Do These 7 Things To Sell Property Fast
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.
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’s some more information on the 70% rule.
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.
What do you think? Let me know by commenting below!
Mike, the California Assoc. of Realtors says that only 1% of all homes are sold thru a public open house. The NAR says the same nationally. I’ve had realtors say the main purpose of an open house is for them to get buyer information to get more clients. The much more important open house is the broker tour open house, and require your realtor to provide, and pay for, CATERED wine and finger food/snacks for the brokers and, most important, put that information in the broker tour notice. For high end houses, over $1.0 million, require upgraded snacks, e.g. shrimp, etc. I know four investors in the San Francisco area that require this and it gets a large gathering of brokers (who doesn’t like free food?) and high interest in the house.
Great point Bob and thanks for sharing that statistic. I didn’t realize that it was that low. They work best in Hot markets for sure and with staging makes a big difference when people stick around and eat even if they are not interested.
I like the broker open houses as well & agree they give better exposure for potential buyers.
Hi Mike
I have been attending your meetings in Plymouth and I have to say my fears are slowly disappearing. I have recently been diagnosed with Chiari Malformation which is a horrible neurological disorder I was born with but did not effect me until I had my children. My type is the most serious due to the fact my C1 and C2 are in my brain. I still work full time and I think this career path is best for me.
THANK YOU FOR SHOWING ME THAT I AM ABLE TO DO THIS.
See you tonight Thursday in Plymouth.
Nadine Speers
Hello Nadine – Sorry to hear that. Your very welcome as I enjoy helping as much as I can. Just an FYI the meetings are the 4th Thursday of the month because you mentioned going to the meetup tonight. See you at the next one on October 23rd.
Hey Mike, I am an investor who I interested in flipping. I would love to talk to you if you have some time. Contact me at 949 545 1970
Hello Amir – Will do.
Hi mike did you know how I sell the property between the time for closse, or after I sign the purchase agreement if you no let me know thanks
Hello Rigoberto,
Not sure I understand your question but if you are selling a house you own, you have a signed P&S first before you close on it and the same it true if you were buying.
Great info for sellers and so important to follow your steps to not get stuck as just another seller in the listings!!!
That is right Hannah – You want your property to stick out better than the competition. Just like in any business you want to be the best!
These are some great tips Mike! Being a local Realtor, I’ve seen the first property showing at an Open House and have an accepted offer that night, and I’ve seen houses linger with several Open Houses and no offers. Open Houses create a maximum exposure environment, but the more important factors to selling a house are location, price, and market. This gets back to ARV, and if this value is properly calculated, and the finished product hits the market at the optimum time, the seller shouldn’t have any issues selling the property quickly.
I agree John. It would be nice if they all aligned perfectly like this but this is not always the case. ARV can be a killer if you don’t get that right or close.
Thanks for the comments!
Mike,
Have you ever put a house on the market in the middle of renovation? If so, what would be the best way to go about it?
Hello Colleen – I don’t normally recommend it as buyers can’t see past a renovated property vs a completed staged property. That being said on our new homes we do renderings in pre list with out showings to gather interest.
I liked that you pointed out that doing an open house can draw a crowd. It does seem like a good thing to have a professional help me with that. Because I am really bad at speaking to a lot of people. So a real estate agent who could do that for me.
can I sell my flip myself . without using a realtor .. I am in florida