Maximizing the Sales Price of a Rental Property
Jan 30, 2024
Everyone who’s selling a property hopes to get the most money possible from the sale. However, that’s unlikely to happen on its own. Unless you’ve got a truly one-of-a-kind home, you’ll be in competition with plenty of other sellers who also have the same objective as you do.
As such, it’s not feasible to just expect that there’ll be a bidding war for your home. To get as many people interested as possible, you need to find ways to make your home stand out in the sea of competition. In this post, we’ll run through some expert tips that’ll make your rental property sell more quickly and for more money.
Work with an Experienced Realtor
Most people only move a few times in their life. As such, the majority of rental owners don’t possess the knowledge required to get the most value from a property. For that, you’ll need expert help. Working with an experienced realtor can help with all aspects of the rental home selling process, including attracting buyers, staging the home correctly, and minimizing external costs. You’ll pay for their services, but on balance, it’ll be worth it — studies have shown that homes sell for considerably more when a realtor is pulling the important strings.
Take Care of the Front
People make snap judgments, even when they think they don’t. If a person has a poor impression of the outside of your home, it’ll be much less likely that they have a positive impression of the property as a whole. Most homeowners and property investors focus their energies on the inside of their homes, in large part because that’s the part that really counts. But your visitors will see the outside first. Spending a little time enhancing your property’s curb appeal can ensure that visitors have a good feeling from the moment they pull up to view your home.
You can’t sell your home if no one’s coming to take a look at it. Many homeowners struggle to attract visitors all for one very simple reason: the photos they use on the listings page are uninspiring. When there are so many homes on the market, would-be buyers need a filtering system to decide which properties they’re going to visit, and it’s usually the photos that provide that filter. You can increase your number of visitors — and your chances of selling at full value — by working with a company known for being one of the best in real estate photography in your area. They’ll take photographs that catch people’s attention.
Sell the Dream
You’re not selling your home to buyers. You’re selling their future home. Your property will be homey and comfortable for your needs, but your visitors need to see how the space will accommodate their needs. It’s recommended to go through the decluttering and depersonalization process before you welcome viewers. This will allow potential buyers to envision what they could do with the property, as opposed to simply seeing what you’ve done with it. As well as making your property more appealing to buyers, this will also make it easier to move home when the sale finally goes through, since you’ll already have gotten rid of the belongings that you no longer need.
Find the Right Valuation
You might want to sell your home for $1 million, but if your home isn’t worth that much, then it’ll never happen. Finding the right valuation is tricky, and isn’t a complete science. Your property will exist somewhere on the scale of two numbers — one is the minimum price, and the other is the maximum price. You can set the valuation at a higher value, but only if you take the other tips mentioned in this article.
You can sell your home for the highest price, or you can sell it quickly, but you can’t do both. If you’re looking to get the most money possible, then you’ll need to give yourself plenty of time to make the sale. It’s unlikely that it’ll happen overnight, whereas if you set the price low then you could realistically sell your property within a day. Selling for the most amount of cash requires patience since it could take 6 months – a year.
Think Like a Seller
Finally, remember to put your business brain on for this transaction. The emotional aspect of selling your home occurs when you decide to sell. From then on, it should be all business. You’re not selling your memories; you’re selling a product. Approach it with that view, and you’ll have the right mindset.