While you’ll hear plenty of opinions about the real estate market at any given time, I assure you that house flipping can be done in any real estate market. From starting in 2008 to the present day there’s plenty of changes. While you can’t control the market what you can control is how you’re choosing to market your flip. There’s a few key prinicples that when used can help you minimize the market time for your flips and make sure buyers are aware of all benefits of the home.
Emphasize the Improvements
You didn’t make improvements to the property to keep it a secret. The more you do to improve the home and increase value, the better, and don’t let it go unnoticed.
Most flip houses are older, and buyers must see that they have been improved. Highlight any improvements, whether it be new finishes or an HVAC. When writing any property descriptions, be sure to include these improvements. You should also encourage any agents you’re working with to emphasize this.
When listing your home, you can include the actual amount spent on improvements, an itemized list of improvements, list of professionals who worked on the property and include brands and models added.
Professional Photography and Appealing Descriptions
Photos and descriptions are essential for any home that’s going to be listed. But with a flip project it’s a necessity. 83% of buyers said photos were very important in helping them choose which homes they will visit on their home search. Use plenty of full-color photos taken in natural light. Take photos of the entire house including outdoor photos and all the interior spaces that buyers may tour.
Use phrases like “open and bright” or “plenty of room to gather” to emphasize an open layout. Feature amenities in the home as part of the photos and include comments to draw attention to them. Whether it be a cozy fireplace perfect for relaxing at the end of the day or the convenience of a dual vanity in the ensuite bath for ease of starting the day. The goal is to get buyers excited to see the house through the photos, and include anything that could specifically pique their interest and stand out among the other homes.
Focus on Curb Appeal
Don’t forget about curb appeal! Even if you didn’t make as much improvement to the outside of the home as the inside (which is usually the case), you can’t skip it.
Put yourself in the shoes of a buyer. Polish the outside to reflect the inside, and invite the buyers to come in! The goal is a quick sale and high profit, you’re much more likely to get those things when you give every last detail of the house attention.
A few ways to improve the curb appeal of your flip without breaking the bank include installing an updated front door, small landscaping tasks (mulch, clean up), adding flowers or other seasonal potted greenery, adding a rug to the porch, installing fresh lighting, an eye catching mailbox and well-designed address numbers are also simple ways to create the anticipation of the homes interior.
You need a financial strategy in your flip business, including pricing. This is an area where the expertise of a knowedgable real estate professional will be incredibly valuable.
Pricing your property will include a bit of research. Remember, this was also part of the aquisition process so you should just be updating the information. Include recently sold comparable homes, and take note of the pricing and days on market for those homes. When in doubt, choose a listing price that the market supports and wait. Within a very short time frame you’ll know if it’s priced correctly. And if the pricing can be increased and supported by the market you’ll know in the form of multiple offers or above list price submissions.
Ready to level up your flip design?
I have a great course for you to get multiple offers in any market! Learn the high-end flip design tips I use in my projects! Check out the High-End Flip Design Course here.
Just getting started? I have the perfect place to start! Check out my Find my Flip course.
I also have some resources I’ve put together to help you get the information you need to move forward on creating your flipping life.
Make sure you have the Fixer Upper Checklist so you know which areas are key to added value in a home.
There are several videos on finding houses, renovations, and funding on YouTube. Check out your favorite flipping topics and new videos weekly!