fix and flip

5 Tips to Master the “Flip” of a “Fix-and-Flip”

After putting in all the hard work to find and then rehab a fix-and-flip real estate investment, the goal is to sell it quickly at the highest price so the hard money lenders, private money lenders, real estate investors, contractors and (most importantly) you can be compensated for the time and effort required for an extensive renovation project.

This is where marketing skills come into play. As the investor, you need to understand what makes the property unique and then create an appealing pitch to potential buyers. Regardless of whether you are an experienced real estate investor or just starting your investment career, the following tips can help you get your property sold faster so you can shift your focus to the next deal.

Prioritize Aesthetics

Potential buyers shop with their eyes—which means the first thing that hooks their attention is a property’s curb appeal. This aspect can easily be enhanced by performing simple tasks such as landscaping and cleaning up leftover waste from the rehab. Taking care of these smaller issues first ensures that buyers will not overlook any major property enhancements such as brand-new appliances or new floors.

Consider the Buyer’s Perspective

Certain fix-and-flip properties will need more extensive rehab than others. Still, make sure to maintain consistency with the collective neighborhood vibe from an aesthetic standpoint. Going too over-the-top or skimping on amenities that comparable properties have will both limit the potential pool of buyers interested in submitting an offer for your property.

Set the Stage

Take the time to stage the house, it helps instill a personal touch in the minds of potential buyers touring the home. They’ll have an easier time envisioning how they’ll decorate each space, upping the odds of them considering submitting an offer. Staging a house can be expensive, but when done properly it can be a worthwhile investment, especially if it makes the difference in receiving an offer or not.

Photos are Key

High-quality pictures are often the first interaction a potential homebuyer has with a property—especially given the prevalence of online real estate home search engines. Tasteful photos will breathe life into your property and enhance its appeal—plus they make a great addition to your investment portfolio when you are attempting to lock down financing for your next fix-and-flip undertaking.

Stake it Out

Put up a yard sign in a highly visible location on your property announcing that it is for sale, it can pay dividends when it comes to drawing foot traffic. Although home sellers are increasingly overlooking this tried-and-true method of property advertisement in favor of online marketing efforts, it may make all the difference by grabbing the attention of the perfect buyer.

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