If you’re a real estate investor who flips houses for living, or owning or managing rental properties, you probably know already the importance of considering the competition. Knowing and seeing what other similar properties as yours are doing is a key component for your investment success.
If similar homes sold in your area offer a certain level of quality and appearance for the kitchen cabinets, countertops, ceramic tiles, etc., and you will not provide a matching, or better, interior, it will show on your bottom line profits and losses. A not so appealing kitchen will not only reduce the amount of offers you will get when selling, or the monthly rent received, but will make it harder to sell or rent in the first place and will cause a longer time “on the market”, since the better, more appealing properties will sell or rent first. Offering a matching or better kitchen designs, kitchen appliances, or any other feature for that matter to other similar properties, ensures in most cases both: a faster and a higher amount transaction.
The key is always to put yourself in the renter or buyer’s shoe’. See things from their perspective as they go around by themselves or with an agent, shopping around for their next home, and comparing the different options available for their money.