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Investing Strategies

1 Trick for Selling Your Fix-and-Flips Quickly

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houseThanks for checking in today. This is Mogul Faculty Advisor JD Esajian. (Cool title those Mogul head honchos have given me, huh?!)

Today, I’m going to do all of you super REIs a solid and share this 1 big tip that will absolutely catapult the sale of your real estate deals.

Sounds awesome, right? Well what’s even awesomer is that it doesn’t require too much time or energy.

But, before I go into this kick ass tip, let me first share with you a principle that I live by in this industry you need to adopt this ideology.

This applies to everyone in REI, whether you’re gonna wholesale a property, rehab and flip it, or you’re an agent who’s gonna list it – I’ll say it again, everyone can and should follow this principle:

Sales Should Start from the Moment you Buy the Property

If you wait til the house is done being remodeled and you wait til you ‘need’ to sell it, you’ve waited too long and missed out on a ton of opportunity – which leaves you missing out on a big chunk of time that you could have been marketing your deal. What a bummer.

You need to start actively marketing the deal you just bought the moment you sign your John Hancock. No need to wait until the update has been completed, get going right away.

Ninja Selling: Tapping the "Second Chance" Agent

The simplest and most efficient way to begin to market your property is by pulling the comps – which you’re gonna do anyway when you close the deal. But here’s the trick…

Call all the agents from those comps that have sold deals recently in the same area as your deal, and those who are selling similar properties in that area.

biddersEvery house only gets one buyer, right? But there’s usually more than one person who’s interested in buying a property.

So most likely from those other houses nearby that sold recently, more than one person wanted to buy or maybe even made an offer and just didn’t end up get the deal -  they’re probably still financially-qualified and still looking for something in that area with similar style home and price point – like your deal.

Let’s say you reached out to agents from just 5 comps and you spoke with 5 agents. That’s a great start right? But what if each agent had multiple interested buyers? Aha, now we’ve hit the jackpot.

You know what though; I like to take it even one step further…

You can sweeten the pot by offering the agents an exclusive to resell your property: You’ll tell them you know they just sold a similar house in the same area, and then ask if there was any potential interest or additional buyers who would be interested in your property, who didn’t get that other home.

Think about how powerful that is – before the ink dried, before the reno was finished, before you officially started marketing the house, before listing it – whatever the situation, you get the point - you were already maximizing your deal by networking and creating interest.

It is possible that a couple of those agents just didn’t have additional buyers for the other properties, but you definitely did not waste time by reaching out to them.

If you handled yourself professionally (I’m sure you did!) and eloquently delivered your elevator speech about who you are (I’m sure you did!), then you’ve succeeding in making a great new contact, which as we know is a huge part of the REI game.

Utilize this tip and you will absolutely explode the sales process of your properties and you’ll network while doing so.


Do It To It! Immediate Action Steps

Start (Re)Selling Immediately – Start selling the minute you’ve bought a property. Before the renovations have even finished, start taking actions, right away, to resell it. Rehabs can drag out and keep funds tied up for too long, don’t ever let a property sit for too long. Remember, we are always selling in this business.

Pull Comps and Make Connections - When you pull comps on your deal, call all of the listing agents from the recently sold properties in the area and let them know that your property be on the market soon. Ask about possible buyers who considered the agent’s listing or maybe made offer, but didn't end up buying for whatever reason. Offer them an exclusive commission if they can connect any of their “dead leads” as buyers for your property.

Don’t Not Use This Tip – This is not a time waster. Even if the agent did not have other potential buyers, at the very least, you've networked with agents who are doing deals in the area, who may be able to work with you in some other way. When you do follow through with this tip, you’ll see that it will absolutely create more leads to help you sell properties quickly and help you build your database. A twofer, you know you love ‘em!

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