Snagging a great deal and completing the rehab are only the beginning when it comes to flipping houses. If you really want to lock in those profits, expert-level marketing is key.
In reality, your marketing efforts should actually start long before your property's ready to hit the market. Because in the end, the longer that home sits stagnant, waiting for the right buyer to come along, the more money you lose -- and no flipper wants to be in that game.
So what can you do? How can you kick off those marketing efforts ASAP and ensure your flip sells fast and at the absolute highest price? These five tips can help.
1. Network, network, network
You should be doing this anyway, but if you've got a home flip in the works, it's even more important. Make sure you're networking with local real estate agents, relocation experts, landlords, and other well-connected professionals in the area -- basically anyone who'd have a pulse on new, incoming residents or renters looking to get out of the rat race.
Obviously your flip is probably keeping you pretty busy, so attending a ton of networking events might not be possible. Fortunately, there are a lot of ways to go about this:
- Consider virtual events and conferences (a lot of major conferences have gone virtual this year due to the COVID-19 pandemic).
- Connect with local movers and shakers on social media.
- Start a newsletter or email campaign to update agents and landlords on where your flip is located and when it might hit the market.
Don't forget your personal network. Mention your flips when talking to friends and family; you never know when someone you know (or someone they know) is eyeing a potential home purchase.
2. Leverage social media
Social media is great for flippers. You can go live when you're on the job site, highlight cool home features or design choices you make, or even post side-by-side photos of your renovations and upgrades as they're completed (everyone loves a good before and after).
You can also take out ads on social media for a low fee. These are a great way to really target your efforts and make sure your property is seen by the right audience.
3. Create the image of savings
Pricing your property right is always important. Go too high and it will take forever to sell; go too low and you'll reduce your profits. (Buyers might even think there's something wrong with the property.)
Fortunately, there's a clever way to make your property seem more affordable while still pricing it on par with local comps: Simply avoid round numbers.
Think of it this way: Would a house seem more budget-friendly at $300,000 or $299,500? What about $220,000 vs. $219,000? Those round numbers just feel bigger -- and in the event you're right at the end of someone's price range, those extra few hundred dollars can really matter a lot, at least psychologically speaking.
4. Up your curb appeal
Nothing markets a property like car-stopping curb appeal. So in addition to doing some killer interior renovations, always work some exterior upgrades into your budget as well. Add some landscaping, plant a tree, or upgrade the garage door or shutters. Replacing your address numbers and mailbox are also a quick and affordable way to make an impact.
5. List out all the recent upgrades
Buyers love feeling like they're getting a lot for their money, so don't be shy about listing out those renovations you took on. Make sure your listing description reflects all the most recent upgrades and additions -- whether it's completely new floors and countertops or just an updated paint job. The more "like new" a property feels, the more buyers are likely to pay for it.
The bottom line
Don't wait too long to start marketing your home flip. Get to networking, start building out those social strategies, and spend some time focusing on your curb appeal. Just these few steps could mean a much faster sale (and better profits).