With the real estate market constantly changing, real estate investors need to know the tricks behind selling rental property. Selling rental property can be a very hectic task, especially with the growing competition among sellers. The key to selling rental property is strategizing and keeping up to date with the dos and don’ts. So, without further ado, lets that a look at some simple and easy tricks to selling rental property!
Related: Buying and Selling An Investment Property: Do’s and Don’t’s
1. Try out online marketing
Many homebuyers start their house search ONLINE! The problem with online marketing is that potential property buyers won’t come see your home unless the online marketing of your rental property is compelling and attractive enough. And in real estate, compelling means pictures! Many real estate investors who are used to selling rental property say that listings with more than 5 pictures are twice as likely to be viewed by buyers as listings that have fewer pictures. So, get cracking on them pictures!!!
2. Post a video about your home on YouTube
Go out and buy yourself a camera and walk through your home and your neighborhood and talk about what great qualities define your home. Let your buyer know and see everything through your eyes, that way buyers will feel the connection that you feel for your investment property. Talk about what your tenants loved about the house, your favorite bakery, or coffee shop in the neighborhood. Buyers like to know that a home was well-loved, and it helps them visualize living a great life there as well.
3. Let your neighbors choose their neighbors
Invite your neighbors to your open house and have a party. This creates opportunities for your neighbors to sell the neighborhood to prospective buyers and for your neighbors to invite house hunters they know who have always wanted to live in the area. When selling rental property, you want to take everyone into consideration, and your neighbors are no exception!
4. Facebook your home’s listing
Hello, FACEBOOK! Facebook is the great connector of people these days. If you have 200 friends, and they each have 200 friends, imagine the power of that network in getting the word out about your house! Oh, how social media does wonders!
Related: Social Media for Real Estate: A Key to Success
5. Leave some good stuff behind
We’ve all heard about closing cost credits, but those are so common now that buyers expect them, they don’t really distinguish your house from any of the other houses on the real estate market. What can distinguish your home is leaving behind some of your personal belongings, such as items that are beyond what the average homebuyer in your home’s price range would be able to afford. That may be stainless steel kitchen appliances or a plasma TV! For anyone, that would be a keeper!
6. Beat the competition
In many housing markets, much of the competition is low-priced foreclosures and short sales. As a real estate investor, the way you can compete is on condition. For example, consider having a termite inspection in advance of listing your home, and get as many of the repairs done as you can. Also, make sure that the little nicks and scratches or doorknobs that don’t work are all repaired before you start showing your rental property.
Related: 3 Ways This Real Estate Agent Tool Conquers Competition
7. Stage the exterior of your rental
Stage the exterior with fresh paint, immaculate landscaping, and even outdoor furniture. Buyers often fantasize about enjoying their backyards by entertaining and spending time outside. Selling rental property can be fun if you just think outside the box.
8. Access is essential
Real estate properties that don’t get shown don’t get sold. And many foreclosures and short sale listings are vacant, so they can be shown anytime. Don’t make it difficult for real estate agents to get their clients into your income property, make it easy for buyers to come to your rental and don’t over complicate the time frame and the appointments.
9. Get real about pricing
Today’s buyers are very educated about the comparable sales in the area, which heavily influence the fair market value of your real estate property. And they also know that they’re in the driver’s seat. To make your property competitive, have your real estate broker or agent get you the sales prices of the three most similar homes that have sold in your area in the last month or so, then try to go 10% below that when you set your property’s list price. The homes that look like a great deal are the ones that get the most visits from buyers and, on occasion, even receive multiple offers. Let the bidding begin!!
Related: How Much Rent to Charge for My Rental Property?
10. Get a clue or two about your competition
Work with your real estate broker or agent to get educated about the price, type of sale, and condition of the other homes that your property is up against. Attend some open houses in your area and do a real estate reality check: know that buyers that see your home will see those homes as well, so make sure the real-time comparison will come out in your home’s favor by making sure the condition of your property is up to par.
11. Empty out your house
Do this, pretend you’re moving out. Take all the things that make your property yours. Pack up your personal staff and put them in storage. Buyers want to visualize your property being their house, and it’s difficult for them to do that with all your personal items marking the territory as yours. It’s tough to let go, but selling rental property requires you to be tough!
12. Listen to your real estate agent
If you find an experienced real estate agent to list your property, who has a successful track record of selling homes in your area, listen to his/her recommendations! Find an agent you trust and follow his/her advice as often as you can. A real estate agent will always give you smart advice, so act wisely!
In the end, selling rental property is a win-win scenario for both parties – the buyer and the seller. Think wisely and use these tricks to win your way through the real estate market. Be sure to check out Mashvisor for the latest tips and strategies for real estate investing!