When you’ve invested in a property with a view to making a profit on it, it all comes down to how you carry out the sale. Of course, that’s where the profit is made and it’s where your plans will either come to fruition or fall flat. In the interests of ensuring you achieve your financial goals, it’s worth knowing how to combat the common mistakes people often make when selling investment properties. That’s what we’re going to discuss today, so read on to find out more.
Think Ahead and Take Hidden Fees and Costs Into Account
First of all, you need to think about the extra fees and costs that come with selling a home. Real estate agent fees, taxes and other costs should all be factored into your overall calculation so you understand the price at which you need to sell in order to reach your target profit levels. You don’t want to be burned by those costs later on down the line because that’ll only leave you with big regrets.
Have More Than One Valuation Carried Out
Before you put the property on the market, you’ll need to have a valuation carried out so you know what you’re likely to get for it. If you price it too high, you’ll end up failing to attract buyers, but if you price it too low, you’ll miss out on potential profits, which no investor wants to do. Ideally, you should have a few valuations carried out so you can get an average and a more accurate picture.
Work with a Respected and Experience Team of Conveyancers
Working with the right people who are able to help you get to where you want to be in terms of speeding up the whole process will be important too. Finding a good agent to work with and relying on good conveyancing services are particularly important. Big problems can arise when you work with inexperienced conveyancers, so be sure to pick out the best.
Don’t Overwhelm Potential Buyers During Viewings
It’s important not to overwhelm people when you’re showing them around your property. The viewing process should allow them to freely explore the property, while you’re there to guide them a little, point things out they might have missed and answer questions they have. But don’t overwhelm them too much.
Try Not to Get Too Attached or Emotionally Involved
Finally, you need to remember that this is an investment. If you get too emotionally attached to the property and the work you’ve put into it, you’ll only end up missing out on potential profits and slowing down the beginning of your next real estate investment project. That’s not what you want.
Selling an investment property is all about making a profit; everything else is secondary. So be sure to take into account the things discussed above if you want to ensure you’re able to sell your property quickly and make a decent chunk of profit on it as you do so.