Flipping real estate is more popular in recent years than it ever has been. There is something alluring to purchasing property, renovating it, and selling it for more than you paid for it and making enough from the sale to cover your renovation expenses. If you have invested in a property and now want to sell quickly, here are some things you can do to flip your unwanted Chicago property fast.
Appropriate Asking Price
The number one thing that will flip unwanted property fast is to offer it for sale at an appropriate asking price. Spend some time and research the recent comparable sales in the close area to the property. Make sure to analyze all aspects of the property: whether or not it has a pool or access to a body of water or canal, the year the property was built, the proximity to shopping plazas, grocery stores, or other points of interest in the neighborhood. Determine the appropriate asking price by using the most recent sales possible, preferably in the past 6 months. If there are no recent comps in the offer, consider using other properties in the area and subtracting or adding value based on features that your property does or does not have. If your asking price is too high, you may not receive as many offers because that lends a buyer to believe you do not really want to sell your property. If you offer the property for sale too far below market, then buyers might believe there is something wrong with the property.
Making affordable and necessary upgrades and improvements to the property will definitely help flip unwanted property fast. If a buyer can walk into the house and imagine themselves and their family living in the house, this will definitely help flip the property faster. Offering a unique feature in the property, such as a custom bar on the back porch, might help a buyer fall in love with the property and make an offer quickly and be willing to pay a higher price.
Host Open Houses
Hosting an open house at the unwanted property will help sell it fast. This will encourage the local real estate professionals to visit the house in hopes that it will meet the criteria of one of their clients. If a real estate professional is out searching for client houses, this means that their clients are pre-approved and ready for a quick sale. The real estate professionals may even like the property for themselves! Other potential buyers will also attend; however, some of them may not be pre-qualified or even able to obtain a loan.
If you are an investor who flips properties, you most likely know other real estate professionals, or professionals of related fields, such as pool cleaners, property inspectors, or contractors. These connections have access to a large word of mouth database made of the customers they do business with and can mention your property to them, especially if they mention that they are in the market for a new home.
Prepare a Proforma
For multi-family property or even single-family residences, preparing a proforma for the property will be another tool to flip your unwanted property fast. This will be especially attractive if your property is multi-family because this is the most important part of an investment: the return on investment! Doing your research of the rental market in the area will definitely be worth it because it is the backup of your estimated rental amount. Investors will be able to compare this with the initial investment they are making and determine if it meets their investment goals.