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In dreamlike scenarios, a property would be ready to sell with little to no work needed. Photographs automatically look amazing, the bathrooms are all up-to-date, and with just a few open houses, a bidding war begins.
Unfortunately, the adage of it takes money to make money rings true for selling a property. This means an investor has to be strategic with what projects are worth taking on and how to market an updated property so that it garners the right people’s attention.
Step 1: Remodeling projects that help sell a property
Spending some time and money on a few key renovations can be the difference maker between a house sitting stubbornly on the market and one that sells at or above the market value.
Buyers often look at spaces they will spend the most time in—kitchen, master bathroom and bedroom, and living room—and determine if what they see fits with their vision and expectations of what their new home should look like. While complete makeovers are undoubtedly expensive, there are cheaper alternatives that can still give rooms a face lift and modernize an overall property’s aesthetic.
Fresh paint on walls, reflooring, and decluttering rooms are easy—and much more affordable—ways to breathe new life into a space. Things like sink fixtures and cabinet hardware updates are also an effective way to update kitchens and bathrooms without spending thousands on a complete overhaul.
This is also important when considering curbside appeal.Make the effort to pull weeds or dead plants, trim hedges, plant some flowers, and clean up the outside of a property. The inside may look great, but you need to get potential buyers through the front door first. Don’t encourage them to turn away because the front yard looks messy or sparse.
The more care you put into a property, the more likely it will sell at market value.
Step 2: Staging is not just for theater
Staging a property can easily result in an uptick of interested people requesting to schedule viewings. Properly staged homes can result in successful open houses, as well as quality photographs that will be used online and elsewhere. Since many houses are first seen online, you want to make sure the photos do the property—and your work justice, showcasing clean, open, and updated rooms for potential buyers. This is especially true if you’ve taken on a fix-and-flip property and have impressive before-and-after photos worth sharing.
As always, the goal with applying this step is to not just sell, but to sell at—or better yet above—market value. Staging can range from hiring a full-blown professional to a real estate agent who knows the tricks of the trade. And it’s proven to be effective.
If a house is in good shape overall, picking a few key rooms to stage should suffice. Master bedrooms, kitchens, and living rooms are often considered the ones to focus on with an end goal of providing potential buyers with universally appealing spaces.
Step 3: Successful marketing is half the battle
The renovations have been completed, the walls have been painted, and the staging has been set. Your property is ready to go public!
It is always worth tackling the low-hanging fruit when you’re ready to sell your property—reaching out to old contacts or business partners, holding open houses, and partnering with real estate agents. But in a world, that’s overwhelmingly digital, you’ll have to cast that net out wide.
Use online databases and platforms targeted towards investors and other real estate professionals to get your property on potential clients’ radar. If you haven’t already—and you should!—build a website that showcases you and your business’ aesthetic, goals, and successes. Having a strong online presence opens the doors to things like search engine marketing (SEM), search engine optimization (SEO), and tracking analytics to see what is getting people’s attention and leading to results—and what ultimately isn’t.
A streamlined marketing and advertising approach will get both you and your property out in front of potential clients. Don’t let the hard work and money spent on your property updates go undervalued and unnoticed.
Finally, once you've sold your property, and are ready to move onto the next one, contact Temple View Capital Funding, LP for the best financing options in the market.