Sometimes, the hardest part of fix and flip investing isn’t the work you put into the house - it’s finding an actual buyer. To make this a little easier, we’ve put together this handy guide of the four easiest ways to make your fix and flip attractive to potential buyers.
Cover Your Bases with an Online Listing
The reality is, most modern buyers start their purchasing journey online. Luckily for you, it’s easy to use this to your advantage.
If you’re listing through an agent, they’ll be able to access tools like the Multiple Listing Service (MLS) or the Metropolitan Regional Information System (MRIS). If you’re listing the house yourself, you can utilize these services by obtaining a realtor’s license as well as Craigslist, FSBO websites and Facebook. Get creative!
When you set up your listing online, make sure you get the best photos you can - after all, this is the first glimpse potential buyers will be getting of your house, so you’ll want it to be visually arresting. Make sure your photos capture a home worth living in - clean, open, staged, and in the best lighting possible. If you don’t know where to start, check out a guide or, as a last resort, hire a professional photographer to do it for you.
Maximize Curb Appeal
The inside of the house is important - and often the chief focus of a fix and flip - but equally as important for attracting buyers is the outside. Building up your curb appeal will start showings off on the right foot, and can make buyers out of even casual passersby.
First, you’d be surprised how far a fresh coat of paint can go - get the exterior of the house looking good, and don’t forget the front door! Next, while it might be a little pricier, outdoor lighting can work wonders for setting the mood. Small landscaping touches like flower beds, or even a well-groomed lawn, can vastly improve the attractiveness of your property. Finally, a well-maintained walkway will create the sensation of an irresistible approach for any potential buyers.
Remember - while the interior of the house will do (and require) the lion’s share of the work for your fix and flip, the exterior is the icing on the cake.
Put In the Work for Your Buyers
Every part of a fix and flip is about the future buyer, up to (and including) the actual sale. When you’re selling the house, know the neighborhood down to the numbers: how far to the nearest school, bus station, grocery store, dog park - everything. That way, you’re ready to answer all of your potential buyers’ questions and allay any concerns they might have about the neighborhood.
If you’re showing the house yourself, you also need to be ready to do the legwork. Most home buyers have full-time jobs, and might need to schedule showings at obscure hours - nights and weekends, for instance. If you want your house to sell in a reasonable amount of time, a little extra work can go a long way.
Control Everything You Can
You certainly can’t control everything in a fix and flip investment, and you’ll often face tradeoffs - after all, if finding great properties for a good price were easy, there wouldn’t be any market for flippers at all!
So while things like your home’s proximity to a highway or a neighbor with a chicken coup can’t be controlled, there are things you can do to beautify the home and minimize undesirability. Put up a fence to block out noise, install a high hedgeline to hide an unsightly neighbor, and make the home as move-in ready as possible - manage what you can, and let your flip take care of the rest.
If you’re interested in rounding out your knowledge on fix and flip investments, check out our free ebook, Essential Math for the Fix and Flipper.