When it comes to investing in real estate, the goal is always to maximize profits as quickly as possible. However, achieving this can sometimes be a challenge. To help you out, we’ve put together four tips of things you can do to help your property sell faster and for a better price.
- Boost your property’s curb appeal
As a real estate investor, you know that first impressions are crucial. You want potential buyers to be drawn in and excited from the moment they see your property. Do not underestimate the power of curb appeal. That’s why it’s essential to make sure your property’s exterior is in top condition.
“People are looking for a property that looks professional, but is also easy to maintain,” according to Kendra Holma, VP Senior Loan Officer.
Spend a little extra time or money on the exterior, but keep in mind that homeowners aren’t looking for high-maintenance that will cost more money to maintain in the long run. Simple things like updating the front door, adding sharp house numbers, or a pot or two of flowers can make a significant difference in the overall look of your property and catch the eye of just the right buyer.
- Make strategic & reasonable upgrades and repairs
Small upgrades and repairs can go a long way in making your property more appealing to potential buyers. We’ve talked about the “good-enough” factor in house flipping before. Focus on strategic upgrades that will give the most bang for your buck, such as updating light fixtures, replacing old appliances, or refinishing hardwood floors. While improving the property’s aesthetics and structural integrity is part of the flipping process, keep in mind the other homes in the neighborhood. Put in appropriate materials for the house, making it “good-enough” for the neighborhood, without sinking an unreasonable amount of your funds in to making it an HGTV show-place, and ultimately not being able to convince buyers it would be a smart idea to part with their hard-earned money for your vision in modern marble that you just had a hankering to build.
- Price your property competitively
The price of your property is one of the most critical factors in selling it quickly and for a good price. As a real estate investor, it’s important to set the right price to maximize your profits. You want to make sure that you price your property competitively based on the current market conditions and comparable properties in your area. If you price your property too high, you may deter potential buyers, but if you price it too low, you may not get the full value of your property. Work with a trusted real estate agent to help you set the right price for your property.
- Consider creative financing options
Another way to help your property sell faster and for a better price is to consider creative financing options. Offering seller financing or lease-to-own options can make your property more attractive to potential buyers who may not be able to secure traditional financing. These options can also help you stand out in a competitive market, and you may be able to negotiate a higher selling price or interest rate.
As a real estate investor, selling your property can be challenging, but by following these four tips, you can help ensure a faster sale and a better price. Remember to focus on your property’s curb appeal, make strategic upgrades and repairs, price your property competitively, and consider creative financing options. By doing so, you’ll be well on your way to maximizing your profits in your real estate investment.