House flipping may sound like a fun, easy way to make fast money on a real estate investment, but flipping a house isn’t as simple as it seems on TV. Buying, remodeling, and selling a home in a short time (and turning a profit in the process) is a big undertaking even for the most savvy of home flippers.
Luckily, you don’t need to tackle this task alone.
Add a top-notch real estate agent who’s experienced in flipping houses to your team and get a knowledgeable asset that can save you time, money, and headaches along the way.
There are four major ways that a partnership with an agent who has house-flipping experience will benefit you in all three stages of the process: the initial buy, the remodel and the sale.
1. An agent understands your local housing market and the current market conditions
An experienced, local agent can help you decide if flipping is a smart investment to make in your neck of the woods.
Flipping isn’t a profitable prospect in every city, so you won’t make a sizable return on your investment as a house flipper if the real estate market conditions in your area aren’t favorable.
And even if your area is ripe for house flipping now, that doesn’t mean it’ll always stay that way. Market conditions for flipping homes can change quarter to quarter, year over year, and city by city.
The real estate market is constantly shifting, thanks to factors like rising mortgage rates and low housing supply. And while general national statistics are readily available online, it takes the expertise of an active agent to understand the specifics of your local real estate market.
With so much money on the line, don’t dive in headfirst before consulting a professional.
If you’re lucky enough to flip homes in a hot seller’s market (where buyers are snapping up properties within days), and home values are steadily increasing in your area, you’ve got a good shot at success — especially if you find the right real estate agent to guide you through the process.