Education and news for smart DIY landlords!
Are you selling your home because you want to move away? Or are you here because you’ve found a new business venture? Either way, if you’re a first-timer, you’re gonna need all the tips you can get to earn a profit. You’ll also want to know the strategies to sell the property fast and successfully. Don’t worry, I’ve got you covered with these 7 effective tips that I’ve learned from experience.
We all have precious memories in our homes and that makes us emotional when we think about selling it. So let go of these emotions first before you let go of your home. Think of yourself as a businessman now instead of a homeowner. You’ll be able to set your property’s value clearly and negotiate its price professionally.
Find all the major problems in the house which could lead to life-threatening accidents on the new owner. You also might need to repaint or make some small renovations. This can help you price your house well if you know how to properly stage it. Not only that, but it will also sell fast and help you avoid lowballers or a property devalue.
Decluttering is important as well. If your house looks like a mess, the buyer will think of you as a careless person and assume your house will have any problems because of it.
An empty house will also not leave a good first impression, it can make your property look spooky. You should know to stage your house in between clutter and empty. Try removing half the furniture in it, you’d be surprised how better it shows.
Agents cost a hefty commission. They usually price their services 5% to 6% of your home’s sale price. But, it is also a good decision for first-time home sellers as they’ll advise you on selling your home for the best price according to its condition and the current market economy.
Here, you should study which time of the year people are out looking for homes to buy. An example would be early April or spring when the weather is starting to get warm and people are out. You don’t want to sell our home during the winter where people are busy socializing or are indoors due to the cold.
You should take a look at every potential buyer’s financial capabilities. One way to do this is to negotiate a higher down payment with the potential buyer without the insurance of the Federal Housing Administration (FHA) or having the Department of Veterans Affairs as a guarantor.
This method will avoid you getting lowballed by a minimum down payment or deposit. If the potential buyer agrees to a healthy downpayment, it shows a good sign of closing the deal.
Consider all the fees required in the selling of your property. First, start with the estimate of your home’s value. Then, subtract it with the fees and taxes for its sale. If you do consider hiring an agent, add the percentage of their commission with the fees and taxes.
Your goal here is to sell your home fairly and cover all selling expenses while still being able to buy a new home and keep some profit for you.
Not every homebuyer will go straight to your property to inspect it. So they’ll first take a look at your online listing. If they see the photos to be poorly shot in angle and quality, they’ll lose interest. Instead, hire a professional photographer before listing your house.
They are good with angles and can make suggestions on how to declutter your house’s interior and rearrange the furniture. Most of the time, an agent works with one they can trust. And, it will be a smart investment for you if you want your property to sell fast.
Selling your home for the first time gives you a mixture of emotions. You can feel excited or you can feel sentimental. But the most important thing is to always stay calm. Make sure you’re making the right decisions before you let go of your home. Get a lot of advice so you can find the best negotiation strategies and settle on the right price.
If you’re ready, make Landlord Prep your go-to resource for landlording education. Here, we offer a complete DIY landlording course to get you on the right track. Join our academy today. If you want, you can check out Flavia’s real estate investing webinar first!