When selling your investment property, you want to secure the highest return on that investment. The best practice is to work with someone with the experience and knowledge needed to handle the transaction quickly, but it’s a good idea to know as much about the process as possible Here is a seven-step strategy that will put you on the road to success.
🏠 Get A Knowledgeable Agent and Do a Market Appraisal
Consider choosing a real estate agent with knowledge and experience in selling investment properties in your area. You want to be comfortable interacting with the agent because you’ll be spending a lot of time working with them during the sale process. Choose an agent that listens to you, understands your communication needs, and has experience in selling investment homes. They will help market your listing, keep you up-to-date on the proceedings, and negotiate deals on your behalf.
Your real estate agent will offer you a market appraisal of the property. This report clues you in on what to expect when pricing of the property. They consider the recent sales of similar properties in the area. Your agent will explain the finer points of the appraisal and help you set an asking price that suits the current market.
👤 Select an Attorney
As an investment property owner, you may find it useful to have a real estate attorney as part of your team. Choose this individual in much of the same way you chose your real estate agent. Make sure they are licensed properly and are experienced in dealing with your type of investment properties. An attorney comes in handy when it comes to understanding the finer points of a contract and making sure you are properly protected in any deal.
🖥️ Reach A Consensus on Sale and Marketing Method of The Property
Meet with your real estate agent to discuss the best way to market your investment property. You should weigh the merits and demerits of different sale and marketing strategies. Decide if an auction is the best way to sell the property, or if it will be listed in a traditional manner. This is one area where your real estate agent will shine. With their experience in marketing, they’ll know exactly which methods work best for your area and property type.
📝 Ensure the Agent Knows Everything About the Investment Property
Full disclosure is important when it comes to telling your real estate agent about your investment property. You’ll also want them to know if there are certain things in the property that don’t go with the sale. They can include these items as exceptions in your listing and ensure that you get to keep them at the end of the sale. If there are any malfunctions that will not be fixed by the settlement time, make it known to the agent who will, in turn, inform the buyer and state it in the sale contract.
🤝 Receiving Offers and Negotiations
After marketing the property, the agent will come with a purchasing proposal. If there are several of these proposals, your agent will assist you and answer any questions you may have before deciding to reject, accept or negotiate. If there are multiple offers, you’ll need to look at each one individually before making your choice. Your real estate agent is a pro at negotiations. This skill comes in handy if needed.
✍️ Signing the Contract
Having agreed on the price and all the contract conditions, you can sign the contract of sale. This should be in line with the terms and conditions stated in the contract. Your real estate agent and lawyer may be present at the time of signing.
💲 Settlement Process
Depending on details of the contract, the settlement process takes six to eight weeks, from accepting the contract to the actual settlement. Your agent should update you on the progress and offer guidance through the process. Documents and finances will be exchanged during settlement. The documents will transfer the property into the buyer’s name. Once the settlement process is over your real estate agent will notify you, after which the agent’s commission is remitted to the real estate agent on your behalf.
Your real estate agent is the best source of information about the local community and real estate topics. Give the 10X Home Team a call today at 602-352-3600 to learn more about local areas, discuss selling a house, or tour available homes for sale. Ask an Expert here!