When it comes to flipping houses for profit, time is of the essence. The longer your liquidity freezes on a property, the lower your profits will be. Soft costs such as financing payments, insurance payments, and utilities add up over time and diminish your profits. Therefore, it's essential to work quickly and efficiently to minimize these costs.

Therefore, it is crucial to make improvements quickly while ensuring the job is done well. You should make sure your contractors complete the job within the budget and on time. Also, it's vital to hire good real estate agents who can help you price the final product to ensure it sells quickly. At Dukiya, we can help you with that. Typically, each house flip cycle take between 6-10 months from purchase to sale, and you should factor in additional months of expenses to make a profit on each flip.

Today, we will be talking about several ways by which you can find potential buyers and sell properties in Nigeria.

Work with a property management company:

Partnering with a established property agencies like Dukiya is an effective way to streamline the process of buying and selling properties in Nigeria. These experts can help you identify potential buyers or properties to invest in, and provide valuable insights on market trends and pricing strategies. Moreover, a reliable real estate agent can assist you in navigating the negotiation process and handling the necessary legal documentation, ensuring that the transaction is completed efficiently and legally. They can also help with the process of renovating and selling properties, guiding you on how to present the property in the best possible light to attract potential buyers.

Advertise online:

This is completely DIY. You can use social media platforms like Facebook, Twitter, and Instagram to create posts, videos, or run targeted ads that reach a wider audience. It is always helpful to set your audience demography to target ages 30 and up, and make the ads run specifically in the region around which you’re trying to sell your property. Additionally, creating a website that showcases your properties and provides all the necessary details can make it easier for potential buyers to find your properties online, most especially if you own a chain of properties or you want to do flips for a long time. Aside from social media and websites, you can also use online classified ads to advertise your properties for sale. Placing classified ads in local newspapers or on bulletin boards in public places can be effective too.

Offer Referral Incentives:

Offering incentives to people who refer buyers to you can encourage more people to refer potential buyers, which can help you sell your properties faster. These incentives can be in the form of a commission or a discount on their next purchase.
That concludes our series on flipping strategy.

Stay tuned for our next series.

Lukman Shobowale