June 12, 2013
Property sale is more about psychology than numbers, there are a lot of people out there who might disagree but there is an element of truth to this statement. It’s often the most communicative salespersons that make the most sales, even if they do not hold the best inventory, they still manage to sell it off like hot cakes, the reason behind that is simple, they connect with their buyers and understand what they are looking for, and make their buyers realize that the property they are visiting actually has all the features they are looking for.
You are Flipping for a Human Being
The First and most important thing you need to remember is that when you work on a Flip project, your ultimate aim would be to sell this so that people come to live in the house, need design the house in a way that it becomes appealing to your Potential Buyer
When you flip in a house, say a 3 bedroom condo with a neat little lawn out front and a safe neighborhood, which do you think is your potential target market, the property could be developed as an ideal couple’s home, and could be renovated keeping the potential market in mind.
Consider the Buyer’s Income Bracket
If you develop a really high cost project in a low cost neighborhood, the kind of people wishing to move into the neighborhood might fall into an income might very well be outside of the kind of income bracket that could purchase the property, when flipping keep the end cost of the project in mind and consider the surrounding property make sure you do not exceed the average market rate of the local market.
It’s about Adding Value for Your Buyer.
Value of a Property could be anything from an improvement to the aesthetics of the property to an extremely comfortable rate that the buyer can jump in on without a moment’s hesitation, you could do a one on one with a potential buyer and choose to add minor customizations that the buyer desires.
For example you meet a couple who is interested in your property but they were looking for a house that had bigger windows or perhaps something extra out in the lawn area, or a better driveway, perhaps the color might not appeal to them.
Simply offer to make the minor corrections needed to make them fall in love with the property either include them in the price of the sale or charge them extra for the effort you need to make.
Remember if they have seen the property and like the neighborhood half the deal is already won, these minor customizations can possibly go a long way into adding value for your buyer and make them more inclined to jump in on the offer.
Make them learn to Love it
Most of the times you will be encountering first time buyers who are constantly on the fence about making a decision to buy, you may do everything right, the property might be perfect, the neighborhood might be a perfect dream straight out of suburbia but the buyer still might not be able to make up their mind.
The best way to deal with a situation like this is to build a relationship between the property and the buyer, make them connect with the property, make them visualize, get an idea about what they are actually looking for and show them that what you have is exactly the thing they are looking for. Let them make up their own mind instead of going for the hard sale.