Here are the 25 tips for selling a rental property from the pros.
1. Host an Open House
Than Merrill, Real Estate Investing Expert & CEO, FortuneBuilders
Selling a rental property has more to do with the sum of all the parts as opposed to just one strategy. Hosting an open house is one proven strategy to make a successful sale. Open houses are a great way to generate traffic. Combined with a competitive price point, a good open house could create a sense of demand that pits potential buyers against each other but in your favor.
Shane Lee-Selling a Rental Property-Tips from Pro
2. Justify Your Rental Income
Shane Lee, Data Analyst, RealtyHop.com
When selling your rental property, you should be able to justify your rental income to your next buyer by doing a 10-year pro forma. To be conservative, you might want to project rent growth at 3 percent because this is consistent with the inflation rate. You also have to remember to project expense growth as well.
Dustin Heiner-Selling a Rental Property-Tips from Pro
3. Price Your Property Strategically
Dustin Heiner, Founder, Master Passive Income
Price your home strategically to appeal to as many buyers as possible. Post the property at a lower price and let more people see your property and believe it’s a steal at that price. You can then have your property bidded out and accept the highest bid. The more potential buyers to view your property, the more likely you will get multiple offers, sell your home quickly and get above the market value.
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