place yourself in a better position to start that bidding war you really want.
Staging the Property
Even minimal staging can make or break the number of offers you receive in the first month. You’ve got beautiful green granite countertops to show off – add a large bowl of yellow lemons or artichokes to set off the space. If you have a good budget for staging put in elegant furniture and add a cozy throw blanket on the sofa. It’s in the details for this one. Your goal is to help buyers envision the space as their own.
Don’t have multiple offers right away? Don’t worry. Get your property listed with your real estate agent, online, and spread the word. Create buzz with key words in your listing like open concept, formal dining room, or master bedroom with en suite bath. Get the word out about your fabulous flip. When showing the property to potential buyers always save the best for last like the incredible lake views, outdoor veranda, or home theater if you have a high-end flip. Make sure the house photos show all of the wonderful flip features you’ve worked so hard on.
Going the Extra Mile
A beautiful turn-key property at the right price will almost sell itself. Your job is not to make the buyers believe in you, but to make them believe in the property – their future home. Make every effort to accommodate the right buyers by being friendly and flexible. If you throw in some closing costs to sweeten the deal, you may have some very happy customers. Go the extra mile until that “For Sale” sign becomes a little hole in the front lawn.
You should already be working with an experienced and excellent realtor if you want to sell your house quickly. If they’re not doing their job right, look for someone new as soon as possible. These professionals should also be friendly and flexible. If your broker sells the property to one of their clients, good for them and good for you too because you just sold your flip!
Are you prepared to sell your rehabbed property for exactly what you want or more? If you’ve taken precaution to make your house shine, you won’t have a problem at all. The first open house should draw potential buyers through the door and the rest is up to you.
Selling your flip should be exciting. This is the moment to see your efforts pay off. Advertise the good school district, multiple bathrooms, and the wood-burning fireplace. Accentuate the large spaces with properly placed furniture and accessories. When multiple offers come in, you get the opportunity to say yes, no, or make a counter offer.
If you’re getting started with your fix and flip project, contact us today to see if we can make that flipping dream a reality.