One of the most satisfying parts of being a house flipper is getting your offer accepted. So how do you sell property fast without sacrificing quality?
Believe it or not, the easiest part of house flipping is selling. If you stick to all the house flipping rules and properly use the expertise of your house flipping team, you will find that this claim is actually true.
Below I have 7 tips that can help you sell property fast. As a matter of fact, you will find that selling a house is the simplest part of the house flipping process.
7 TIPS To Sell Property Fast
1. Get Your ARV Right
The After Repair Value or ARV is the most important number in house flipping. After repair value means the amount of money you will sell your property for once you have finished doing all the repairs. In order for you to be able to calculate your ARV, you have to be able to apply the 70% rule. Here is an example:
2. Get A Real Estate Broker
It’s important to get a real estate broker who has experience in your particular market because they will help you get a more accurate ARV. Make sure your real estate broker has realistic comps and is very familiar with your geographical area.
The best place to find competent real estate brokers is through networking in the geographical area you operate. Go to networking events in towns where you plan to do business. Local expertise is very important when it comes to comps.
3. List The Property At The ARV
If you want to sell property fast, make sure that the ARV you list when you began your rehab will be the same when renovations are complete. This is why we emphasize getting a real estate broker who is an expert on that particular geographical area, so that they can give you a more accurate ARV
4. Be Fast On Price Changes
If you are getting plenty of activity on your initial ARV but no one is buying, then it’s time you revisit your ARV. Don’t wait three or more months to adjust your prices accordingly.
If you list property and don’t receive any offers within the first few weeks, then I feel you may want to consider lowering your price.
5. Clean Up
Another way to sell property fast is to clean up. Do everything you can to ensure that the home is sparkling clean and looks as immaculate as possible.
Clean out any cobwebs and slap on a fresh coat of paint on areas that need it. The outside of the property also needs to be sparkling clean and the lawn needs to be well groomed.
You might be surprised at how many offers come your way just because your house is sparkling clean.
6. Stage It
Staging a home can dramatically increase your chances of selling property fast. You do not have to stage high end homes only; you can stage other homes as well.
Staging can cost you $300-$1200 per month but it’s nearly always worth it. Use your own best judgment to determine if how much you are spending on staging makes sense.
For instance, it doesn’t make sense to stage a home at $1000 a month if you are going to sell the house at $100, 000. Staging helps people envision how their home will look like when they move in.
7. Do An Open House
Open houses give people a chance to see the house and other people who are interested in buying the house. Open houses can create that feeling of crowd interest and group validation.
This is a very valuable psychological tool if you hope to sell property fast.
When potential buyers see that other people are interested in your property, they will feel that their interest is validated. The more people want something, the more desirable it appears.
Make sure you use plenty of signs to point to where the home is if it is not on a main street. This will increase the number of people who attend the open house.