People sell their investment properties for varied reasons.
According to JTS Property Management, it could be that the property is an endless money pit, either because of vacancies or needing more rent to take care of the expenses. It may even be a case of a landlord looking to cash in on the appreciation in the value of the property as opposed to earning money via rent.
Whatever the reason, selling an investment property requires a decent understanding of how the real estate market works.
We have compiled a list of top tips for selling your investment property.
1. Use a variety of marketing channels.
When selling an investment property, the goal is to make sure that as many prospective buyers get to see it as possible. And since most buyers begin their searches online, they use different online platforms.
Good examples of online platforms to get you started include Zillow, Trulia, and Craigslist.
2. Boost your property’s curb appeal.
This is a quick way to sell your property. Remember, first impressions do matter.
Do you need a big budget to increase your property’s curb appeal? Not at all! Even a small budget can go a long way toward improving how it looks. The following are some of the things you could do in this regard.
- Install outdoor lighting. This is a project that doesn’t not only require expert skills but is an inexpensive, high-impact upgrade.
- Improve or shrink the lawn. If your lawn looks sickly or weedy, spruce it up. Shape, prune, and cut back overgrown shrubs.
- Take care of the roof. Clean the gutters, replace broken or missing shakes or tiles, and ensure it’s free from moss, weeds, or mold.
- Give your home a thorough cleaning. Know how to use a power washer, then rent it if you don’t own one. Use it to clean the pavement, carport, and decks.
- Update any old fixtures. Dated fixtures can make your home unappealing to buyers. So, if you have dated light fixtures, house numbers, mailbox, or entry door lockset, make sure to replace them.
- Give the exterior of your home a fresh coat of paint. It’s amazing what paint can do to a home. It’s a low-budget project that you can do with basic DIY skills.
- Declutter your home. Get rid of things that are broken or are no longer useful to you. This may involve cleaning the way in the hallways, curating what is in the kitchen, streamlining your closets, and touching and tidying up kids’ play areas.
3. Consider selling the property to the tenant.
Rent-to-own deals are an alternative to traditional home loans. The strategy allows a renter to rent the home for a set length of time, with rental payments applied to the house’s sale price.
This option is particularly great for a tenant seeking to own a home but lacking the vital requirements. Such requirements include a good credit score or a sizeable down payment.
4. Host an open house.
More eyes on your home often mean a faster sale!
Hosting an open house can help open the door to potential buyers that otherwise wouldn’t have known about your home. Hosting one also saves a ton of time, as being a one-day affair allows you to skip weeks of individual showings.
What’s more, nothing beats seeing a home in person. That’s why you should consider hiring a professional home staging company to help set your home apart.
5. Work with a professional real estate agent.
A professional real estate agent can mean the difference between a smooth and frustrating journey and one that is smooth and pleasant. Knowledgeable real estate agents will help advise you on the right pricing and the upgrades required to yield the best possible ROI.
Just make sure to do your due diligence when hiring the right agent.
6. Know how to handle a problem tenant.
Have a problem tenant? If so, when trying to sell your investment property, you must know how to deal with them. That’s because they may try to frustrate your efforts to sell the investment property by not keeping it in order or scaring away potential buyers.
To avoid that, here are a couple of options to consider.
- Offer them incentives to cooperate
- Terminate the lease before listing it for sale
- Call the police to help you in accessing your property
Selling an investment property is a process. And getting it right is key to ensuring a successful sale. If you still need help, please consider hiring expert services.