What to Do with a House That Won’t Sell

For a flipper, having a house that won’t sell is a major thorn in the side. If you have a house that doesn’t sell don’t let it get you down. This post is all about what the best course of action is with a house that won’t sell and how to get it sold!

Be the best house on the market!

Do what it takes to be the best house on the market. You always want to have the best “bang for your buck value.” Research and understand the dollar amount for your market. If you are selling a $200k house you need to know what your potential buyers will expect. Know what kind of upgrades other houses have in them and try to outdo them.

Always try to outdo your competition. To be the best house on the market you need to supply potential buyers with more wow factors than any other house. If you know that a competitor’s kitchen has granite counter tops and painted cabinets but no new hardware, your cabinets need new hardware.

Remember, if your exit strategy is to sell your house then do what it takes to sell your house. If that means spending a little extra money to create the best valued house on the market then you need to do it. Don’t end up stuck with a house that won’t sell because you didn’t take the extra steps to “wow” your buyers.

• Understand the dollar amount for your market
• Make sure you out “wow” your competition
• Put in the extra dollars if needed

Figure out what exactly went wrong

What happens if you lose a sale to a competitor? Maybe you’ve shown the house a few times but those clients have gone on to buy other homes. What do you do then? You have to go to the property and figure out what went wrong.

Research your competitor’s investment properties and find out why you are the one that ended up with a house that won’t sell. It could be something involved with the upgrades, like your house having carpet and your competitors having hardwood floors. Maybe a bathroom in another house used tile where you had to use laminate.

Figure out what went wrong and fix it. If you need to retile your bathrooms instead of just painting them, make it happen. If you didn’t take the time to have landscaping done before you started showing the house, get it cleaned up. If you can identify mistakes made or corners that were cut and fix them there is a very good chance that the next buyer that comes along will be the one that takes that house off your hands.

• Recognize that there is a reason you own a house that won’t sell
• Identify what the problem is
• Do whatever it takes to fix that problem

Lower the price

I don’t have to do this often, but this is an extremely effective tactic if you have a house that won’t sell. If your exit strategy is to sell your house, don’t hold on to it, sell it!

Price always sells a house. If you understand your market’s dollar value and you have more wow factors than your competitors you’ll probably have a little higher price tag than your competitors. However, you’ll also have the best house on the market. Now, what happens if you cut that price? You end up with the BEST house at the BEST price. There’s no beating that!

Remember, you bought this house because it was priced right. The person you sell it to will buy it because the price is right. Don’t let price get in the way of you selling a property. Some of the biggest profit killers that flipper’s face are holding costs from properties being priced too high. Don’t let it happen to you.

• Stick to your exit strategy and sell your house
• Price always sells a house
• Be the best house at the best price

Stage your property

Staging your house is something that you can do or that you can have professionally done. I know a lot of flippers that stage their properties, and a lot that don’t. What you’re creating isn’t so much a selling point, but an atmosphere.

Staging your property can help to create an atmosphere. Having your living room furniture arranged away from walls and in certain arrangements can help to create a warm environment while still showing off all of the space in the room.

When I do stage my properties, I typically do the living room, dining room, bathroom and kitchen. It doesn’t take a whole lot to stage these areas either, so don’t feel like you have to go all out. The bathrooms and kitchen should be minimal. A few towels, some soap and candles will normally do the trick. A nice table and chair set for the dining room and a little living room furniture will round your property out nicely.

Why not stage the bedrooms? You always want to show off space in a bedroom. Don’t bother throwing anything into them. A bright empty room will appeal more to potential buyers.

• Create an atmosphere in your house
• Create warm inviting environments while still showing off space
• Don’t bother staging bedrooms. Less is more

Increase your marketing

If you have a house that won’t sell and you need it gone fast try increasing your marketing. You may need to try and reach out to a different variety of people. For starters, if you don’t have an agent you need to get one.

For sale by owner homes typically stay on the market longer than most homes. Why? When you list your house with an agent you are exposing your house to a larger majority of buyers. Most buyers use a buying agent. Those agents are finding homes on MLS. Take advantage of that!

If you are set on selling your house as is, the internet is your best friend! It’s true, the majority of buyers find their homes through agents using MLS. 90% of those buyers began searching for homes online. Realtor.com, Trulia and Redfin are great sites for listing your home. Craigslist is also worth looking into. All give you amazing exposure and will increase your chances of selling your flip!

• Diversify your marketing
• List your house with an agent
• Use online services to your advantage