Securing your rehab loans and finding the right house to flip is always a huge thrill. Completing the renovation process is an even bigger thrill. But the ultimate thrill is selling your rehab property for a hefty return on your investment.
Unfortunately, not every fix & flip ends with a big sale. If you find yourself struggling to find buyers and lowering your asking price a little bit every week, take heart. There are a number of steps you can take to help sell your rehab property in an otherwise inhospitable buyer’s market.
1. Price the home for what it’s worth.
It’s tempting to base your asking price on the weeks of sweat and labor that you put into the home, but that won’t cut it in a buyer’s market. Your asking price needs to be based on the actual value of the home in combination with the current local market conditions. It may be that the market turned since you bought the house, meaning you’ll have to ask for less up front than you hoped. This isn’t the end of the world, and it’s a much better option in the long run than holding onto the property at a loss until someone meets your high asking price.
2. Have the house inspected before you list it.
Even if you’re a house flipping pro with the most reliable contractor in the business, a house inspector might still ding you for a flaw here or a code violation there. Having this information up front helps you price the house appropriately and fix any flaws you can before putting it on the market. A housing inspection also takes away a buyer’s biggest bargaining chip, helping you get your full asking price.
3. List the house online.
At least 85% of home buyers in the United States start their search online. Make sure your property is listed and listed well on all of the appropriate websites. Showing up on the MLS isn’t enough. Get your home listed on local search engines and on the home buying apps that are most popular with your buyer base.
4. Stage the home.
Yes, it will cost you, but it will make the home look much more appealing. Rooms look bigger when they’re filled with furniture. It defies logic, but it’s true. Staging your home will help potential buyers visualize the space with their own furniture.
