As a follow-up to my previous post on investors; one of the mistakes new investors make is not hiring and bringing on a real estate agent into the mix at the start.
All investors; but especially new folks getting into the home-flipping game; should get an experienced real estate professional on their team at the beginning of their process. Why? What should they be asking of their real estate agent before they are even ready to market and sell the renovated property?
1) What kind of sales price can you expect when the property is renovated? This is of course the one thing that the home investor/flipper thinks about - but make sure your Realtor knows what level of finishes you plan on doing. Is this a basic new paint, carpet and appliances; or a hi-end gut job with gourmet kitchen and fancy bathrooms?
2) Let your Realtor give you some advice on floor design; features you should include, finishings and color palates. All too often we have seen home flippers complete a project - only to miss the market but not understand who their target buyer is - and what needs they have.
3) Get your agent to start the pre-market buzz. The sale may months away; but getting other agents to have this upcoming on their radar will help get a quick sale when the home is ready to be sold.
For more ideas and tips; contact your Realtor; or the MetroDCHouses team.
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