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 Fort Myers 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.
Aesthetic Improvements
Flipping unwanted properties quickly involves strategic upgrades and enhancements that appeal directly to potential buyers. By focusing on affordable yet impactful improvements, such as fresh paint, modern fixtures, and updated landscaping, investors can transform a lackluster property into an attractive prospect. These changes not only enhance the aesthetic appeal but also make the home feel move-in ready, allowing buyers to envision themselves living comfortably in the space. When buyers can easily visualize their future in the property, they are more likely to make swift decisions, accelerating the flipping process.
Moreover, incorporating unique features can set a property apart and create an emotional connection with buyers. For instance, installing a custom bar on the back porch adds both functionality and charm, transforming an ordinary outdoor space into a captivating entertainment area. Such distinctive elements not only make the property more memorable but also increase its perceived value in the eyes of potential buyers. This emotional appeal can lead buyers to fall in love with the property quickly, prompting them to make competitive offers or even exceed the asking price. By understanding buyer preferences and strategically implementing upgrades that cater to these desires, investors can successfully flip properties faster and more profitably in the competitive real estate market.
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.
Network
As an investor specializing in property flipping, your network of connections is instrumental to your success. Beyond simply buying and selling properties, your relationships with fellow real estate professionals like pool cleaners, property inspectors, and contractors are invaluable. These individuals operate within overlapping spheres of influence and maintain extensive networks of clients and contacts. When they encounter clients who express interest in purchasing a new home or investment property, they are well-positioned to recommend your listings.
The power of word-of-mouth marketing within these professional circles cannot be overstated. When a property inspector notices a prospective buyer seeking a specific type of home, they may think of a recent property you’ve renovated and recommend it. Similarly, a contractor finishing a job might casually mention your latest project to a client looking to relocate. These organic referrals not only increase visibility for your properties but also enhance your credibility within the local real estate community. By nurturing these relationships and ensuring your properties are well-known among these professionals, you leverage their networks to attract potential buyers efficiently.
In essence, cultivating relationships with professionals in related fields creates a symbiotic ecosystem where each party benefits. Your investments benefit from increased exposure to potential buyers, while these professionals enhance their service by connecting clients with suitable properties. This collaborative approach not only facilitates quicker property turnovers but also establishes you as a trusted figure in the competitive world of property flipping. Thus, investing in these relationships proves to be as crucial to your success as the properties 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 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.