When you buy a house and then sell it for a profit — that is a home flip. For a house to be considered a flip, it must be bought to quickly resell it. You will need a solid real estate marketing plan to attract potential buyers to your home. You can sell the house yourself or through a listing agent, but you have a common goal — to sell the house in the shortest time possible for the highest possible price.
To reach your goal, you need to attract the largest number of potential buyers. This requires you have a market strategy. To come up with a market strategy you will need to answer the following two questions:
- Where are you likely to find buyers interested to buy your home?
- Where do buyers look to find homes for sale?
Potential profit only becomes a reality when the rehab is done, the home is resold, and you have the cash in hand. Use the following smart rules they will help you convert opportunities efficiently and consistently.
1. Find a Knowledgeable Real Estate Agent
A good agent will provide the best possible deal for your home, and in the most convenient manner possible. You should look for a real estate agent who has lots of experience, both in the industry and in your local area in particular. A knowledgeable agent will lead you through everything to successfully get a buyer and will answer any questions you have and protect you against any hindrances that may arise.
You can ask around from friends and family for referrals or search through the internet for local agents in your area.
2. Timing Is Key
Spring and summer are often the busiest time for home sales, but that doesn’t mean you should list your house only at those times. Even though winter may have fewer buyers, a couple of factors will motivate them to buy, for example, when they need to move for a job and need to find a new home as soon as possible.
Market conditions are local, so if you invest in an area that has a strong seasonal element, for example, a beach town, consider that into your consideration as well.
3. Spread the Word
Even though your real estate agent will do a great deal to market your home, you can still chip in to help spread the word further. Talk to your friends, family, and colleagues about your home flip. Post pictures of your home on social media, including Instagram, Facebook, and Twitter.
4. Price Wisely
Your real estate agent will advise you on the best price to put on the home sale that will entice buyers, and give you a good return on your investment. But also look at similar properties in your area to see what price they offer. This will give you a clue — homes that have been on the market for many weeks may be an indication they are priced too high.
5. Negotiations are Key
Agents, mentors, and mastermind groups will help you when it comes to counter, help you to know when to hold firm, and when to accept the buyer’s offer. Listen to their recommendations as they’ve seen it all before.
Make yourself scarce when it is time to show your home, whether by appointment or an open house. Your anxious presence or added comments will add an element of pressure and awkwardness that could discourage buyers. Let your agent handle the case for you.