People often shudder at the thought of exploring investment property as an asset-builder thinking that investors are mostly bound by the habit of buying and amassing properties.
While many people agree that investment property can be a high-stakes and capital-intensive option mostly associated with buying and renting instead of selling, it cannot be denied that many investors make good money out of property investments especially those with property assets situated in good locations with great amenities and features.
But what if an opportunity comes with a tempting offer, will you be ready to let go of your property?
Take time to reflect on it
While jumping on an offer to sell may be enticing, take note that it is a totally different idea from buying and needs due diligence and your serious attention.
Of course, it is ultimately your decision if you want to sell or not, however, it would be wise to think things through and not to jump on a whim.
This is especially true when you have more than one investment property and have gained good experience leasing your property within your management and control- which is something you are prepared to let go of.
If you are exploring the idea to sell your investment property by yourself you can never be always definite of the outcome of the sale.
However, with the help of an experienced real estate agent, you just might have the confidence and assurance that your sale is handled by someone who knows best.
Before you take the plunge, here are several questions to ask yourself and assess your preparedness for selling and letting go.
Will selling be the best choice?
This won’t be much of a problem for those who have made up their minds to sell. However, this is a daunting and stressful idea for those who get an immediate offer to sell their investment property, especially when it comes as a surprise and not expecting it.
Take note that your motivation to grab an offer would definitely be an indicator if you can live with the thought that you have made the best decision should you choose to sell.
Generally, the decision to sell is surely a difficult one to make, especially on properties with sentimental attachments and can oftentimes prevail over any capital or monetary gain.
The best approach is to assess and determine how you could benefit from selling your investment property.
Do you plan to sell to gain new capital for another investment venture? Are you opting to strike and take the opportunity while the iron is still hot? Are you getting stressed or burned out managing your investment assets and turn them over to a new owner?
These are a few of the questions you should consider when planning to sell your investment property, especially when you realise that it becomes a liability rather than a lucrative and profitable asset.
When you think that your plan to sell will start to make sense and leave you feeling comfortable with such a decision then go ahead.
Will you be committed to selling it?
Not every plan to sell always have the best outcomes, especially when it falls short of your expectations in terms of purchase offers. There are a lot of reasons that can influence buyers not to push through with an offer to buy and it is something that you need to come to terms with.
Consider it a major factor for your decision to sell or not and you must relay this to your agent.
For factors that can be controlled such as property features, tenancy status, amenities, and administrative concerns, these can be simply projected and addressed before selling your investment assets to increase the chances of it 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 process to your agent.
Putting faith in your real estate agent to sell the property can take the stress out of the process, as long as allow and trust your agent to carry on with their work based where you let go of your “control” over the potential outcome of the sale.
To be sure, it is best if you hire a reputable and experienced real estate agent so you can be confident that your property is sold with your best interest in mind and avoid the need to micromanage every aspect of the sale while still listed in the market.
Would you be attracted to the property as a buyer?
Staging the property is a critical step in the process if you want to showcase your investment property. This means that you may invest in a minor renovation or modifications, if needed, to give it more visual impact and add value to the property.
It does not have to be a substantial investment, but just enough to ensure that you have all the basics covered and assure potential buyers they expect to get a good value out of it.