What Real Estate Agents Should Know When Working with House FlippersPDH Real Estate
No matter where you live, it is highly likely that you will come across buyers interested in purchasing homes in order to remodel and sell them quickly. In fact, more than 6% of all home sales in 2016 were linked to flipping. This guide will help you best learn how to work alongside house flippers to ensure that they want to work with you again and again. After all, flippers are people who could be using your real estate services on more than one occasion. Learning to embrace the art of flipping houses could very well lead to a new niche for you.
1. Previous Experience with Investors Matters
There are many tips for buyers who want to flip houses, but real estate agents need to understand the business too. Much of the knowledge you have earned working with other investors can be put to use while working with flippers as well. Flipping homes is an investment after all, it is just on a more short-term basis than you might be used to.
2. Understand Hot Neighborhoods
Flippers want to know where to buy, and you are the key to showing them which neighborhoods are “flippable.” Which schools are up and coming in the area? Are new businesses coming to town? In which areas should residents expect a resurgence in price in the near future? Understanding how home values work will help you pinpoint the ideal homes for those looking to flip homes. Considering that many house flippers are from out of the area, you may become an important resource.
3. Learn the Needs of House Flippers
Whereas most buyers might be intrigued by a new dishwasher and fantastic new countertops, flippers simply aren’t impressed. House flippers want to know about the cost of remodeling a kitchen or landscaping the front yard. House flippers want to know how easy it would be to reconstruct a house that somebody else has been dreaming of owning.
4. Build Connections
It is not enough to build connections with buyers and sellers. You also need to connect with contractors and landscapers you trust. As you build these connections, your buyers who intend to flip houses will rely on you as a resource. The accurate information you provide can benefit your community reputation and possibly even earn you additional clients in the future.
5. Get Educated
One of the best things you can do for your clients and for your own practice is to become educated about the issues that your buyers and sellers care about. You need to take continuing education courses in order to renew your real estate sales license anyway, so why not choose courses that will also help you focus on house flipping as a niche?
PDH Real Estate can help you take courses in everything from eco-friendly housing to learning about pricing strategies. Contact us for more information about taking your continuing education courses online.