Flip Better With This “Buyer Brain” Strategy

[Joe Evangelisti]

I do many different kinds of investing deals and one of the deals I like to do is flipping. I’ve built a business that can scale it (so I’m not the one doing the demo or adding baseboards). If you want to flip more deals – and flip more profitable deals – then here’s a simple strategy that can help you.

I call it the “Buyer Brain” strategy because you’re essentially thinking FIRST about the person who will buy your flip when it’s all done. You’re going to get into their “Buyer Brain” and think about what’s important to them… and then you’re going to create exactly the property that they want to buy.

1. Identify a target market that you’re going to flip for
Many flippers focus on a generic, poorly-defined homebuyer. “Anyone who could buy my home is my target market,” they’ll say. But this is the wrong approach. Instead, think about someone specific: A new couple without kids? A young family with their first child? Seniors who are downsizing but still want a space for their grandkids? The house and the neighborhood will influence this decision.

2. Determine this target market’s needs
Each specific target market will have its own unique needs. That new couple without kids might prefer a luxurious and romantic space, as well as a larger kitchen or dining room where they can entertain. That young family with their first child will want a safe, healthy, and child-friendly environment. Those seniors will want doors and faucets that are easier to turn and a bathtub that is easy to get into, a few more garden areas, plus perhaps a simple play structure in the backyard for the grandkids.

3. Flip your property
Now you can start the flip. Do your demo, source your material, and create a beautiful house… being sure to customize the house with your target market’s needs in mind. Of course you don’t have to spend a fortune to do this – just a couple of extras can help to position your property as ideal for that target market.

4. Promote
When it comes time to sell the property, promote it heavily to your target market in the places where that target market pays attention. A new couple without kids will listen to different music and read different things online and pay attention to different ads for houses than a young family with a first child, and that young family will listen to different music and read different things online and pay attention to different ads for houses than seniors… and so on. Figure out where your target market is paying attention and promote your house in that area. Sometimes the cost is slightly higher but the advantage is that you can advertise less but still reach more of the best audience.

And imagine how your target market will react when they walk into a home that designed EXACTLY with them in mind!

It’s a powerful strategy because it helps to solve one of the biggest challenges that flippers face: Becoming too emotionally attached to their deals. When you think first about the buyer and what they want, you build a property for them, reduce the likelihood that you’ll overspend on inconsequentials, and increase the likelihood that the right person will buy.

This simple strategy can make a difference in your flips. Try it out on your next flip and see what happens!

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