I absolutely adore showing our flip houses. As much as I love getting an offer and closing on a great deal for us and our buyers, honestly, the best part of the whole process is seeing people’s faces when they walk in the door. I just can’t get enough of it when people walk in and basically fall in love with the design work I’ve done and all the hard work that Tarek, our team, and I have put into rehabbing a house that was a complete disaster just a few weeks ago.
Of course, while I always have fun showing off all of our new features and all of the great updates we’ve made, I know that our buyers have questions. And I know that my answers could sway them to make an offer or not. So, as you get ready for your next open house, here are a few questions you can expect from potential buyers and how to answer them.
HOW LONG HAS THE HOUSE BEEN ON THE MARKET?
First of all, your buyers want to know if the property has just gone up for sale or if it’s been sitting on the market for a while. If it’s been listed for a few weeks already, and there aren’t any offers on the table, the asking price could be more negotiable. Just like you, buyers want to get the best deal possible.
So, if they ask this question, go ahead and be honest. Tell them that you’ve just put the house on the market, or tell them that it’s been up for sale for a few weeks. To keep the conversation going, you might ask them about their price range and other properties they’ve considered in the area, as well.
DO YOU HAVE ANY OFFERS RIGHT NOW?
Buyers ask this question to find out if they’re going to have any competition for the property if they make an offer. No one wants to pay more than the asking price for a flip house, but if the house is in the right location and has all the right upgrades, they might be willing to pay more to outbid someone else and win the property.
Again, always be honest. If you have an offer, go ahead and tell them about it. Then you can talk about how much more they might be willing to offer for the house if they have room in their budget. If not, you can always tell them that you’re open to backup offers if the current offer falls through.
HAS THE HOUSE BEEN UPDATED? WHAT PROBLEMS COME WITH IT?
As a seller, you’re required to disclose any issues with the property, and your buyers will want to know what they’ll be getting into before they make an offer. Fortunately, because you just spent a few weeks rehabbing the whole house, you’ll be in a wonderful position to answer this question. In fact, while a lot of sellers will cringe when they hear this, you can take it as an opportunity to talk about some of the most attractive updates and features you’ve added to the property. Kind of cool, right?
These are definitely not the only questions you can expect from potential buyers when you have an open house, but if you’re prepared to answer these and use them to talk more about the house, your asking price, and what your buyers need to make an offer, then you’ll be on your way to selling your flip houses faster than ever! Good luck!