Finding the Right Realtor to Sell Your Income Property
Finding the Right Realtor to Sell Your Income Property
Is it time to sell your income property? At some point in your career as a landlord, you will have to consider liquidating one of your properties in order to purchase a larger one with more revenue potential. Perhaps you have a small bungalow and want to buy a tri-plex; or, you want something in a better neighborhood. Whatever the reason, finding the right realtor is crucial to your success. Here are some things to consider before you hire a realtor for your needs:
- Make sure they have experience in investment properties: Buying and selling Income properties are different than buying and selling for home ownership. Emotions are not involved, numbers are. Your realtor must have experience in dealing with buyers who are interested in investments. They have a completely different mindset about what is going to impress them, etc.
- Go with a reputable broker/company: An up-and-coming real estate company may not have the expertise that a well-established one does. Remember that you’re in business to make money and you need a realtor who understands the process and will get the job done in an expedient manner.
- They should be a leader in the area: Find a realtor who knows the area you’re selling in. They can inform potential buyers of the amenities such as shopping, schools, parks, etc. as well as some of the history of the neighborhood.
- Ask your fellow landlords for referrals: Hopefully, as a landlord, you’ve been networking with others and getting tips and advice on how to manage your property. Ask what realtor they use. Narrow down your choices and interview each one.
- Ask to negotiate the commission price: Some (not all) realtors will negotiate a price reduction in their commission. They may ask that they help you buy your next property, or have other stipulations. It doesn’t hurt to ask.
While the property is for sale
If your property is vacant, it should still be maintained, both inside and out. Landscaping, snow removal, cleaning, etc. are still chores that need to be taken care of. Consider hiring a property management company, if you haven’t already, to take care of these tasks for you. No one wants to look at a house if it doesn’t have curb appeal. If it feels like you’re going through a jungle just to get to the front door, then you aren’t going to have many buyers even wanting to see the inside.
If you have tenants, make sure that you follow the legal obligations of giving proper notice of coming to see the property. They also have an obligation to ensure that the house is clean and ready to show.
Once the house is sold and you’ve chosen your next property, the management company can be notified and resume duties at your new property. They will even help you find new tenants if needed. Your realtor can also help with finding new tenants, although they will likely charge a fee for this. Never underestimate the power of a good property management company!
Benefit National can handle all of your property management needs. Visit their website today for more information.
