When it’s time to sell your house or investment property, will you be ready? Do you know some of the pitfalls that may slow down the process? Do you want to make a big profit? And would you like it to be fairly easy?
If you want to sell your property quickly, for the most money, and with the least amount of trouble, read on to find answers and learn how to successfully navigate the experience. At Property Management Pros we use our professional expertise to benefit property owners in their daily dealings with their real estate management.
To help you decide whether to try to sell it yourself or hire someone to do it for you, here are some questions to consider. Take some time now to thoughtfully step through the selling process, evaluate potential problems, and identify how to avoid or correct them.
Is the property in good repair?
Before you list your property inspect it closely and make sure it is free of damage inside and out. This includes:
All electrical systems are updated, safe, and working properly.
All plumbing is in good repair. Replace any leaking or inefficient toilets with water-saving designs.
Heating and cooling systems work as efficiently as possible.
All appliances are clean work properly.
Flooring is clean and not worn, or replace as needed.
Walls are clean and not damaged, or repair and repaint as needed.
The roof is sound. Gutters drain correctly.
Windows and doors open, close, and lock.
The property is free of any type of infestation and trash.
Lawn and landscaping look appealing and well-maintained.
Do you know what your property is worth?
The value of your particular property is determined by a number of factors. You can’t just compare it to the others in the neighborhood and guess at a listing price. You may get a general idea of what you can ask, but to make the best profit possible you need to do a little more homework. An overpriced property may not sell quickly, and the longer it sits on the market the more undesirable it becomes. Listing too low (unless you just want a quick sale) means less money in your pocket at settlement.
Do you know your market?
Who are you looking to attract as the ultimate buyer of your property? A seasoned investor — or a first-timer? Younger — or older? An individual — or a corporation? Or even: Does it matter to your strategy? Establishing your target market helps direct your marketing efforts.
How will you advertise?
If you choose to sell the property yourself, another crucial aspect to consider is advertising. How effectively you get the word out about the sale will affect your bottom line. For many people this task alone is overwhelming and a big turn-off. Again, the effectiveness of the advertising campaign directly impacts your profit.
Are you up for wheeling and dealing?
Can you deal with offers and negotiate with skill? Do you know how to qualify a buyer? Do you know how to fill out the appropriate paperwork, involving the offer or counter-offers? Are you willing to answer the phone whenever it rings — or promptly return calls — until the property sells?
How will you handle the settlement process?
When you agree on the terms of the sale, do you know the next steps to take? What legal paperwork to complete and sign? Is the title free and clear? Where will settlement take place? Who will help you correctly file and finalize all legal papers to the satisfaction of all parties?
If you want help selling your property or would like to know more about how to run a profitable property management business, contact us today. At Property Management Pros we understand the role that the internet plays and can offer a completely web-based system to help you achieve your business goals.