How to Sell a Home for Top Profit
Let’s continue with our flipping houses beginners articles or if you prefer flipping a house for profit.
Once all your repairs you are going to need to know how to see your newly remodeled house for the best price you can and still move it quickly.
Keep in mind that as we have discussed before we would rather sell our house at a profit quickly than hold it an extended period of time. There are a number of reasons for this. One is that we do not want to keep accruing holding costs month after month. We also do not want to take a chance on the real estate market changing. Finally, if we have our money tied up in one house we cannot more on to any others. As long as we are stuck in a holding a house we are not making money.
This does not mean we want to give our newly remodeled house away, only that we want to make sure we do not hold a house unnecessarily and end up costing us money instead of making us money. When it comes to how to flip a house for profit you have to remember holding for a top sales price might not actually make you more money.
When flipping a house for profit make sure you get your newly remodeled house ready to sell at the best price you can, keeping in mind the exceptions above.
There are a number of things to consider when it comes to putting a house on the market. The time of year makes a difference, the home’s location makes a difference – one which you had better taken into consideration before you purchased the house to flip! Don’t forget about curb appeal, landscaping and exterior appearance make a huge difference.
Did you improve the kitchen and bathrooms? If so, those are big selling features. Be sure to promote them in your sales material.
Don’t forget about staging both inside and outside. When flipping a house, it helps to get the best price if people can see what a house looks like if it actually being lived in. An empty house makes it difficult for people to see what it would be like if they where actually living in the home. Make sure you do not ‘clutter’ the house. The idea is to make it feel ‘homey’ and livable not crowded and cramped.
When you first set the price for your house, before you price it a competitive price. Just like I said above, you want to sell it as quickly as possible. Make the return you want but don’t get greedy. You don’t want to be the highest price in the market area. If you properly did your numbers before you bought a house to flip you will be able to put it on the market below your competitors and still get your return.
Make sure the house is clean, even a small amount of dirt or perhaps even worse a bad odor can sink a potential sell. If necessary, pay a professional cleaning crew to come in and clean the house top to bottom. When it comes to selling a house quickly cleanliness makes a huge difference.
Make sure your real estate agent can get in the house. Make sure the electricity and water are turned on to the house, inside doors are open and curtains are open to allow natural light in. Check the house frequently to make sure it stays clean if your real estate agent is not doing that for you. In fact, you should do it anyway yourself. Just in case.
Two of the biggest things that will give you a good return on your money are new paint and flooring. Yes, we all know kitchens and bathrooms sell houses, but here we want to talk about paint and flooring. They are relatively easy to do and make a big difference in a home. If you are flipping a house don’t skimp here either. If you are flipping houses for profit then you know that your potential buyers are looking for a fully remodeled home, not one half done.
Make sure the yard stays landscaped, you cannot just get it ready to put on the market and then forget about it. If you are unlucky and the house stays on the market a little bit then make sure someone is keeping up with the landscaping.
Things to keep in mind while marketing your new remodeled house straight from our flipping houses beginners articles.
Never take for granted the importance of curb appeal. It is the outside that gets new buyers to actually stop and look at the house to begin with.
Do open houses yourself if your real estate agent is too busy. Real estate agents typically have a number of houses they are trying to sell. Even the best real estate agent will not have the time to have an open house every weekend at your house. If they do, then I would argue they are not a good real estate agent to begin with!
Make sure your house is actually being marketed. Ask your real estate agent how they plan to market your house. If you don’t like it, speak up. The real estate agent works for you.
Do not ignore health and safety issues, these have changed over the years and your contractor should help you spot these. Properly deal with mold if you screw up and end up with a house with mold. Same goes for lead paint and asbestos.
Remember what you would like to see if you were buying a house. Yes, the house you are flipping might be in a lower end market from where you live and you need to take that into consideration. But, everyone likes clean and proper workmanship.
Let your realtor do their job, you do not need to be there to ‘sell’ your house. If you do, then you have the wrong realtor. It might take you a while to find a realtor you like when it comes to flipping but if you are properly selecting your houses to flip, do a good job on the remodeling and are turning multiple houses a year I promise realtors will be knocking on your door.
Be sure to use an experienced realtor, remember this is a business for you and you want experienced professionals. It is not your job to train a realtor. Hire professionals for your house flipping business and dramatically reduce your workload and worry. Surround yourself with aggressive professionals like yourself.