7 Essential Property Sale Tips from Real Estate Pros
Maximizing Your Property Sale
Are you ready to seal the deal on your property flip and rake in those profits? Your journey doesn’t conclude with the final coat of paint. In fact, there are numerous savvy strategies that can significantly enhance your property’s ROI, which you can tackle even after the renovations are complete. We asked some of Backflip professional real estate investors to unveil the post-renovation tactics they use to boost a property’s sale price and minimize time on market, to help you maximize your own return on investment.
Read our 7 Essential Post-Reno Property Sale Tactics:
1. Get an Investor-Minded Real Estate Agent
Your quest to maximize your property’s sale price begins with finding the right real estate agent. Look for someone who specializes in working with investors. When selecting an agent, consider 3 things: Do they get the most money? Are they an expert in local residential investment properties? Can I build strong rapport with them, for future flips? To find ‘Agent Right’, attend local real estate investor meetups and consult with fellow investors for recs. Remember, a skilled agent not only pays for themself in a better sale price, but also brings invaluable experience.
Potential value: $20K+
2. Do another Cleaning
Renovation dust and residual odors can deter potential buyers. Before listing your property, do a good cleaning to present a spotless, inviting space. Periodic sweep-ups will keep the property in prime condition for a more pleasant buying experience. Eradicate any lingering smells, such as renovation and cleaning odors, with a few nice candles, nothing too intense.
Potential value: More offers
3. Stage the Home
Create an inviting atmosphere that allows buyers to envision living in your property. Home staging can significantly impact your property’s selling price and the speed at which it sells. Collaborate with a local stager to strategically place furniture and decor items that ignite potential buyers’ imaginations. And don’t forget te exterior: Staging the front porch makes an impression on buyers before they even step inside.
Potential value: More offers
4. Get Professional Photography
Pro photos are essential for showcasing your staged property effectively. So invest in a professional to do the job. (You wouldn’t pull your own teeth, would you?) Listings featuring professional photos receive 30% more views and sell 30% faster than those without. High-quality images are a game-changer in attracting potential buyers.
Potential value: $20K
5. Increase Curb Appeal
Curb appeal is a vital factor in attracting buyers and elevating your property’s value. Simple, quick fixes can enhance your property’s exterior over a weekend. Plant grass seed as early as possible, add some shrubs in key places, rake leaves, clean gutters, and consider installing affordable cap lights on fence posts to create a warm exterior.
Potential value: $15K
6. Do Your Own Inspection
Stay ahead of the game by scheduling an actual inspection with a licensed home inspector. This proactive move allows you to identify any issues long before your bidder comes to you requesting repairs or price reductions. Knowing potential problems in advance, you can complete repairs more affordably. Moreover, presenting a “pre-inspected home” can increase buyer interest.
Potential value: $5K at closing
7. Price the Place Right
Work with your real estate agent—and tap into your own knowledge of recent comparable sales (courtesy of the Backflip app)—to establish the ideal listing price and pricing tactics for your property. No need to undersell; you can always drop the sale price later if market dynamics dictate.
Potential value: $10K
Bottom line, your flip doesn’t end with the renovations. By implementing a few post-reno tactics you can boost your property’s sale price and maximize your profits. With the right agent, cleaning, staging, professional photos, enhanced curb appeal, and an actual inspection, you’ll be well on your way to maximizing return on your investment.
This is not investment advice. It’s important to research thoroughly, and consult with legal, financial, and other professional advisors before making important investment decisions.