As an investor your work is not done until you sell the property because the payoff only happens when you find an end buyer. Getting to this point can be very stressful. Your business may be in a holding pattern until you can unload the property. This causes you to make decisions that you normally would not make. Regardless of whether you are selling a primary residence or an investment property the listing process is typically filled with ups and downs and plenty of stress. The best way to overcome this is by making smart choices before the house is ever listed for sale. Here are five ways to take the stress out of the selling process:
- Use The Right Real Estate Agent. The home selling process starts with finding the right agent. You may consider selling on your own but you should quickly wipe this thought from your mind. Whatever you think you will save on commission you will give back with time spent marketing and showing the property. A good real estate agent knows how to market the property and find the right list price to get the home sold quickly. Finding the right agent is often easier said than done. It is important that you have a conversation with your prospective real estate agent and find out what their sales plan is. Whether they are a friend, family member or someone you have worked with in the past if you are not satisfied with their answer you need to find an agent you are comfortable with. Your transaction is too important to leave in the hands of someone you don’t think can do the job.
- Leave Emotions At The Door. As difficult as it may be it is important that you keep your emotions in check during the process. Sellers that take everything personally usually do something they end up regretting. If a buyer wants to make a below asking price offer you can not be offended that you refuse to make a counter offer. If a buyer has some critiques of the property you can not let that impact whether or not you want to move forward. Your sale is a business transaction and you need to think of it as such. You can not get too high or too low with whatever happens in the process. A buyer may really want the house but if their pre-approval is shaky you need to review other offers. Staying neutral and being objective is not always easy but if you can manage to do so the process will not seem nearly as stressful.
- Stay Away From Showings. If you listed your property with a real estate agent, your real estate agent will do their job. Yes, you really want to sell the home but your presence at showings can make things uncomfortable. No buyer wants to walk through the house with the owner present. As much as you want immediate feedback you need to avoid the showings. Your real estate agent is more than equipped to provide an update after the showing is over. You do not need to be hanging to try to speak with buyers trying too hard to promote the property. Doing this does more harm than good. Most buyers want to be left alone to view the property on their own and only ask questions if they really want an answer. Your intentions may be great, but just staying away from any showings might be best thing for you.
- Let Real Estate Agent Do Their Job. As the seller you are in control of the process. Ultimately it is your call what price you want to list at and even what marketing options you want to use. That being said you should really listen to the advice of your real estate agent. They are the professional and even if you are an experienced investor they have a comparable amount of market knowledge. Lean on them to guide you as to the list price and when you should consider a price drop. Listen to what they have to say on property presentation and what may need to be adjusted. Also, you should give your agent some space. A good real estate agent is in control of the transaction and will make the process as easy and stress free as possible.
- Have A Backup Plan. Most of the stress in the sales process comes with making unexpected decisions. You can greatly reduce this by having a plan with whatever is thrown at you. If the property is not generating any offers within a predetermined time, you will know what number to reduce the price to. You should know the area market rents just in case you need to go that route. You also should have a bottom line number in mind that you will sell for if you simply want to get it sold. Prior to listing you should have a plan A, B,and C for every possible scenario you are faced with. Knowing your options will not make things better but it will make things easier to deal with.
Selling a property doesn’t have to be filled with stress. Use these five tips to make things as easy as possible.