Flipping real estate is more popular in recent years than it ever has been. There is something alluring to purchasing property, renovating it, and selling it for more than you paid for it. This is, if you are making enough from the sale to cover your renovation expenses. If you have invested in a property and now want to sell quickly, here are some things you can do to flip your unwanted Northern Kentucky or Cincinnati property fast.
Appropriate Asking Price
The number one thing that will flip unwanted property fast is to offer it for sale at an appropriate asking price. Spend some time and research the recent comparable sales in the same area as the property. Make sure to analyze all aspects of the property: whether or not it has a pool or access to a body of water or canal, the year the property was built, the proximity to shopping plazas, grocery stores, or other points of interest in the neighborhood.
Determine the appropriate asking price by using the most recent sales possible, preferably in the past 6 months. If there are no recent comps in the area, consider using other properties in the area and subtracting or adding value based on features that your property does or does not have. If your asking price is too high, you may not receive as many offers because that leads a buyer to believe that you do not really want to sell your property. On the other hand, if you offer the property for sale too far below market, the buyers might believe there is something wrong with the property.
Making affordable and necessary upgrades and improvements to the property will definitely help flip unwanted property fast. If a buyer can walk into the house and imagine themselves and their family living in the house, this will definitely help flip the property faster. Offering a unique feature in the property, such as a custom bar on the back porch, might help a buyer fall in love with the property. This will likely turn into the buyer making an offer quickly and be willing to pay a higher price.
Host Open Houses
Hosting an open house at the unwanted property will help sell it fast. This will encourage the local real estate professionals to visit the house in hopes that it will meet the criteria of one of their clients. If a real estate professional is out searching for client houses, this means that their clients are pre-approved and ready for a quick sale. The real estate professionals may even like the property for themselves! Other potential buyers will also attend; however, some of them may not be pre-qualified or even able to obtain a loan.
If you are an investor who flips properties, you most likely know other real estate professionals. This could include other professionals of related fields, such as pool cleaners, property inspectors, or contractors. These connections have access to a large word of mouth database made of the customers they do business with and can mention your property to them, especially if they mention that they are in the market for a new home.
Networking is an essential part to any real estate business, even flipping. Networking is important because when you build a good, solid rapport with your buyers or professionals in the industry, they are likely to refer you to other buyers or even buy from you again or themselves.
Prepare a Proforma
For multi-family property or even single-family residences, preparing a proforma for the property will be another tool to flip your unwanted property fast. This will be especially attractive if your property is multi-family because this is the most important part of an investment: the return on investment! Doing your research of the rental market in the area will definitely be worth your time as it is the backup of your estimated rental amount. Investors will be able to compare this with the initial investment they are making and determine if it meets their investment goals.