THE ICING ON THE CAKE: WHY YOUR FINISHES ARE SO IMPORTANT
This week’s topic has me so ecstatic because this topic is something I am actually an expert in, so much so that I founded a business modeled around it!
The featured topic is...
Fixtures and finishes!
Why are the fixtures and finishes of your flips so important and how exactly do they affect you as a fix and flip real estate investor?
Fixtures and finishes in a residential property are basically the icing on a cake, they are the pretty, eye-catching selling points that make your property stand out so that your flip is not a total flop!
For example, finishes in a kitchen typically consist of light fixtures, cabinet hardware, countertops, plumbing fixtures, paint colors, trims, flooring, tile, certain appliances like the range, and even cabinetry. As a real estate investor who is trying to make a profit on your flips, you can’t afford not to pay attention to this area of your rehab.
One of the things I have vision for is selecting finishes that sell. As a real estate investor, that is your biggest concern when flipping a property…HOW FAST WILL IT SELL?
That is where more than a designer touch comes in, but we’ll get to more of that later because right now we are going to focus on the fixtures and finishes themselves.
A HUGE problem I see in flips, that make them a total flop AND cause them to sit on the market too long is, cheap, tacky and downright UGLY finishes and fixtures
…listen, put yourself in the shoes of the potential buyer.
Your job is making their life easier.
The last thing they want to do is buy a home that they know they are going to have to make some improvements on before or after they move in.
You ALREADY DID THAT!
Don’t leave things for them to do!
Put hardware on the cabinets…
Install a decent looking chandelier over the dining room table…
Make a statement with a bold kitchen backsplash because the other thing you want to do for the buyers is to give them the gift of status.
What do I mean by that?
Status is so important to people. Whether they acknowledge it or not.
STATUS noun, often attributive
status | \ ˈstā-təs , ˈsta- \
1a: position or rank in relation to others
b: relative rank in a hierarchy of prestige especially: high prestige
Our home is one of the biggest indicators of our status. What are we thinking when we are decorating our home or when we are looking for one to buy or when we are putting together a meal or a party for a loved one where we are inviting guests….for most of us, we LOVE when people compliment us on our home. So the last thing we want when we are walking a home as a buyer is for it to scream ugly, uninspired, cheap, boring, etc.
They will not buy it.
They will keep looking, waiting for that one house that calls to them. The one home where they can envision hosting their parties, relaxing after work, enjoying family.
Something that DIY real estate investors are continuously failing at is selecting finishes that speak to buyers need for status. Instead, they often make the selection or allow their contractors, buddies, or family members to make the selections for their properties. In other words, often they enlist those with little to no experience in curating finishes that
Just like the icing on the cake, fixtures and finishes are the “decoration” of the home. They define the style of the home and create the overall feel that potential home buyers will be shopping for. That’s why it is so important for my DIY fix-and-flip friends to understand that budget-friendly does NOT mean, CHEAP, tacky, crappy, or just UGLY!!!!
Are trendy, stylish yet neutral finishes the only thing that sells houses? NO, BUT if done poorly, they can hold up the sale of your flip by causing potential homeowners to flee or worse yet, not even schedule a showing in the first place if that property shows no promise during their online searches.
Don’t let this be your property!
In single family homes sales, nine times out of ten the wife is pulling the trigger when it comes to selecting the home, and it’s 2019 guys… EVERYONE has a Pinterest Board of their DREAM HOME. So don't go it alone...hire someone who knows how to design a house that sells!
To your success,