Hiring a Real Estate Agent
Truly effective Real Estate agents are integral to the selling process. Enlisting their services will, of course, require paying a percentage of the sales price towards agent compensation (aka “Commissions), but they are often well worth the cost of admission.
In fact, it’s common for a good Grand Rapids Realtor to simultaneously save sellers more than the commission costs and remove the headaches that are often involved with selling an investment property.
Listen to Your Agent’s Advice
If you have managed to hire the best real estate agent- be sure to heed their advice. They usually have navigated through dozens…if not HUNDREDS of sales in the past so they have the insights and experience to guide you in the right direction. If you did your homework upfront- there’s no reason to not follow their guidance.
Be Open to Making Changes
You can sell an investment property as-is, but often making small upgrades or improvements ends up “netting” you more money at the closing table. If you want to sell your investment property in a fast and profitable manner, for example, be open to making simple yet beneficial upgrades.
You’d be surprised at how upgrading the amenities so they’re slightly above your competition can help sell an investment property for top dollar. And buyers really appreciate these special upgrades.
Pricing an invested property in Grand Rapids, MI is a lot more complicated than placing an arbitrary value on a home or using a Zillow estimate. (NOTE: Zillow estimates for investment properties are often inaccurate since they often don’t take into account multiple units) Often it may not be worth what you think it is.
Pricing an investment property has more to do with sales comparables than how you perceive it. Buyers will be comparing your home to others in the area…so you should do the same. Use nearby comparables to determine a selling price…and be strategic about it- in order to create demand in a market that is lacking options. Sometimes asking slightly less than nearby comparables allows you to increase demand, which leads to a bidding war in a market as competitive as today’s.
Let your Grand Rapids Realtor help you understand the precise price that will drive exposure and demand.
Follow the 3 Ms: Marketing, Marketing, Marketing
Marketing, marketing, marketing. Marketing is all about getting exposure. The more people that are aware you are selling an investment property, the better. Therefore, it’s in your best interest to spread the word. Provided you hired the best real estate agent for the job, they will do everything they can to ensure more eyes on your property, but don’t stop there.
Look at all offers, but don’t necessarily jump on the first one you get unless it’s exactly what you were looking for. In competitive markets, there is usually competition, and sellers can very easily use interest in their property to their advantage.
However, if you’ve been on the market for longer than the average days on market in the area (DOM) you may wish to consider accepting a lower price- as the market would be telling you at this point that the price doesn’t match the market’s expectations for your property.
The end of the sale process is the “closing”. This happens when everything lines up and the buyer has removed all sale contingencies and has acquired the necessary financing or cash. Typical time from offer to closing is 30 days. Cash deals can close sooner- around 15 days.
It is worth pointing out that when you hire the best Real Estate Agent, such as a Yoder Real Estate investment property specialist, you’ll have a much smoother sales process.
We will ensure that you will sell your investment property in the shortest possible time, for the most money and with the least amount of hassle.