Maybe you’re looking to sell your old house, or maybe you’ve just bought a brand new property. Whatever the case, if you’re looking to start a property developing business, selling that first property is probably the most exciting and nerve-wracking thing you’ll ever do. It’s a tough market, and it can be impossible to predict whether or not your projections will serve you correctly.
Properties don’t always shift for the value they’re predicted to shift for, but this is partly due to a lack of foresight and careful planning on the part of the developer or the agency responsible for selling it. There is a formula for success and huge profit when it comes to building a property developing business from the ground up; here are some pointers which just might help you sell your first property and understand the core elements of the industry.
Raising the value of the house.
This is the first step of your property development process. You could buy a house and put it back out on the market, but you don’t want to risk making little to no profit or simply losing on additional potential profit because you didn’t put in extra effort to raise the market value of the house.
You need to get stuck in with some DIY and improve the property (even if it’s brand new). De-weed the garden to create an empty space full of possibilities for a buyer, and paint the walls in the house white to brighten the rooms with natural lighting and create a blank canvas on which potential buyers can add their own ideas. You need to create a cozy house with the potential to become somebody’s home. It shouldn’t already look “lived in”.
Snatch the perfect deal.
Some people say this is a combination of patience and luck, but, whilst there’s always an element of those things in the business of real estate, there’s more to profiting from a property than crossing your fingers and hoping for the best. You’ve put a lot of work into improving the value of the property and turning it into a house which could become somebody else’s home, so now it’s time for you to trade your DIY hat for a marketing one. You’ve got to sell this property to somebody.
There are many ways to approach this. Somebody eager for the property might come rushing up to you because it’s their perfect home, but you’ve got to operate on the possibility that nobody will be interested in this property. Instead of waiting for the perfect deal to come along, you need to make it happen. There are some interesting online avenues, and you could consider sites which offer fast home offers in cash for properties. You could also put up online adverts and create a business website which uses localized SEO to attract potential buyers in your local area. There are many ways to approach this.
Move onto the next one.
Now you’ve sold your first property, and assuming it’s all gone well, it looks like you can officially say that you have a business on your hands. You might need to do a little research into the financial side of things and ensure that this is a venture you can take on (you might even need to hire people to help), but this is an exciting step towards your future.