If you are a homeowner thinking about selling your investment rental property without taking it out of the rental pool, let me tell you five things you must do to attract top price offers.
Number 1: Set aside one day at least every two weeks for showings and open houses. This does not have to be on a weekend – buyers’ agents can arrange virtual tours for their clients which is quite common for buyers of vacation properties. Many second home and investment property buyers go under contract on a property sight unseen and then make arrangements to see the property in person during the option period. If your home or condo is frequently rented, this can even be scheduled for a three-hour period in between check-in and check-out, and you won’t lose rental income.
Number 2: Before you list the property, ask your Realtor® to inspect the home and notify you of any painting, cleaning, low cost repairs or other items that may need to be done to show the property in its best light. You may even want to have an up-front professional inspection in case there are significant issues that you are unaware of. The majority of buyers will hire an inspector anyway and this step will help (while it’s not required) could help you make repairs ahead of time or at the minimum help you avoid surprise repairs and costs the buyers may try to negotiate during the option period. Keep in mind that in Texas, an inspection must be disclosed, so this is something you will want to discuss with your Realtor®.
Number 3: Staging. While you may be wondering how you can stage a property while it’s occupied by short-term renters, it is possible and very advantageous to even have minimal staging with decorative items that create visual appeal to enhance special features and detract from less attractive characteristics. If you’ve been successful in designating two days a month for showings, your Realtor® or a trusted friend in the area may be able to pop in ahead of time to straighten up or reposition any items that may have been moved by the occupants.
Number 4 – Curb Appeal. First impressions count on investment and vacation homes just the same as they do on primary residences. Dead plants, overgrown grass or shrubs can set the stage for a negative first impression. Asking your Realtor® to inspect the exterior of the home every week or two and arrange for lawn mowing or exterior clean up can make a huge difference when trying to sell quickly and for top dollar.
Number 5 – Pricing. Of course, both you and your Realtor® want you to get the maximum sales price as possible. However, an over-priced home can cause a property to get stale and most likely require price drops that make a buyer think there is even more room to negotiate. Having an experience real estate professional study the comparables and market data with you prior to listing can help you avoid decreases. And if a price drop does become necessary, talk to your Realtor® when signing the listing agreement about what your expectations are.
My partner, Carl, and I live in Port Aransas, attend showing opportunities for other properties and study the days on market and pricing daily. Watch our video with the latest market update to see the current stats on the Port Aransas Real Estate Market. If you would like a no-obligation consultation on a property you are considering selling, call, text, or message me to book an appointment. We can discuss our strategy for marketing and selling your home as well as provide a market analysis and net sheet to help you determine your return on investment and help you decide if selling now is right for you.
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Laura Staves and Carl Staves
Saltwater Shores Team Keller Williams Lone Star
361.500.2187
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