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Do you have investment properties that you need to offload quickly? This article is perfect for you!
There can be many reasons why you may need to sell investment properties in Cleveland. If you have the luxury of time, no worries. The trouble comes for those who need to sell them fast. It may be you want out from under the tax liability or that the property is in need of extensive repairs or the neighborhood is changing for the worse. Whatever the reason selling investment properties doesn’t have to be that difficult, even if you need to get rid of them quickly.
We have compiled a list of the fastest ways to sell investment properties. Here are the top six ways.
If time is on your side, you always have the option of listing your investment property with a real estate agent. They will do a lot of the work for you like putting it on the market using both online and offline resources. They will conduct all the viewings for you with your help of coordinating with the tenants for showings. This is the only way some people know how to sell an investment property (or any property), but it is certainly not the fastest way. In some instances, it can seem like it happens overnight, if you are lucky enough to time the market just right. But it can also be expensive and take a long time if the market is in a slump.
You always have the option of connecting with an auction company and having them sell it for you. An auctioneer can discuss how similar investment properties have faired at previous auctions. You will often have to pay for a listing with the company and auction fees. On the convenience side they will give you a firm auction date, schedule the auction and market it for you. However, there is significant risk in this strategy. There is no guarantee that the property will sell so it’s not always the fastest of the ways to sell investment properties. There is also no guarantee that the property will sell for the price you want or need to sell it for.
If your investment consists of a single-family dwelling, one of the ways to sell it off is to offer it to the present tenants, either to buy right away or to lease with an option to buy. If your goal is to sell it quickly the lease option isn’t ideal as it will take a few years and then you have to hope the tenants pick up the option when it comes due.
If your goal is getting rid of it quickly you can offer your tenants the option to buy the property since they might be ready to make that investment themselves. If they like the property and they want the convenience of not having to move, they may be interested. However, many renters are renters for a reason, and that is because they don’t have the desire to buy or they can’t meet the financial requirements. This might be a tough one to make happen unless you know the tenants are in good financial standing and are actively interested in buying a home.
Selling to your tenants can take some of the steps out of the sales process, which is helpful to you. This also makes it easier for them to buy a home so it becomes a win-win.
It should be noted that the tenants would have to meet financial qualifications to secure financing. This process takes some time. Also, if the tenants needs time to work on building their credit, that obviously takes even longer.
Some owners advertise investment properties as “for sale by owner” or FSBO. This is an easy way to get the word out that you are putting the property(ies) on the market. Many investors look for FSBO properties as they are looking for motivated sellers.
You will save money on the realtor commissions and fees, but please note that it will be a lot of work as you will have to handle the marketing, showing the property and going through applications and offers on your own. It’s also not certain qualified buyers will show interest in the investment property, so it could sit there for a long time before a sale is actually made. This is exagerated when the property is a multi-family as your pool of buyers is cut down compared to single-family properties.
One of the popular new ways to sell investment properties is to advertise them on Craigslist. It is simple to create an ad and post it for the world to see in a matter of minutes. To put your property out in the worldwide marketplace you will need to set up an account. Once the account is set up, you can select “Post to classifieds.” The site will walk you through the steps for posting your property. You can also upload images of the property and they offer a few helpful hints for how to sell an investment property on the site.
Social media is a quick way to reach the world no matter what platform you choose. Most of the platforms offer advertising which is relatively inexpensive. You can easily create an ad with the information buyers might need. It’s a quick way to get the word out even if you’re not exactly sure how to sell an investment property. Use your personal accounts or business accounts for advertising purposes. Start with Facebook and Twitter and branch out from there onto other platforms you may be active on.
If you already know how to sell investment properties or you have been working with real estate wholesalers, then it is likely you have already been building a cash buyers email list. Professional real estate investors often collaborate with others in the profession and generate lengthy lists of other cash buyers or investors. It’s one of the tricks of the trade and one of the effective ways to sell investment properties. These lists are useful when you find properties but it’s just not the right time to buy or sell. You can often pass a good deal off to another investor. So if you’ve been building a cash buyers email list, send out a mass email to all of them inviting them to take a look at the property you are trying to sell. One of them may jump on the offer.
Working with real estate wholesalers (cash buying organizations) is the fastest way for selling investment properties. It can be easier to find wholesalers if you are well-established or have been building a cash buyers email list. It is by far one of the fastest ways to sell investment properties since they can give you cash for the property. They are also aware of the details of how to close a sale. In turn, they are not only eager but also understand all the steps that need to be taken. This means it’s fast, it’s easy and it’s done.
At Sesa Properties, LLP, we’re experienced real estate investors. We’ve spent years building long-lasting business relationships with other real estate investors and motivated house sellers. Our business practice focuses on closing fast so that you don’t have to watch your property sit on the market for months. If you are looking for ways to sell investment properties and ready to start working with real estate wholesalers, give us a call at 216-750-3132 or check us out at www.offmarketcle.com. We would love to connect with you!