Oct. 22, 2020

3 Ways to Maximize Your Profit When Selling

There are 6 areas in your house flipping business that need to be optimized for the most efficient business. 

In this episode, we're diving into the Selling! Everyone's favorite part because all of our hard word gets paid off - hopefully. Here are 3 ways to ensure you don't leave money on the table and have the least amount of stress possible when sharing your finished product with the market. 

If you aren't taking advantage of these 3 profit maximizers, the great news is that it's all FIXABLE! Just have to know where to focus your fixing efforts first.

GOODIES

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Transcript

Intro 00:01
You're listening to the flip houses like a girl podcast where we educate, empower and celebrate everyday women who are facing their fears, juggling family and business, embracing their awesomeness and wholeheartedly chasing their dream of flipping houses. Each episode delivers honest to goodness tools, tips and strategies you can implement today to get closer to your first or next successful house flip. Here's your spiky haired breakfast taco loving host house flipping Coach Debbie DeBerry?

Debbie DeBerry 00:39
What's up you guys? Alright, thanks for hanging out with me a little bit today. I sure do appreciate it. Alright, before we get into it, I want to do a listener shout out. Thank you so much for taking the time to leave ratings and reviews. They help me find more like minded women like you. Because when they come on to the different podcast platforms, and they do searches, the podcasts with the most reviews. Those are the ones that get fed, right. They're the ones that get noticed on the search results. All right. So thank you for taking the time to help me reach more like minded women. All right, this shout out goes to she thrives. By the way I love that handle. That's awesome. Okay, so the title is glad I never heard about the 7030 rule, which cracks me up by the way. All right, I'll continue. Debbie is amazing at talking truth, sharing her expertise and inspiring listeners. And she does that without shaming. Good Lord, we have enough of that going on in our heads. She insists on accountability while simultaneously holding our feet to the fire. The advice is priceless, and I love her lead the world a little bit better, collaborative mission that resonates with me. Awesome. Thank you so much. She thrives for taking the time out to share that note with me. It makes me feel like what I'm doing matters. So thank you very much. I'm glad I'm not just talking to myself or my dog when I record these podcast episodes. Alright, we are here to finish our little mini series we've been doing about the six key areas in your house flipping business that could potentially need a little tweaking a little love a little renovation themselves, right. So we have gone over the first five areas, which were the foundation, targeting, attracting, converting, rehabbing. And now we're on the sixth and final area which is selling, right, this is when we get to put the product out there and see what people think it's my least favorite part, it feels very vulnerable to me, because they're either gonna like it or they're not. But if you focus on these things that I'm about to share with you, pretty sure that you like it. Alright, so there are three areas within this area that could potentially be causing some, maybe some issues in your business. Okay. So the first area is, drumroll please finish out. Maybe you're not finishing out the property in the right way. There's no like judgment or like there's no offense right? One up if you aren't already a member of our house flipping group. Obviously here on Facebook called Women flipping houses, you should totally join. It's a really awesome group. But here's a question that comes up daily and I cannot stress enough the fact that we cannot answer it. Okay. So there will be questions around should I use these appliances? Is this the right kind of appliance to go here? Do I need to include this? What about these light fixtures? What about this flooring? Should I can I save money here? Do I need to do this to the property. We our opinions are just that their opinions do not go based off of what somebody on the internet. Not even in your market tells you to do because none of that matters. And that was a rude awakening for me. I had to realize lies that buyers don't want my designs, right? Like they want my designs, but they want my designs the way they want them, meaning, all of your questions around should I do this to the house? Is this the right material to use? All of those questions can be answered, the best way they can be answered is this one singular way, look at the sold properties in that area. in that neighborhood, the comps that are most relevant to that property, look at those that have sold that have been renovated, and see what buyers are buying, see what buyers pay more for. Because we cannot tell you that unless you are targeting the exact same neighborhoods, the exact same areas that I'm targeting, I can tell you that, but we can't tell you that be self sufficient, be resourceful and look at the comps. That's what they're there for. They tell you exactly what to flip, where to flip it, and how to flip it. It's beautiful. Okay, so if you aren't doing that, that is a really big way that you can improve your business. Alright. Number two, positioning. Okay, so what does that really mean? So, positioning in this regard is, where are you price wise, relative to the other properties in your neighborhood? in your area, your competition? That has a similar finish out, okay? Or even have maybe they have a better finish out? Where are you positioned against those? Where are you positioned against properties that need to be renovated? So is your positioning your pricing? Is that? Are you pricing it right? Or are you positioning the property? In the best way you can? Okay. So, there are lots of pricing tricks, you know, and, and some of them really, like they do psychologically pay play a role, and whether or not somebody is like, Oh, that's expensive, even if it's, you know, $349,000 versus $350,000. So there's a mental thing there, right? So 399 399,000 versus 400,000, there is a different kind of mentality around it. You know, I have found that when I have listed under, it actually gets bid over that threshold, right, versus just starting at that threshold. So, anyway, positioning is really important. Okay. Now, the third and final area is your marketing. And you know what, let me I want to touch on positioning again, because I know that and even finish up, like the whole selling piece right now because we are in a seller's market. This is the piece where people like it's fine. Let's put on the market. It's going to be fine. Yeah, probably. But could it be finer? And Shouldn't we practice now? getting really good at all of these things. So that when it's a buyers market, which it will be real estate cycle is intended to do this? I started in a buyer's market, right pros and cons to both markets. I'm ready for a buyer's market anyway. Shouldn't you like wouldn't we want to practice now being really mindful about how we are operating our business, and how we are focusing on this really important part the selling, so that when it is more of a buyers market, and there is a lot more competition, we're prepared for that, right? We've already been practicing, we already know how to do it. Nbd Alright, so marketing. You know, I have the latest cipher, right? And I still am not going to take my own pictures of a property. I am going to pay a whopping $140 to my photographer who's going to go take professional photos, and they're going to look 1000 times better than anything I could take on my iPhone. All right. Please don't be like trying to cut corners like if $140 is going to break your budget. That's probably not a good deal. It's probably not a good flip anyway, like there are other problems if 140 bucks on the professional photography is going to be a deal breaker also stager properties. I know it's a seller's market, Debbie, we don't have to do those things, staging anyway, because you're still going to get more money than if it's if it's not staged. All right. people's eyes find all the defects when there's not furniture and furnishings to occupy their eyes. All right. And so every defect, every area of caulk that's missing every little sheet roof crack, that's a deduction, deduction. They're they're reducing your price mentally, okay? stage the property. All right. So all of this goes into marketing. It's all about that first impression, right? So when a buyer comes across your property online, have you wowed them enough to get them inside? via the marketing? Well really be all of these things, the finish out the marketing and the positioning, right, all of those things. They are all they all are super important when it comes to selling in each area can be optimized within itself. All right. So all right now, you know, the six key areas that you can tweak and optimize and make sure are running efficiently and smoothly right for your business. All right, if you're sick of being on the sideline, and not taking action, because you're scared, and you don't want to do this alone, you don't have to. All right, get on my waitlist, because the women inside my program. First of all, the community is unbeatable. The place is awesome. All right. I guarantee you, you've never experienced anything like it. Secondly, we are closing on deals left and right. We have so many first flips happening right now. Yes, in the middle of a pandemic right now. And they're smart flips, and they're doing good in their communities. If you want to be part of something really incredible, we would love to have you if you resonate with my message. If you resonate with my vibe, I know that you're going to love the other women inside the community. All right, go to first flip dunrite.com get on the waitlist, and you'll have first dibs on the next opening. Because I give so much personal attention to people inside my community. I don't let a ton of people join at once. So it's on a rolling ongoing basis. All right. So put your name on that list. You will be notified within a week or two of your chance to join. All right, first lift dunrite.com until next time, go out there flip houses like a girl leave people in places better than you find them and make it a great day. Bye