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Homespun Executive

5 Useful Tactics for a Successful Home Flipping

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You might be a good negotiator or a good interior designer, but do you have what it takes to sell a house? Flipping houses is incredibly lucrative, but at the same time, it’s a risky investment and probably not something you should try on a whim. Flipping houses or homes is all about tactics and timing and it is far more complicated than you can imagine. In the event that you are serious about this, you’ll need to have prepare more finances in advance, because there will be a lot of additional expenses once you buy a home you want to flip. However, even if it is a challenge to flip a house, you have one fact that will always give your reassurance – you are selling homes, something that everyone needs; in other words, houses won’t grow out of fashion any time soon.

The following article is here to help you out and give you some useful advice related to house flipping. Of course, it’s not a one hundred percent success formula, but it will help you increase your chances of making a sale significantly. So, here are the 5 useful tactics for a successful home flipping project.

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Find an undervalue property

This is one of the hardest parts of the whole process, because finding an undervalue property in these conditions is not so easy to pull off. The main reason for this lies in the shortage of inventory in general; therefore, every piece of property has more value than before. A good way to start would be simply to leave your contact number, and have people call you when they want to sell their home. You can do this by investing in banners, billboards or simply online ads, and by having your own website, etc.

Another way of finding potential sellers is by tracking them down on your own. You can drive around town, see some less appealing or empty homes and track down the ascent owners using town record data. It is a bit more difficult, but also a reliable method to go about this problem. Lastly, you can ask your real estate agent if he or she knows of houses that are in need of expensive repairs; these are the houses that you need to go after, and real estate agents might be able to help you out.

Knowing when to sell

Another important element of the sale is the time of the year you intend to sell your house. Of course, these are not rules set in stone, and you don’t have to strictly abide by them. But, again, it’s good to know this. For example, the worst time to try to sell a house is during winter; people are occupied with winter holidays and they usually do not have enough funds in their budget to think about an expensive purchase. So, if you put your house on sale during winter and it stays on the market for too long, potential customers might start to wonder if there is something wrong with it, since no one purchased that piece of property for a long time. This is, however, a good time to look for potential sellers, since they are more likely to sell their home at a lower price, which is exactly what you are after.

Summer is also not an ideal season for selling, because people already spent their budget on their summer vacation. Also, because of the summer vacation, a great portion of potential buyers are not able to check out your house. Spring is basically the ideal time to sell a house, since there are no significant vacations then, people are generally in a better mood, and your garden can bloom, thereby making your home look even more attractive. Autumn is also not a bad season, not as good as spring, but at least people can see that the house has no leak spots, which is quite reassuring.

Find an undervalue property

Another important factor is the stock market, since it’s the major dictator of the house price. So, stay in touch and check up on real estate market prices frequently. It would also be good to consult your real estate agent about this matter.

Spicing up the offer

As you are already aware, you’ll have to rejuvenate the house and make it look brand new. Moreover, it’s not one of those things you can only paint on the outside and hope the deal will go smoothly. A house is a huge investment and people will check out everything, including the wiring and pipe system. Meaning, you’ll have to repair those things as well, and make sure everything is fully functional. It would also be good to change the tiles in your bathroom and to also check your house for mold. You can inspect your house for mold conditions, to be more precise, how likely it is for mold to form in your house. Once you get that situation under control, all that is left is to call an exterminator, and make sure no insects or rodents are roaming in the house when the client comes by to check it out.

Now that the house is secured, you can do something extra for it to boost up the price. You can plant some flowers to improve the looks of your garden. You can add a small fountain or a pond there as well, and a hammock if you have two trees close to one another. You can also build a small bird house, or make some garden furniture out of a wooden pallets, to create a more family oriented and cozy garden theme. You can also create a swing, or a slide, so that it will look like a fun place for children to play and have fun.

Work on your presentation

Here’s another important piece of the equation, also known as you marketing tactic. You need to present your house in a way that potential buyers will find more alluring. You are definitely going to need a website that will display the house or houses if you have more than one for sale. You can find a company to design a website for you; all you need to do is find the right people to outsource this job. Just go through web design companies reviews and see if the customer feedback is satisfying. It’s a good way to make sure the people you are working with are reliable.

You should use high quality photography on your site and on your social media profiles when you display the house. You can also make a video tour, or use a 3D tour of the house so that the whole experience is even more engaging. Finally, you can get a 360 camera and create an amazing view of each rooms for all customers to see. You can also create an event like a party, so that everyone can have a good time and thereby create a positive memory of the place even before they buy it. Remember to share the photos and videos of the house online and to interact with potential customers; your goal is to attract as many people as possible.

Have a backup plan

If you by any chance cannot manage to get a satisfying price for the house, do not be hasty to sell it if you already invested a lot in it. You can put it up for renting. This way, you can get it back on the market when the conditions are a bit more ideal and earn some money in the process, thereby mitigating your losses. In fact, it may turn out that becoming a landlord and having a piece of your property is even better than simply selling it. It is certainly a better option than to lose money, and in the event that you are unable to sell, then you might just have to salvage what you can and lower down the price.

There you have it! These are more or less the things that can help you boost the price of the house you are trying to flip and to increase the chances of making a sale. It can be a bit scary when you do this for the first time, but as long as you are getting better at it, you’ll truly start to love this profession. It is a job that is really fulfilling, lucrative and fun.

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