Selling Tips for Maximizing Real Estate Investment Returns
There are a lot of strategies you can and should utilize when you are planning to sell, flip or wholesale a real estate property or other such investments. Here are some guidelines you should always follow.
1)Objectivity
Many people overlook little things that may hurt their properties resale value, but this is also true for investment properties. What would you think if you were going through the property for the first time. What might be some turn offs? Are there things that could create concerns and how can you counteract them?
2)Curb Appeal
Statistics show that potential buyers decide in about the first 10 seconds of seeing the outside of a house whether they want to see the inside. Whether they drive by or see a picture of the property on the internet, you need to make a great first impression. Most buyers can not see past overgrown shrubs, weeds or dirty siding, and even if they can it is still a turn off because it may reflect how the rest of the house is taken care of.
3)Easy Move-In
Buyers will usually be looking at a lot of different real estate properties, so you want to make sure yours stands out. You want buyers to connect and see the home as their own. Remove or hide personal photos and belongings that could detract from its neutrality.
4)Profitable Improvements
It is rare, in a buyers market, that you will recoup expenses that would raise your properties price over 15% of the median house price in the area. For example, updating a kitchen with top of the line appliances, slate and granite counter tops may be nice, but if the property is in a lower class area where these features are rare, it will probably be difficult just breaking even with the added costs if you are not careful.
5)Frugality
A lot of times you don't have to spend a lot to get a house cleaned up to make it appealing to buyers. Things can add up fast and most new investors go way over budget because they over do it and don't keep good track of expenses. In the event larger renovations like a new roof are necessary, get bids from several reputable contractors. Not only will this help you know what you're really up against it will help you avoid inflated bids from contractors that would otherwise scam you. You can also determine what other options you may have.
Always look for creative ways you can provide value so your property stands out from other real estate properties on the market. In addition to the tips above, you can really limit your risk when applying the quick cash real estate investing strategies like flipping houses. Approach it right and you will find yourself getting a lot more interested and prospective buyers to work with!
1)Objectivity
Many people overlook little things that may hurt their properties resale value, but this is also true for investment properties. What would you think if you were going through the property for the first time. What might be some turn offs? Are there things that could create concerns and how can you counteract them?
2)Curb Appeal
Statistics show that potential buyers decide in about the first 10 seconds of seeing the outside of a house whether they want to see the inside. Whether they drive by or see a picture of the property on the internet, you need to make a great first impression. Most buyers can not see past overgrown shrubs, weeds or dirty siding, and even if they can it is still a turn off because it may reflect how the rest of the house is taken care of.
3)Easy Move-In
Buyers will usually be looking at a lot of different real estate properties, so you want to make sure yours stands out. You want buyers to connect and see the home as their own. Remove or hide personal photos and belongings that could detract from its neutrality.
4)Profitable Improvements
It is rare, in a buyers market, that you will recoup expenses that would raise your properties price over 15% of the median house price in the area. For example, updating a kitchen with top of the line appliances, slate and granite counter tops may be nice, but if the property is in a lower class area where these features are rare, it will probably be difficult just breaking even with the added costs if you are not careful.
5)Frugality
A lot of times you don't have to spend a lot to get a house cleaned up to make it appealing to buyers. Things can add up fast and most new investors go way over budget because they over do it and don't keep good track of expenses. In the event larger renovations like a new roof are necessary, get bids from several reputable contractors. Not only will this help you know what you're really up against it will help you avoid inflated bids from contractors that would otherwise scam you. You can also determine what other options you may have.
Always look for creative ways you can provide value so your property stands out from other real estate properties on the market. In addition to the tips above, you can really limit your risk when applying the quick cash real estate investing strategies like flipping houses. Approach it right and you will find yourself getting a lot more interested and prospective buyers to work with!
