How To Sell Your Property For Less Than It’s Worth
Your goal should be to sell your property for the most amount of money in the least amount of time with as little hassle to you and your tenants as possible.
When considering placing a residential income property on the market, there are actions to consider that will increase the sales price. A few of these factors include:
-Making sure that your rents are at or close to market and none of your tenants are delinquent.
-Performing any deferred maintenance that is needed.
-Confirming with your tenants that all the electrical, plumbing, heating and cooling is working properly.
Most importantly, choosing an experienced and knowledgeable real estate agent that specializes in residential income property. The pricing, marketing, and completing the transaction is a complex, technical, and complicated process that needs an individual with the expertise. If you need brain surgery, you wouldn’t go to a general practitioner or a part-time brain surgeon.
Properties Sold In March
Report Of The Month:
The Three Variables Of The Income Stream
One of the important concepts that we have learned about investing in residential income property is that when you buy an income property, you are really buying an income stream. The primary value of the property is determined by the amount of the income being generated by the property. But there are two additional variables of the income stream that are important to consider. We will cover all three in our Report of the Month
You can read it by clicking here
Management Tip of the Month
When In Doubt, Get A Co-Signer
Now that vacancy rates are starting to rise, it may become harder to find a strong qualified renter for a vacant unit. If you have an application for someone that is close to meeting your requirements, you might tell them that you would rent to them, if they provide a co-signer who would meet your standards. Just like the applicant, you will have them fill out an application and carefully screen the co-signer. If you accept the co-signer, then you should have them both present when signing the rental agreement and have the co-signer sign a special agreement where they acknowledge financial responsibility if the tenant does not pay or causes damage to the property.
I give a lot of information about this process in my book: