5 Proven Ways to Sell Your Flip Fast
February 16, 2015
What is the best way to sell your flip fast? The answer to that question will always vary depending on your situation. This week I’ll be covering some proven tactics that get flips sold quickly. These can be used in conjunction with one another, or you can choose one that fits your system best and implement it. Whatever method you choose to use, you will see results!
Make your house the best on the market
The real estate game is highly competitive. Buyers are always looking to get the best value for their dollar, and investors are always trying to outdo one another. In order to sell your flip fast you need to have more “wow” factors than your competitors and the right price.
Pay attention to your competitor’s pricing and what updated features their houses offer. If you are just beginning a flip this will give you an idea of what to plan for. If you have completed a flip, researching your competitors could help you figure out if your house is lacking anything.
Always take the extra step to make sure your house is the best value for the price. Whether it is spending more to get hardwood floors instead of carpet or taking extra time to make sure you’ve got the landscaping done, taking the extra steps to make sure your house is the best house for your dollar value eliminates your competition.
- Know what your buyers want
- Pay attention to your competitors
- Going the extra mile eliminates competition
Get your house listed
It is no secret that listing your flip is a fast way to get it sold. 88% of home buyers purchase properties through an agent. Sure, you’ll have to pay a commission, but isn’t it worth it to sell your flip fast?
Cutting out agents is a bad idea. Sure, you can keep some extra money in your pocket for the time being, but what happens if your flip doesn’t sell fast? You’ll end up paying more in holding costs than if you would have just paid an agent to list your house.
You may be great at marketing and can get your house sold in no time, but listing your house with an agent is a proven way to sell your flip fast. You’ll be exposing yourself to the majority of buyers looking for a new home and you don’t have to worry about marketing!
- 88% of buyers use an agent
- Not using an agent is really expensive
- You won’t have to worry about marketing with an agent
Create an atmosphere
Staging your house can really influence buyer’s decisions. It’s like providing them with a sneak peek into the future! Sure, when a buyer walks into a house they can use their imagination to picture themselves there, but why not give them some tools to work with?
The dining room, living room, bathrooms and kitchen are really all that you need to worry about. Don’t go all out either. A couch, chair and set of end tables will me more than enough. Arrange them away from the walls and close together to create a warm inviting environment.
Towels, soap and a few accent pieces are all you really need for the bathrooms and kitchen. Finish your house off with a dining room set and you’ve successfully staged a home! Your buyers will be able to literally relax in the living room or have a seat in the dining room.
- Give your buyers some tools to work with
- Stage your bathrooms, kitchen, living room and dining room
- Create an open warm environment
Give buyers an experience
From start to finish try to give your buyers the perfect experience. You want to do everything in your power to make them feel like they’re stepping into their new home, from the first time they see the outside of it until you close the deal.
Staging the house is a great start. This creates the feeling of home without a buyer’s personal items. Take the next step by running hot water in the bathtubs and kitchen sinks. Have some lemonade or iced tea set out and ready to drink. Really create a unique experience and atmosphere that lets the buyers know that they’re home.
Always make sure your property is in order. If you have multiple showings take all of the necessary steps to ensure you each of your buyers perfect experiences. Keep the house and yard clean and ready to show at all times until the house is sold.
- Aim for perfection
- Create a one of a kind experience for each buyer
- Take the steps needed to maintain your high standards when showing your house
Be quick with price drops
Price dropping is a great way to sell your flip fast. I don’t recommend it as a first option, but it is extremely effective. How quickly should you start dropping the price? If I have a house that hasn’t sold after three weeks I cut the price. How much?
$50 won’t get the job done. If in three weeks your flip hasn’t sold try dropping the price $3,000. If you still can’t sell it drop it $5,000 more. Then, if you are still having problems moving the house cut another $7,000 of the price. Most of the time you won’t have to cut the last $7,000 off, but be prepared as a last resort.
Don’t let your flip sit on the market for months. Any house that sits on the market for six months won’t get a full price. Those houses that sit for months through price drops have desperation written all over them. Be quick with your price drops and you’ll have your flip sold in no time!
- Price cutting is effective, but not a first choice
- When performing price cuts, do it in tiers
- Act quickly and don’t let your house sit for months
Implement any one of these methods to sell your flip fast. Take the steps needed to make sure your house is the best on the market. Get an agent to list your house and get major exposure. Create an atmosphere and an experience that your buyers can’t say no to. If you’re going to drop the price, do it quickly.
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