8 Essential Steps To Get Your Investment Property Ready for the Market

DATE: Jul, 7   COMMENTS: 0   AUTHOR: Allan Azarola

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.
Also consider having all the windows of the home cleaned, including an eavestrough if your home’s roof has one. This not only makes sure that your home is well looked after, but also gives the same message to potential buyers. The driveway and exterior of your property can be power washed to remove all sorts of accumulation, and this is especially important if you haven’t gotten any cleaning done for the exteriors in recent times. Many services providers like the Window Cleaning People are equipped to give you the help you need to improve the overall appearance and cleanliness of the property.

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. You could get in touch with a professional repair service online, like https://callmilestone.com/ to consult with them about the various repairs that might be required. You might get an in-depth plumbing inspection done by them, to check for leaks, damaged pipes and fittings, and other issues. Additionally, you could also get the water heater inspected to ensure there are no problems with the water heater, its connection, and its pilot light or electronic ignition. Furthermore, you could also get all the necessary electrical repairs done, to ensure that the air conditioning and heating, and all other additional appliances are working properly. However, if you wait, your property could quickly develop a reputation of being 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. For instance, installing new landscape lighting fixtures, removing heavy draperies, upgrading faucets, and investing in new carpets can dramatically improve the appearance of the property, potentially increasing the final purchase price. By focusing on these details, you can ensure a quicker sale at a higher price point.

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.

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