How can I maximize profits when selling an investment property?

[David Ounanian]

Maximizing profits when selling an investment property involves strategic planning and execution. Here are some of our top tips to help you get the most out of your investment:

Market Understanding:
-Research current local real estate conditions.
-Consider hiring an experienced local real estate agent.

Accurate Pricing:
-Set a competitive and realistic asking price based on recent comparable sales found on the MLS.
-Obtain an opinion of fair market value from a real estate agent.

Property Enhancement:
-Improve curb appeal and overall condition.
-Address necessary repairs.
-Stage the property or consider virtual staging.

Timing:
-Be mindful of real estate market seasonality and major holidays can distract buyers from noticing your new listing.
-Ideally list early in the week and during a weekend
-Monitor economic indicators and interest rates.

Marketing Strategy:
-Develop a comprehensive online and traditional marketing strategy to get your listing in front of the most buyers.
-Highlight unique property features and benefits.

Negotiation Skills:
-Be prepared for negotiations and stand firm on a reasonable asking price.
-Use written contracts; don't negotiate verbally.
-Consider offering incentives or concessions if offers are not being submitted.

Tax Planning:
-Understand tax implications and consult with a tax professional.

Pre-Sale Inspections:
-Conduct inspections to address potential issues beforehand.

Remember that every real estate market is unique, and the effectiveness of these strategies may vary. Consulting with real estate professionals and financial advisors can provide personalized advice based on your specific situation and market conditions.