Tips for Selling Your First Investment Property

Successfully selling real estate isn’t just about finding a buyer; it’s about finding a qualified buyer willing to purchase the property on your terms.

Whether you’re a new real estate agent or property owner looking to sell without an agent, we have some tips to help you successfully sell real estate in any market. 

Be Clear on Your Sale Objective

To find a buyer willing to purchase on your terms, you need to know your terms.

Are you looking to sell as quickly as possible? Or are you willing to wait a while if it could mean a higher sales price? Do you want to sell it as-is? Or are you willing to put in some work if it means a higher net profit on the sale?

As you decide what you want from the deal, consider your current real estate market phase to ensure your goals are realistic in today’s market. For example, if the market is in a recession phase, the property may not be worth as much as it was last year. But if the market is in an expansion phase, you may be able to sell quickly and for top dollar.  

Prepare the Property for Sale

Make sure your property is ready to make a strong first impression with these tips.

Declutter, Depersonalize, and Clean

You want buyers to come in and instantly imagine themselves staying in the space. This is easier to do with a clean slate. So before listing the property for sale:

• Remove all clutter. This might mean moving extra knickknacks, linens, collections, and even furnishings into storage.

• Take away the memorabilia. Take down family photos, personal items, and anything else that reminds buyers that they do not own the property.

• Get it clean. Deep clean the building from top to bottom.

Make Necessary Repairs

Depending on your objective for the sale, you might just replace burnt-out light bulbs or tackle more extensive upgrades to increase the value of the property. 

If you have any noticeable defects that can easily be repaired, it’s a good idea to fix them. When a buyer sees one of these issues, they begin to question the condition of the property as a whole. Broken locks, loose hardware, and damaged baseboards won’t take much time or money to repair. And they’ll boost the property’s perceived value for the buyer.  

Additionally, sellers are generally required to disclose known defects. This is a good time to start preparing your disclosure for future buyers. 

Stage the Space

Staging is about making the space feel warm and inviting. Some quick ways to stage include:

• Arranging furnishings into conversation areas indoors and out.

• Adding fresh linens to the bedrooms and bathrooms. 

• Setting the table as if for guests or arranging wine service at the bar.

• Planting new bushes at the front entrance to enhance curb appeal.

Market Strategically

To attract buyers, you need to reach them with an offer that appeals to them. Here’s how. 

Price it Right

Many sellers try to overprice their listing to “leave room for negotiations.” This strategy nearly always backfires. Pricing too high filters your property out of online searches with price filters, so some potential buyers never see your listing. They may see it when you reduce the price after a few months without traffic. But by then, they may think the price was reduced because something was wrong with the property. 

Instead, compare recent sales of similar properties (comps) to determine a fair asking price. You can find comps and other information by logging on to PropertyReach. A fair price may even generate competing offers.

Include Professional Photos and Videos

As of 2024, 100% of homebuyers use the internet to search for homes. So your listing photos and videos need to capture their interest. As one picture is often worth 1,000 words, be sure to invest in professional photos and videos to stand out online and generate more buyer leads.

Use Multiple Marketing Channels

Effective real estate marketing incorporates multiple channels to reach a wider audience of potential buyers. In addition to listing your property for sale on the local MLS (multiple listing service), you might also promote your listing via channels like:

• Social media

• Email 

• Direct mail

• Pay-per-click (PPC) advertising

• Print ads

Negotiate Carefully

Getting the right terms may require some back-and-forth, along with the following steps: 

Evaluate Incoming Offers

In addition to the offer price, you should consider other offer terms, including:

• Concession requests. In most markets, buyers commonly request funding to help with closing costs or their real estate agent’s fees. 

• Buyer financing. Sellers love all-cash offers because they prevent the deal from falling through due to financing issues. But, as home values have increased, many buyers (millennial homebuyers in particular) are proposing non-conventional financing like FHA loans or even seller financing, in which the seller acts as the mortgage lender. 

• Closing timelines. Make sure the proposed timeframe works for you.

• Contingencies. It is common for buyers to list stipulations that must be met before closing, such as having a satisfactory home inspection and appraisal. 

Counter if Necessary

If you don’t like the terms of an offer, consider replying with a counteroffer. Negotiating through counteroffers can be a good way to reach an agreement that both parties are happy with.

Renegotiate After the Inspection or Appraisal if Necessary

An accepted offer doesn’t mean the deal is guaranteed to close. Buyers are allowed a due diligence period to make sure the property is what they think it is.

Assuming the standard inspection and appraisal contingencies are in place, the buyer may want to renegotiate based on the results of the inspection or appraisal. 

If, for example, the home inspection finds that the roof needs to be replaced, the buyer may ask for a concession or price reduction to account for the unexpected cost. Negotiate carefully, knowing that the buyer could potentially walk away from the deal if you cannot agree on terms.  

How to Gain a Competitive Edge in Selling Real Estate 

Whether you’re a real estate agent, broker, or investor, successfully selling real estate in the 2020s and beyond requires reliable data and smart tools to make the most of that data. With PropertyReach, you get access to a nationwide property database, complete with sales history, tax assessments, and even owner contact information.    

Use this information to quickly run comps and establish value estimates, find motivated sellers for your next investment, or attract buyers and sellers to your real estate business.

Learn more about PropertyReach and give yourself an advantage in the competitive real estate industry!