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 and 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 South Milwaukee 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 close area to 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 offer, 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 lends a buyer to believe you do not really want to sell your property. If you offer the property for sale too far below market, then buyers might believe there is something wrong with the property.
When you want to sell your unwanted property quickly, the best thing you can do is to make improvements on the house – just keep them affordable. If you make a unique add-in on your house, it will help your property stand out from other similar houses on the market. Good ideas for this are to give your yard an interesting fence, or to make a bar on the back porch. This will make it easier for the buyer to envision themselves spending time in it, and they will also most likely be prepared to pay a higher price.
Host Open Houses
When you host an open house on the unwanted property, it can help you sell your house fast. This will encourage not only local buyers, buy also real estate professionals to visit the house hoping that the property will meet the criteria of one of their clients. Real estate professionals usually have pre-approved clients which means that your house might have a quick sale. And who knows, the real estate professional might even want to property for personal use!
When you make a living on flipping properties, you will probably meet other real estate professionals – or many professionals from related fields, such as pool cleaners, property inspectors or contractors. All of these connections are rather useful as they will help you gain access to a word of mouth database of clients that are known to them and to whom they can spread the word of your property that you are selling, especially when they hear about someone looking for a new home.
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 it because 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.