Discover How To Take The Stress Out Of Selling Your Property
When you are a fix it and flip it investor, you already know that your work is not complete until you make the sale. Even when you do everything right from start to finish, the real payoff only comes when you find a buyer. Up until this point, stress is inevitable and sometimes that may cause you to make decisions that you would no normally make otherwise. Regardless of if you are selling an investment property or a primary residence, knowing the right steps before jumping into the deep end can help you stay afloat and help you to discover how to take the stress out of selling your property…
Choose the Right Real Estate Agent.
You will begin your selling processing with a real estate agent. If you are considering selling the house on your own, this is a rookie move that will only lead to far more trouble than it is worth. The commission that you will save is simply not worth the time that you will spend marketing and showing the home, which will take even more money out of your pocket in the here and now.
A good agent knows the market, knows how to market your property and knows how to close the deal without snags. Knowing the right starting price is also imperative to landing a sale. There are many factors that go into deciding how much to sell a property for and these include things like location, convenience to shopping, food and entertainment, school districts and other factors. If you do not know the area well, going it alone is basically setting yourself up for failure.
Also keep in mind that not every agent is equipped to make sales. They may be able to find homes for clients, but they may not be polished in the ins and outs of property listings. This is why it is so important to go on interviews with agents before you pick one that may be right for you. Not only will choosing the wrong agent waste the agent’s time, but it will also waste your time.
Check Your Emotions at the Door.
It is going to be a tough task to keep emotions in check. After all, the process of flipping is quite the emotional journey, especially if you are new to it. You are going to have to learn to not take things personally. Do not let below asking price offers leave you insulted. Always be willing to counter offer.
Additionally, if a buyer has some critiques of your listing, you cannot let it impact whether or not you are willing to sell to that buyer. Remember, you are not looking to make friends. You are trying to sell a property.
Aside from negative emotions, there is also the emotion of empathy. It can be difficult to separate yourself from a family who really wants the home… but has a shaky pre-approval that leaves you needing to explore other offers. Remember to stay neutral. It is not always easy, especially when a buyer is likable. Choosing to remain neutral now will save you a lot of heartache and stress later on.
Do Not Go to Showings.
If you decided to get an agent, you really do not need to show up to listings. In fact, it makes buyers uncomfortable. They may be afraid to be honest with the agent if you are around and this can even lead to leading you on. They may express interest that is not genuine simply to keep from hurting anyone’s feelings.
If you want to get feedback, get it from the agent. They can tell you if there is a common reason that buyers are turning away from the property. This will give you room to make improvements that you may not know are working against you.
Let the Agent Do What You are Paying Them to Do.
In other words, if you are taking over the reins, you are paying for a service that you are not taking advantage of. You got an agent so that you could relax, move the property and get on with your life. If you are constantly calling your agent, you are also wasting your time. An agent’s very job is dependent on making sales so if there is any news… you can rest assured that you will know about it.
It is, of course, ok to check in to ease your mind and lean on your agent to guide you as you move through the buying process… especially as it progresses to serious offers. If you are having trouble moving the property, you may want to talk to your agent about when the right time is to offer a price drop in hopes of selling the property quicker.
Always Have a Backup Plan.
Stress comes from the unknown and while you cannot know what tomorrow brings, it can help you to feel at ease if you have a backup plan. This will give you an idea of what you will do in unexpected situations. It can help to write out a sales plan. For example, if you do not sell the property within X amount of time you will reduce the price to X. You may also want to have an idea of rental prices in the area in case you are reduced to needing to go this route while you attempt to sell the property.
Flipping homes is never stress-less, but being prepared is half the battle. If you take the time to prepare yourself, you will find that you fall in love with the flipping process… and next time, you’ll know exactly what to expect.