Flipping houses is an attractively lucrative business, especially when you consider that in the fourth quarter of last year, the average flip brought in a $75,000 profit, which was a 36 percent gross return on the initial investment, according to RealtyTrac.
Naturally, we all want those kinds of numbers. While they’re not possible in every market, they’re definitely possible – and that kind of profit can make all your work worthwhile.
5 Focus Points to Sell Your Flip Faster and for More Money
Nobody wants to sit on a flip and wait for it to sell. Assuming you’ve done everything you needed to do, including making sure the home is in great shape, both functionally and aesthetically, there are five things you can do to sell your flip faster and for more money.
- Hire a professional real estate photographer to get high-resolution photos of the home. Statistics show that high-resolution photos bring in more buyers, and with more and more people searching for homes online, it’s essential that you make sure the pictures are doing the home justice.
- Think about pricing your flip with different options, such as “$199,900 as-is or $209,900 furnished.” This tried-and-true marketing tip makes people compare the options you’re offering them rather than comparing your home to another house in the same neighborhood.
- List your home in all the right places. The bulk of all home sales start online, so you want your flip to get maximum exposure. If you’re hiring a Realtor®, make sure he or she has an in-depth marketing plan that includes listing your flip in the MLS and all the major home sites.
- Make sure the house is staged properly. You don’t have to fully furnish it, but adding fresh, new towels to the bathroom and kitchen as well as a few accent pieces throughout the house can make all the difference in the world. Your goal is to give potential buyers a springboard to imagining their own belongings in the home.
- Price-drop in tiers if necessary. Don’t let your flip sit on the market for months, because at that point, no amount of price-dropping will help it. When a listing is stale, people automatically think there’s something wrong with the home. “If everyone else passed it up, I’m not going to be the sucker who buys it,” they’ll think – so make sure you act quickly to sell it. It’s a flip… not a long, lazy rollover.
Let’s Talk About Your Home-Flipping Experience
If you haven’t started your investment yet, let’s talk about our Atlanta hard money loans. You can call us at 404-814-1644 or contact us online. We’ll be happy to help you get the funding you need to flip houses while the market is still hot.