Finding the right investment property can be a hard enough task for the real estate investor. However, when trying to sell an investment property, it becomes a completely different story. Not to mention the special circumstances that a buyer’s market can enforce on real estate investors when trying to sell.
Most successful real estate investors try to hold off on selling properties until a seller’s market is on the horizon, but that may not be the case for everyone. If you’re a real estate investor who is currently facing selling a property in a buyer’s market, we’ve gathered some strategies that might just work for you in order to get the most out of your real estate investment.
So, what strategies can real estate investors employ to their advantage when selling in a buyer’s market?
Run a comparative market analysis
While you may think that running a comparative market analysis is for buying an investment property, it can be useful when selling an investment property as well, especially in a buyer’s market. When running a comparative market analysis, you can avoid all the speculations and base your investment decision on cold-hard facts. In other words, you compare different properties in the same local real estate market from a pricing standpoint and square footage. In any case, these comparable properties (real estate comps) act as a standing point for a pricing strategy for you when selling an investment property.
If you’re not sure what makes a comparative market analysis an essential part of knowing the current market value of your real estate property, read this blog post: Conducting Comparative Market Analysis: An Art or a Science?
Moreover, running a comparative market analysis can give you a hint of what other properties in your local real estate market are selling for. It’s a great strategy to utilize when selling in a buyer’s market. Give Mashvisor’s comparative market analysis a shot and enjoy the 14-day free trial by clicking here.
List your property by owner
We’ve all seen it in one way or another! “FOR SALE BY OWNER,” but what does it really mean? It means that in today’s world, you can sell your own investment property without going for a real estate agent. This means fewer fees and commissions and you might get more buyers interested just for that reason solely. It’s a great way to compete against other sellers in a buyer’s market.
The conventional method of selling real estate is no longer your only option. You must keep in mind that your real estate agent puts the effort into helping you sell your investment property whether in a seller’s market or a buyer’s market for the reason of making a living. Think of that next time you want to hire a real estate agent.
Get your property to look its finest
This real estate investment strategy helps property owners and real estate investors sell their properties at the best possible value. This can vary from giving the house a fresh paint coat to decluttering and removing personal belongings. This can help your space by making it more relatable to property buyers, giving you the upper hand in a buyer’s market. Additionally, many real estate investors and property sellers choose to go for a bathroom renovation or a kitchen update. You’d be surprised by how much a bathroom update can affect your final selling price.
To know more about getting your property in tip-top shape when selling in a buyer’s market, read this blog post: 5 Ways to Make Bank When Selling an Investment Property.
Light up the house
Every property buyer is looking for that well-lit property flooded with natural light. Therefore, letting light in your investment property can be an inexpensive way to get the right property buyer. Keep in mind that natural light gives the property buyer the illusion of more space than there is. Simple ways to do so is to remove curtains and clean your windows thoroughly before an open house. In other words, do what you must to make your house feel brighter and shinier.
Maintain your garden and landscapes
An often-overlooked part of selling your investment property. Let’s say you own an investment property that’s a single-family investment property. If you had tenants that never really took care of the garden and exterior of the house, you can mostly tell by the unkempt lawn and overgrown bushes. Make sure to maintain it well before listing your property. After all, it’s the first thing that property buyers and other real estate investors will take a look at when coming to your investment property. And with all the choices they have in a buyer’s market, they may walk away because of it. Don’t underestimate the importance of curb appeal.
Market your property
With today’s technological and online marketing tools, it has never been easier to market an investment property for sale. You can take photos of your property, describe it well, and list it on the many real estate selling platforms available to real estate investors today. You can list your property on multiple listing platforms and get double the exposure and offers.
If you’re going to list your investment property for sale and want even more detailed tips, read this blog post: Listing Your Investment Property for Sale: Simple Steps to Be Ready.
Final words
Whether you’re buying an investment property in a seller’s market or selling in a buyer’s market, you must do your homework and research every detail that can pour an extra buck into your pocket. The most successful real estate investors are those who make it their duty to get the best value and you should too! At the end of the day, all that matters is that you buy or sell at a price that makes sense to you. Of course, time will confirm that you made the right choice.
Sell one property and buy another! Do it with Mashvisor. With a free account, you can click here to use our Property Finder and find properties in a matter of minutes!