Flipping a House: Selling
For the final part of our Flipping a House series, we’ll be discussing how to sell a flipped house! Read our previous blog - Flipping a House: Renovating - to be the most informed. We at Transforming Property Solutions have simplified the steps and debunked the myths of flipping a house. Read more for some of our own tried-and-true tips on selling a flipped house!
For your first flip, hire an experienced realtor by using the methods we have previously mentioned here. The realtor will prove helpful in many aspects of selling the house, including marketing the house using the Multiple Listing Service (MLS) and setting the price.
What is the MLS?
In the 1900s, realtors coined the term “multiple listing” when agents would gather together and trade information about the properties they were trying to sell. This networking has modernized to be a database of home listings now known as the Multiple Listing Service, or MLS. Realtors pay dues to access and post listings for each regional database—home sellers can’t access this database due to this. Well known sites such as Realtor.com, Zillow, and Trulia include MLS-listed properties for public viewing, but not all of them. Houses listed on the MLS are proven to sell faster and for more money!
You should already have an estimated After Repair Value (ARV) based on the information in our article on Flipping a House: Buying, but depending on your renovations, this may have changed. Your profit will then depend on your pricing point. Remember your end goal: to gain a profit after selling the house! The faster you sell the house, the less money you’ll lose by having the house on the market for long.
Don’t overprice your house—this will only delay the selling process. Get your realtor’s ideal pricing point, as they will compare your house to others like it in your area and what they’ve sold for. On the other hand, don’t sell yourself short. You’ve put work into the house and the price should reflect that accurately.
Market the house as ready to move in. Deep clean the house, and think about deep-cleaning the carpets as well. This can make a major difference to potential buyers. Stage the property with tips from our article, How To: Stage a House on a Budget. Hire a photographer, or take your own photos, to further market the house.
After you and your realtor list the house, it’s time to prepare for showings. Hold open houses, and also try to be flexible with potential buyers about scheduling. The time it takes for the property to sell again depends on the area you’re in and its market trends, but be patient throughout the process.
Your realtor will help you through the entire process, including negotiations and closing. Once you have a potential buyer, they will pitch their first offer, and negotiations will continue back and forth. Pay attention to these details when closing:
the purchase price
the closing date
any closing costs
Keep communications open between you and the buyer. If all goes well, you will have earned a profit from selling the house! Flipping a house doesn’t have to be as hard as it seems. Read our previous blog, Flipping a House: Renovating, and be on the lookout for more blogs! Transforming Property Solutions is located at 223 W 3rd St, Sanford, FL 32771. For more information, investors and realtors are encouraged to call 407-375-2317 or visit online at www.transformingpropertysolutions.com