People often shun the idea of considering investment property as an asset-builder assuming that investors are mostly subscribed to the habit of buying properties.
While many agree that investment property is a high-stakes and capital-intensive venture, it is mostly associated with buying and renting instead of selling.
Many investors usually make good money out of property investments especially those with assets in good locations, good amenities, and features.
But what if you get approached by a real estate agent on behalf of a client expressing interest in buying your property with a tempting offer, will you be ready to let go?
Wait, take a minute to reflect
While taking on an offer to sell may be attractive, do take note that it is a totally different concept from buying that needs your serious attention.
Of course, it is always your choice to decide if you want to sell or not, however, it would be wise to think things through and not jump on a whim.
This is particularly true when you have one or more investment properties and have a good experience leasing your property in your control- which is something you must be willing and prepared to let go.
If you are looking to sell your investment property by yourself you can never always be sure of the outcome of the sale.
But with the help of an experienced real estate agent, you just might feel confident and assured that your sale is in the hands of someone who knows best.
So, before you decide to take the plunge, here are some important questions to ask yourself and determine the preparedness of selling and letting go.
Will it be the best decision for you to sell?
This will not be much of a problem for those who have decided to sell. However, this is going to be a daunting one for those who get an immediate offer to sell their investment property.
Remember that what motivates you to sell would surely be an indicator if you can live with the decision to sell should you make it.
Generally, the decision to sell is surely a hard one to make, especially those with sentimental attachments, which can sometimes – for some- be over and above any capital or monetary gain.
The best way to approach this is to assess how you could stand to benefit from selling your investment property.
Are you planning to sell to generate capital for another investment venture? Are you striking it while the iron is still hot? Or are you getting burned out from managing your assets and hand it over to another owner?
These are just some of the questions you should look into when considering plans to sell your investment property, especially when you realise that it becomes more of a liability than a profitable asset.
When you believe that your decision to sell is starting to make sense and one that you feel comfortable doing then go ahead.
Will you be committed to selling it?
Not every plan to sell always ends up as expected, such as succeeding in getting it sold. There are a lot of reasons that may influence buyers not to push through with a sale and it is something that you need to come to terms with.
Let that be a factor to consider if it should go to the point for you to sell or not at all.
For factors that can be controlled, such as property features, amenities, tenancy status, and administrative concerns, these can be easily projected and addressed before putting up your investment for sale to increase chances of the property getting sold.
Are you willing to let go of control to sell your property?
Handing over control of the selling details usually go to the real estate agent where you need to relinquish control of the selling details to your agent.
Having faith in your real estate agent to sell your property will take the stress out of you, as long as you have allowed your agent to carry on with their work based on their expertise and experience- this is where you let go of your control over the possible outcome of the sale.
To be assured of this, it would be best if you hire an experienced and reputable real estate agent so you can be confident that your property is getting sold with your best interest in mind and avoid the need to micromanage every aspect of the sale while it is still being listed in the market.
If you are a buyer, would you be attracted to the property?
Staging the property is a crucial element if you want to showcase your investment property. This means that you may need to invest in some renovations or modifications, if needed, to give it the attention and add more value to the property.
It does not have to be a sizable investment, just enough to ensure that you have all the basics covered and ensure potential buyers that they get a good value out of the sale.