When it comes to real estate, selling quickly can have its advantages. When you find yourself in a position of wanting to flip a property on the fly, there are several ways to go from selling to sold in record time.
In real estate transactions, most property owners like to take it like they like to take a glass of sweet tea on the front porch of a 30A beach home: slow and nice and easy. Real estate transactions do, after all, involve a lot of money and therefore should not be entered into lightly or impulsively; however, despite this otherwise sage approach to buying and selling houses, there are times where it is necessary to flip on the fly.
- (Why) Fast Flip = More Money
There may come a time when you stumble upon a piece of property that is available for an absolute bargain. For whatever reason, the property is listed well below market value because the owner has to sell. Upon discovering there is nothing inherently wrong with the property –and upon realizing you can afford to buy it—you purchase the property for $30,000 less than market value based on comparable real estate sales.
Because you have no intention of living in the property and because the property does not need any work, you list it as soon as you are lawfully allowed to; the deal closes in short order. The fast flip just put a good chunk of extra money in your pocket.
- (Why) Fast Flip = Stop Losing Money
On the opposite side of the property flip coin is the fact that holding onto a property could be costing you money. Depending on where you are on your mortgage payments and what kind of loan you have, keeping a property that you no longer live in but do not wish to part with for less than you think you deserve could be hurting you.
- (How) Lower Your Price
Thus, if you are looking to get rid of a property quickly, then lower your price to just below market value. A house for sale listed at below market value with catch the attention of buyers well before other properties will. Even a difference of a few thousand dollars can make a large impact on how much interest you get from buyers.
While a few thousand (even as much as $10,000) can feel like a lot when you are coming off of what you initially wanted to ask for the property, in the context of the larger picture (of say, a $500,000 sale), $10,000 is really not that much.
Many property owners want “move in ready” homes, so even the smallest issues can lead to buyer hesitation. Look at both the home’s inside and outside and figure out what will make it more “move in ready”.
- Neutralize the space: Replace overly personal colors in the home with more natural / subdued ones so prospective buyers will not feel the need to paint
- Tidy the home’s exterior: Trim bushes, plant flowers, mow the lawn, etc.
- Fix any problems: Leaky faucets, faulty electrical, dings in the wall, replace broken blinds, etc.
Essentially, do whatever it takes to get the things that have fallen into disrepair looking new again.
- (How) Staging for Presentation
Though similar to giving the home a facelift, staging for presentation deserves a category of its own as this goes beyond fixing that pesky leaky faucet. Staging means decorating the home so that it presents to show off its nicest features.
For example, if your beach home has a back patio that backs up to the beach with inspiring views of the emerald Gulf Coast, then make sure your curtains frame the French doors that lead onto that patio and that you have all furniture strategically placed to accentuate that feature.
If the living room is spacious, don’t make it seem too lived in by over-cluttering it. A few furniture pieces and some neutral personal affects help make a home appear to be lived in while also allowing it to be staged for showing. Importantly, don’t make the mistake of taking too much out of the home as it will then look bare; this will draw buyers’ attention toward any flaws in the home. Of course, your realtor will be able to assist with staging and will be able to advise on which home repairs are worth doing and which ones are a waste of time and resources.
Anytime you are trying to flip fast, you want to minimize both the time and resources you put into the home while trying to move it as fast as you can. If you tell your realtor of your intentions when you get ready to sell, your realtor can help you flip from selling to sold in no time.
There’s no better place to call home than the sparkling emerald strip of Florida Gulf Coast known as 30A. From community to community, 30A is a place locals love to call home. When it comes to 30A, there’s no one more in the know than local real estate expert, Melissa Clements