If you have an investment property you’re ready to sell, getting it ready for the market can seem like a challenging task. This can be especially true if you have had some problematic tenants or if it’s been a long time since the property has been returned to top condition. However, by following these easy steps, you can get your rental property ready to sell quickly for the price you want.
1. Inform Your Tenants
Of course, before you actually put your home on the market, you need to inform your tenants that you won’t be offering a renewal option once their lease contract expires. However, if you plan on putting the property on the market while the tenants are still living there, you need to work closely with them to ensure they will keep the property in beautiful condition and modify their schedule around the realtor’s showing schedule.
2. Wait for Vacancy
If you don’t want to go through the potential challenge of having the property on the market while it’s still occupied, you may choose to wait until the current lease is up before listing the property. This may require some patience in the beginning, but it can reduce a lot of the stress and issues related to showing an occupied property.
3. Improve the Curb Appeal
The appearance of the exterior of your property can have a strong impact on potential buyers’ interest. There are numerous things you can do to improve the curb appeal: planting flowers, repainting, installing trim or shutters, repaving the driveway, and trimming overgrown bushes and trees.
4. Make Essential Repairs
Of course, you want to make sure that your property is ready to pass an inspection when the time comes. If there are any significant repairs that need to be made, whether functional or cosmetic, it’s usually best to make them before your property goes on the market. If you wait, your property could quickly develop a reputation of problematic or a “fixer-upper.”
5. Hire a Realtor
Before you choose a realtor to work with, it’s a good idea to do some research. Try to find someone who is familiar with the area and the local market. If you can get some feedback, such as client reviews, before making a decision, it can be extremely helpful.
6. Complete Cosmetic Upgrades
Even if your property doesn’t require serious repairs, you may want to consider giving it some cosmetic improvement before showing it to potential buyers. Installing new light fixtures, removing heavy draperies, upgrading faucets, and investing in new flooring can dramatically improve the appearance of the interior, potentially increasing the final purchase price.
7. Stage the Property
Many real estate professionals agree that staged properties usually sell faster and for higher prices. You can choose to hire a staging company or spend some time on a DIY project. Be sure to follow tried-and-true staging tips to get the best possible results.
8. Check Codes and Legal Requirements
Depending on where you live, there may be specific codes or legal requirements your property must follow before it goes on the market. For example, you may need to meet updated standards for energy efficiency or accessibility before you can sell your rental property. Talk to your realtor and your local government officials to make sure you understand all the requirements.
When it’s time to sell your investment property, you want to do whatever you can to give it the best chance of success in the market. Depending on your relationship with your tenants and the terms of your lease agreement, you may want to wait until the property is vacant before selling. It’s also important to complete repairs, make cosmetic improvements, hire a good realtor, and make sure the property meets all existing code requirements. Following these steps can make the process quick and successful.