When selling investment property, a real estate investor is always concerned about the costs associated with it. More importantly, the costs associated with hiring a real estate agent. So, how to sell investment property without a real estate agent after all?
First of all, the reason why investors hire a real estate agent is that they know more. A real estate agent is a property professional and knows exactly how to market an investment property for sale.
Now, what you need to know is that selling a property is a simple procedure, but it’s not that easy, though. It is a delicate matter whether you are looking for how to sell your house or even how to sell a rental property. Here is what you need to know about how to sell investment property without the need for a real estate broker.
How to Sell Investment Property: Prepare Your Investment Property for Sale
One thing you should understand about buyers is that they want to see all the reasons why they should buy your property. This means, that the first thing you will have to do is to apply proper renovations.
When we talk about renovations, we do not mean major ones. That is, unless, your property is in a very distressed situation. Make sure to replace any broken items or furniture. Also, make sure to clean out the house properly. After all, you are doing it yourself, so just keep that in mind and do all that you can so that your property leaves a good impression on the buyer. Of course, take into account the costs as well. No matter what level of renovation you apply, make sure to do it at a reasonable cost.
How to Sell Investment Property: Set the Price
If you want to know how to sell investment property, then decide on a price. However, setting a price for your investment property is a bit tricky. Therefore, in order for you to be able to decide the fair market value of your investment property, you will have to learn a bit about the comparative market analysis which is also known as the real estate market analysis. This type of analysis is important when you intend to buy or sell real estate. So, basically, what it does is estimate the fair market value of the property in regards to its location. The process is simple as it compares it to other similar properties in the same area. This way you can make sure you are not asking for a way too high or low price.
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How to Sell Investment Property: Market Your Investment Property for Sale
If you really want to know how to sell property, then you should learn about marketing. So, there are a few great methods through which you can market your home for sale:
Real Estate Investing Listing Sites:
There are plenty of listing sites on which you can market your property. Of course, it costs some money to do so. However, it is a very effective way to put your investment property out there on the market. It helps you get your property as much exposure as possible to other investors or home buyers.
Real Estate Open Houses:
As a house investor, it would be a great idea to have more physical exposure to potential buyers. Real estate open houses are the best way to achieve that. So, basically, as a real estate investor, you arrange for an event at your own property. This event should target other investors, buyer agents, or even ordinary people looking for a place to live in. Still, you want to go back to the first step and prepare your house for others to see it.
A Real Estate Investment Network:
If you are a part of a real estate investment network, then good for you. You have no idea how much you will be saving on selling investment property. Real estate investment networks are great in terms of connections. The more connections you have in the field, the faster you will be able to find a buyer for the property.
Related: 5 Reasons for Joining a Real Estate Investment Club
How to Sell Investment Property: Arrange Viewings
Of course, when you market your investment property for sale, you will have potential buyers seeking to see the property. At this point, you will need to arrange viewings for these potential buyers. One way to do so, as we mentioned before, is having an open house event. This way, you can have as many potential buyers as possible viewing the property. It will save you tons of time rather than having each potential buyer come separately to view the property. But, if you feel better about having them come separately, then go ahead and do so. Just make sure you can handle it and have the time to dedicate to it.
How to Sell Investment Property: Negotiation
One of the traits that makes real estate agents professionals is the negotiation. In order for you to have your property sold it is essential that you know how to negotiate as well as on what basis. So, really, you need to know all about your property as well as its investment potential.
What you need to understand, also, is that knowing the market has a great deal of an effect on the process of selling investment property. Usually, in a buyer’s market, the buyer has a stronger position. On the contrary, in a seller’s market, you’ve got the upper hand. This means that you can negotiate better based on your own terms. While in the buyer’s market, the buyer has more negotiating power. Therefore, understanding the buyer’s and seller’s market is a good way to start in negotiating your deal.
How to Sell Investment Property: Take Care of the Legal Matters
The legal aspect is the most important one when it comes to selling investment property. In fact, it is a very delicate matter and you cannot go about selling your home without going through the legalities. Therefore, if you are not experienced, we recommend that you hire a real estate attorney. He/she is an expert and you can rest assured that your property is set to go.
How to Sell Investment Property: Mashvisor
Mashvisor is an online real estate platform through which you can learn a lot about real estate, in general. Moreover, you can also learn how to sell investment property without the need to hire a real estate agent. In addition to all that, you can learn all the ways possible on how to make money from real estate properties. So, make sure you subscribe to our services and check out our blog.
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