You’ve done it. You’ve purchased a property. It may be a condo, or a home, or an entire complex, but whatever it is, you’re ready to start making a profit off your investment.
Or are you?
It turns out, renting and selling real estate for a profit takes a lot more than just purchasing in the right locations at the right times.
According to real estate tycoons and design pros, the way you fix and flip a property can have even more bearing on the value than the location!
So how do you make sure your property is primed for a maximum profit?
Turns out, there are five secrets to the perfect sale.
The first thing you have to do is throw out the age old “location, location, location!” and replace it with “aesthetic, aesthetic, aesthetic!”
It may make you want to roll your eyes, but the aesthetic of a property can sell it more than any other aspect.
Especially in a market where the millennial generation (whose list of favorite words conveniently includes aesthetic) has made up the largest percentage of real estate buyers and renters for the last 4 years, it’s important to keep looks in mind.
But how do you make sure the appearance of your property fits what buyers want?
1. Remove all personal items
Though staging an apartment to look ‘cozy’ is in vogue, there’s a big difference between an artfully draped blanket on the couch and a hairbrush sitting on the bathroom counter.
The ideal is to make a home look ready to be lived in but not actually lived in. That means lovely furniture, decorations, and conveniences, but no clothing in the closets, no toothbrushes in the bathroom.
Things that appear to belong to someone else send a message of ‘this space is claimed!’ to potential buyers—which is the last thing you want when you’re trying to rent or flip a place as quickly as possible.
2. Color choice
Just because it’s your favorite color doesn’t mean it’s everyone’s favorite color.
It’s a hard truth, but studies show that bright paint colors don’t test well in apartment or housing showings.
You can have an accent wall or bright couch pillows, but the whole space should definitely not be painted bright red or blue.
Studies show that buyers respond best to light, soft colors. The best tested colors are beige, cream, white, and heather grey.
An added bonus to colors like this is that they show off aspects of the property that you may want to flaunt. Wood floors, granite or marble countertops, and other desirable features are brought front and center when the paint colors in the space are neutral.
The lighting in a house or apartment can actually decide whether or not someone buys the property!
Lighting affects the way the property is photographed for online listings, and greatly influences the ‘tone’ of the space when people visit.
If a property is too bright inside, it feels sterile to potential buyers, which dissuades them from viewing the place as ‘homey’ or ‘comfortable.’
On the other hand, if a property is too dark, studies show that buyers view the space as ‘dated’ or ‘grungy.’ Some buyers even felt that dark spaces looked less sanitary!
When it comes to lighting, you want warm lights that give the appearance of natural sunlight. You want the space to be well-lit, but also gently lit.
4. Stay away from trends!
A big mistake a lot of landlords and sellers will make is to stage a property according to current trends.
However, this has many pitfalls, beginning with the fact that current trends alienate large sections of the population that are not up to date on ‘the hottest trends.’
Another downside to this is the gamble involved. If your property is on the market longer than expected, your décor will go out of style, and you’ll be forced to restage the space in an updated style!
When staging a property can cost upwards of $5,000, this is the last thing you want to worry about.
Instead of going with the décor that is the flashiest, it’s best to go with the most classic. Choose basic furniture just like you chose basic colors for the space. This allows potential buyers to envision their own belongings and lifestyles fitting into a place.
Another huge factor in property sales is the features provided. Stone countertops sell better than wood, and wood sells better than laminate. Wood floors are preferable to tile, and tile is ranked over carpet.
Stainless steel appliances make buyers go crazy, and old appliances make them wrinkle their noses.
Garden bathtubs and waterfall showers are described as ‘luxury features’ and ‘dream features’ by buyers.
Anything you can do to heighten the presumed ‘class’ of your property will also heighten value and demand for the property, no matter the location.
In other words, successful real estate profits are all about the visuals.
You can sell a space in a less than prime location for a better than prime price if you make the space itself look desirable.
With just 5 things to pay attention to when staging your property, you can go from an average profit to one beyond your wildest dreams.