Indeed, about 43 percent of Americans would consider buying a fixer-upper, and 20 percent believe they could save more than $20,000 buying and renovating a fixer-upper.
Here are some tips to help you sell your fixer-upper more quickly.
Know Your Market
Often, investors are the primary market for homes that require significant renovation. Investors will want to buy low, invest in the repairs, and then sell at a profit. A real estate virtual assistant can help you find potential investors in your area.
To sell to an investor market, you’ll need to price the home slightly below the going rate and be prepared for a quick turnaround. Be cautious, however, about going too low.
Have a price in mind, and don’t be tempted to take less than that just for a quick sale. You don’t want to regret your actions later.
Be Honest
It’s OK to advertise a home as being perfect with a little TLC, but it’s not OK to lie about significant safety issues. Potential buyers will insist on a home inspection anyway, so it’s best to acknowledge major flaws upfront and reduce the price to compensate for them.
Make It Look Good
Even though potential buyers will expect to view a home that requires some extra care, they will still be more attracted to a house that looks good. A key factor is curb appeal.
Clean up the yard, cut the grass, and weed the flower beds. Also, clean the roof and gutters and swap out a rusty mailbox for an inexpensive but attractive new one.
Make the interior as attractive as possible. Thoroughly deep clean the home, including windows. Shampoo the carpets, and use bleach or vinegar to remove any mold and mildew.
Declutter and depersonalize just as you would when selling any home. Fix any minor problems that will make the house look better but don’t require much time or money.
Market The Home Properly
Location, location, location is still the most critical factor in a home’s desirability, whether the house is in excellent shape or in a state of disrepair. When advertising the home, be sure to include information on the community, specific neighborhood, amenities, and lot size.
Also, include as much information about the house’s history as you have, including the number of renovations it has undergone. Be sure to note anything special about the home, such as a desirable floor plan or a large bedroom. A real estate virtual assistant can help you develop and execute a good marketing plan for the home.
At a minimum, an advertisement should include photos. However, to introduce your home to the widest possible audience, use a virtual tour. A virtual tour is more than just a video tour of the home.
A virtual tour allows the viewer to interact with the home. Virtual tours are made with specialized cameras, such as an Asteroom 3D kit or a Matterport Pro 360 camera.
You’ll also need to decide which type of tour you’d like to shoot and plan your shots around that type. The three primary types are:
- A walkthrough
A walkthrough is the least interactive and may not satisfy the most discerning buyers. However, it is the easiest to shoot. You walk through the house with your camera or phone. - 3D Virtual Tour
A 3D virtual tour allows users to experience what it feels like to walk through the property themselves at their own speed. While it can sometimes be a little jumpy, this type of virtual tour is often well received by potential buyers. - An interactive 3D 360-degree tour
A 360-degree, interactive tour requires specialized equipment but also gives an immersive experience of walking through the home. Fewer people opt to create the 360-degree tour, so opting for that type of tour will help you stand out from the competition.
You could outsource the job if you want to do a high-quality, interactive tour but lack the skills to produce a high-quality one. A real estate virtual assistant, especially one trained as a multimedia videographer, can work with you to take a professional-looking video.
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A multimedia videographer can remove unwanted background objects. They can also display virtual renovations and gardening visualizations to help potential buyers understand the property’s full potential.
Time Your Sale
Consider how the weather might affect potential buyer interest. Investors seeking to flip a home will be reluctant to do so during winter in harsh climates. If the home is located where the winters are cold and wet, consider waiting until spring to put the house on the market.
The Bottom Line
You can sell a fixer-upper if you plan carefully and do a little work before putting it on the market. A real estate virtual assistant can help you research potential buyers and produce high-quality marketing materials to help the home stand out from the competition.
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Image credit: selling a fixer upper by envato.com
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