Technology is becoming more and more prevalent everywhere these days. Soon we will have driverless cars, but in the meantime, cars are becoming full of tech. Homes are starting to be the same way, but maybe not as quickly.
There’s a reason tech is becoming more prevalent in cars and homes. Tech sells.
People want their lives to be as easy as possible. Technology provides that solution. So we thought we might give you some ideas on how to ‘stage’ your flips with technology to help them sell quicker and for more money.
Many of these tech upgrades do not cost much, but can add a lot to the sale price. Or cut the days on market. Good sellers know that buyers end up buying houses on emotions (unless they are other investors – but even they might use a little emotion as well). If the tech works well and is not overwhelming, buyers will be interested.
Day to Day Convenience
Even though there are a lot of electronics in your typical house, it is awfully nice to be able to control many of these electronics from one place. Whether that control comes from apps on your phone or another device, it is very appealing not to have to walk around.
Think of what the remote control did for TV viewing (for those of us who remember days before remotes).
Here is a list of useful technologies for adding to your flips to help them sell:
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Wemo – Offers lots of products to control lighting in your home
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Insteon – Has light bulbs that can be controlled by your smartphone
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Nest – Offers thermostats, remote video cameras and smoke alarms that are controlled remotely
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Chamberlain – Provides garage door opener controls that will allow you to open and close garage doors from anywhere there’s an internet connection
Many of these technologies are controlled by a central hub. The hub connects wirelessly to a phone, tablet or smartphone. Once connected, the user can control their house from anywhere they have access to the internet.
Another option to connect these devices, along with many more features, is the Amazon Echo. The Echo looks like a vertical remote wireless speaker, but it is so much more. It can:
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Play all your music from Spotify, Pandora, etc.
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Answer questions verbally by researching it on the internet
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Read audiobooks to you
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Provide updates on news, sports, traffic and weather
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Order pizza for you from Dominos or a cab from Uber
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And more…
Having this device sitting on the kitchen island when buyers come in is pretty appealing. It could also be used to play soft music during an open house. Let them know it comes with the house.
Other potential technology upgrades could include a weather forecasting system. A weather forecaster like this is not that expensive and will provide a point of conversation for the potential buyers that will help them remember your house.
The remote controls for electrical devices in your house can be a great selling point. Of course, you will want to leave simple directions in large font prominently displayed in your house for buyers to see.
Some technology improvements can cost a lot of money. One example is remote controlled blinds and shades. These can be up to $1,000 per window! Maybe a consideration for more high-end houses, but not really practical for middle of the road flips.
Even simple upgrades like flat-screen TVs can be powerful incentives to help buyers move toward the buying decisions. Whether or not you throw in the TV with the sales price, the TVs mounted on the walls will make a great staging move.
You, as the investor, have to consider technology and its appeal as a rehab cost. All things being equal, the more tech in the house the better. But million-dollar homes won’t be sold on tech alone.
Investors flipping lower-priced houses need to be very careful not to put too much tech in the home. Too much tech might make the price of the house too high for the neighborhood.
One thing is for sure. Technology continues to advance. As new solutions are developed, home buyers will come to expect the technology in their homes. Think of cars. There was a time when remote-controlled windows and door locks were exotic. Now, newer drivers may not know how to lower a window with a manual handle!
What Tech Do You Include?
Are there other tech devices you include when flipping when a house? Share with us in the comments section below.
Keep Up with Technology – Your competition is. Learn how to make your business better with tech.
Test, Test, Test – If a certain piece of technology didn’t help you sell a flip, you will know not to use it on the next flip.
Share with Other Investors – Got some other thoughts for making flips more saleable with tech. Share it in the comments or other forums. We all prosper when knowledge is shared.
JP Moses
is a real estate investor in Memphis, TN, with experience ranging from land lording to note buying, rehabbing, and wholesaling. However, wholesaling is the area that he enjoys most and where he bring the most experience and expertise to his students.