5 Tips to Sell an Investment House Fast
You poured blood, sweat, and tears into your house renovation and now you’re eager to sell and move on to the next project. You’re confident your house is a masterpiece but what steps should you take to ensure that it sells quickly and easily, especially during the pandemic?
Tip 1: Decide how to sell your house
If you’re an experienced investor, you likely already have a system in place that works for you. There’s definitely more than one way to sell an investment property! If this is your first time selling, consider hiring an agent or Realtor. Great agents are vital to the selling process and they’re generally worth the price because they’re knowledgeable about the local market. By reducing the headaches that can arise during selling, smart agents will end up saving you time and money.
Tip 2: Price to sell
If you’ve already performed your due diligence, you should have a good idea of what a competitive price is for your property. You know that determining the right price is far more complex than simply deciding on an arbitrary value based on your personal perception. Using nearby comparables is one of the best ways to settle on a competitive price that will return a profit while still appearing attractive to buyers. If speed is a top concern, consider pricing your house slightly under neighborhood comps. This creates competition that may lead to multiple bids if your area is competitive. Talk to your agent to help decide if this strategy is right for you. You may also want to consider desirable price points in your area and set your house’s price to fit into a popular range. For example, if many homes are selling between $500,000 and $600,000, you may want to price the property at $599,000 instead of $605,000. This way, the house will show in search results for those looking for listings under $600,000. If you don’t price your property competitively, it may linger on the market. In this case, it’s likely you’ll end up dropping the price anyway, which just wastes your time.
Tip 3: Stage and add curb appeal
Staging a house isn’t always vital but it does help to define spaces and make rooms look larger while adding personalized appeal. A professional stager will arrange furniture and décor in a way that emphasizes the house’s best features. Similarly, enhancing the home’s exterior and landscaping is a great way to make a good impression with potential buyers. Make sure hedges and shrubs look tidy and showcase colorful flowers. Walkways and paths should be cleared and windows and outside elements should be clean. Consider painting the front door and installing a new mailbox.
Tip 4: Write a compelling listing description
Once you’re ready to proceed with your listing, create an exciting description that will generate interest and help to sell your house faster. An agent may do this for you if you’re working with one but you should know what makes a good listing.
- Emphasize the property’s best features by using popular keywords. For example, Zillow analyzed certain listings and found that those mentioning “steam showers” and “professional appliance” generated a 29% higher sale price when compared to listings without those terms.
- Include information about the neighborhood, such as school district, public transportation access, general walkability, and nearby restaurants and attractions.
- Use professional photography of the home to ensure a great first impression.
- Generate a sense of urgency by requesting offers by a certain date.
Tip 5: Take COVID-19 into account
The market and the economy are both different than they were at the beginning of 2020 but that doesn’t mean you can’t sell a house. While sales may be a bit slower, one survey found that over 60% of sellers weren’t altering their moving plans despite the pandemic. Focus on taking a thoughtful approach that responds to our common concerns now in order to sell your properly as fast as possible.
Implement virtual tours: Virtual tours are a must-have these days. Even before the pandemic, Zillow reported that almost 80% of home buyers browsed online listings and virtual tours were considered very important to one-third of buyers. Now, an interactive online experience is even more important. All you need is a smart phone. There are many free 3D tour options available, including Google Tour Creator. If you use Zillow or Trulia, the 3D Home app easily creates virtual tours.
Conduct virtual meetings: We’re all used to Zooming now so ensure that potential buyers can easily access you or your agent to discuss questions and concerns.
Use digital tools: Whether using e-signatures or digital closing options, make sure that you’re utilizing technology to the best of your ability.
Take safety precautions: From not conducting open houses to thoroughly cleaning between visits, make sure to highlight the health and safety precautions you’re taking due to COVID-19. Consider including these precautions in the listing description to make sure potential buyers feel confident and comfortable viewing the property.
One bonus tip: Even if you’re nervous about your house selling, don’t entertain lowball offers. Prices have been holding strong and low inventory in the Oregon markets we serve have suppressed any potential trends toward lower prices.