Education and news for smart DIY landlords!
There are two reasons why you’re reading this article. One, you don’t want to meet with anyone from the home buyer’s party due to the pandemic. Two you’re living miles or a state away from your house for sale. The problem is, how can you sell a house successfully without you being there throughout the entire process? Keep reading to find out.
If there are tenants living in your house for sale, let them leave because buyers want to tour your home in peace. But first, inform your tenants of your plan 2-3 months ahead of time. Make sure their lease is over by the time you put your house in the market. If you live with your family in the house, it’s best that you should vacate as well.
Ask yourself this question: “Am I rushing in selling this house?” Whatever your answer is, it will help you set a price that your buyer is sure to understand. If you’re in a rush, you should set your price slightly lower than the market price. If not, set a fair selling price and don’t settle for low-ball offers.
Vacating your house for listing exposes your home to two risks. One, if your home is for rent before selling, your tenants might cause damages while they leave without supervision. Two, the house might be vandalized once it’s vacated. Tell your neighbors that the house is for sale so that they can help in safeguarding the property.
A lot of houses for sale face closing problems because the buyer’s party finds problems in the property. Some of these problems are rotting foundations, weathered roofs, or chipping paints. This will give buyer’s a reason to present a lowball offer. By hiring a handyman to find and fix problems, you can make sure your house won’t be undervalued and negotiations will go smoothly.
Now that your house is ready for listing, make sure that its staging appeal is strong and attractive. A professional photographer or videographer knows how to capture the perfect shot from the best angle. This will increase your amount of inquiries which increases the chances of your house getting sold quickly as well.
Don’t just list your house on any platform, hire a real estate agent to put your house on their known exclusive markets. Buyers on exclusive markets are more serious. They give their agents criteria of what they want in a house and their agenda will do the house searching for them. Once your property matches a buyer’s wants, you go straight to the negotiating table with no need for house viewing.
Since you’re selling your home remotely, let your agent meet with the buyer or their agent. Just make sure to tell your agent what your terms are first. You can also let them help you decide which terms are healthy for negotiating.
Once the negotiation starts, it will be best for you to attend physically. But if that isn’t an option, being in a video conference will be the next best idea. Video conferencing is also good because you’ll know what the buyer’s offers are and you can make counter offers in real-time.
Selling a house remotely is hard especially if you don’t have a real estate agent to help you. I highly suggest that you should hire a good one to avoid direct contact from buyers. Because if you do, you’ll be saving a lot of time from doing the paperwork and making a local market study.
Here are more Landlord Prep™ articles to make your real estate investing easier during the pandemic: