You’ve worked hard to renovate your fix and flip investment. The “fix” part is complete. Now you need to “flip” the property and get it sold quickly for the most money so you can pay back your lenders, investors, contractors, employees - and yourself!
Time to think like a marketer. A realtor will help, but you know the house the best and are perfectly positioned to come up with creative ways to sell it. Whether you are a seasoned developer or a fix-and-flip newbie, these tips can help get the home sold so you can move on to your next investment project.
Passing the Eye Test
Humans are visual creatures, and to that end, the first thing potential homebuyers notice is the “curb appeal”. Landscaping and removing garbage from the renovation site make a difference. Big-ticket items such as a renovated kitchen or an open-concept living space can lose their punch when you forget to address smaller details such as touch-up paint and repairing holes.
Consider the Potential Home-Buying Audience
Depending on the market, some real estate projects require more renovations than others. However, it’s important to stay consistent with the character of the neighborhood. Attending open houses provide renovators insight into the home styles of the market.
Stage the House
A National Association of Realtors study reported that more than 80 percent of homebuyers’ agents said staging affects potential purchasers’ opinions. Staging helps to create a personal connection with the homebuyer. The buyer can imagine themselves in the house, understand how to use each space, and get ideas for designing the rooms. There is a cost to staging, which the Home Buying Institute estimates are between $200 and $2,000, but given it can move the property faster, it can be worth the investment.
A Photo is Worth a Thousand Words
Photos are likely the first entry point of a potential buyer, so taking good quality, well staged photos can make a big difference. Your photos bring your property to life and tell the story of the property. Plus, these photos will be a great highlight to your investment portfolio when you are looking to secure funds for your next project
“For Sale” signs in your yard are important to attracting attention to the available property. With home marketing continuing to shift to online platforms, the simple and inexpensive “for sale” sign is easy to overlook when marketing the home. The yard sign is a beacon for people passing by. It can lead to a deeper dive about the property listing and result in potential buyers.
If you are looking for funds for your next real estate project, contact Walnut Street Finance for a free quote at 703-273-3500. Our experts can help you.