Interview several agents and ask HOW they will market your home and what they do that other agents don’t. Make sure they take professional photos of your home and provide other valuable listing tools like showing apps that text you when your home has a showing and give you valuable feedback. They should be doing MORE than the average agent and they should be able to show you examples. Don’t choose a Realtor who just puts your home on the MLS and lets other real estate agents do their job for them.

Accurate pricing sells homes. The price your short-term investment enters the market with, can mean the difference between creating a bidding war and sitting on the market for months. Listen to your agent and let them do a Free CMA on your home. Once they have toured the property ask them to prepare a NEW CMA based on seeing it in person. The highest price is not always the best price. Look at the low and high prices they give you and pick a number that is reasonable & will get the most guaranteed offers.

Plan ahead by choosing the right time of year to sell and take the time to prepare your investment before you list it. Ask your agent for a list of repairs that will improve the asking price. Start preparing a list of things you need to do before you list it and set dates to get them completed by. Choose the best time of year to list it and have everything completed before then. If you think you will need a moving company or moving truck then start researching local movers and how much time in advance they need to be notified and how booked up they are currently.

This is the time to look at your investment property through a buyers eye, fix any major issues and do the updates that are necessary. Focus on small improvements which will push your value up, like upgrading the cabinet hardware or installing a new kitchen sink. You do not need to entirely renovate a room to raise the value. Kitchen & Bathroom improvements will drive the price up & are the most important with floors & paint a close second. And don’t forget curb appeal!

The difference between a staged house and an unstaged house can translate into THOUSANDS of dollars in the sales price. Clean your entire house thoroughly including the basement and garage. Buyers will be looking into every nook and cranny so be sure to organize closets and cabinets and throw away old food & junk you don’t plan on taking with you when you move. Clutter often makes rooms seem smaller, and overwhelming decorations may prevent a potential buyer from envisioning their own style in a room. Rent a storage unit and pack up as many things as you can live without and bring them to storage. Put away family photos and store personal items in drawers and cabinets. Stage your home so that each room is attractive, every closet is clean and organized and countertops are clear of clutter.

Review your listing agreement with your Realtor and make sure it contains all of the contingencies you require like how much time you need to move out after closing, are appliances and window treatments included, and what financial terms are required including pre-approval letter or proof of funds. Read everything carefully and ask your agent what other sellers are asking for to give you ideas. This is a contract and you do not want to forget anything crucial. Be prepared for your Realtor to come in and take photos. Ask your agent to preview the property remarks before publishing to the MLS. Make sure they include all of the important details about your investment and are creative and stand out. Be honest but be memorable. Describe special details that aren’t always obvious. A compelling description can make your house stand out from the rest and bring a higher offer. The first day your short-term rental enters the MLS is important so be sure to plan on listing it first thing in the morning.

Not every agent is willing to put forth the time and effort it takes to put on an Open House and not all homes need an Open House. A successful Open House can attract attention from people searching nearby and create a buzz around your home often creating a potential bidding environment. Ask your Realtor what they provide in a showing report and be sure they collect valuable feedback so you can make small improvements where needed.

When evaluating an offer on an investment property, it’s important to remember that it’s not solely about the price—terms play a significant role as well. Take the time to carefully review each offer and ask questions to understand the specifics. Pay attention to the financing type, as different loan types come with varying requirements. Clarify the seller’s obligations based on the financing option, particularly in relation to repairs, inspections, and closing conditions. Remember, repair requests from buyers are negotiable and should be assessed with flexibility. Consider which buyer has the highest likelihood of successfully closing the deal. Additionally, ensure you request a pre-approval letter or proof of funds to confirm the buyer’s financial capacity.

Once you’ve finally accepted an offer, inspections will be done to satisfy both the buyer and the mortgage lender. Additional repairs are sometimes negotiable and the cost can be split between the buyer and seller and many times are not required at all. Many sale agreements are incredibly complex so be sure to ask your Realtor before shelling out more money.

Selling an investment property involves more than just finalizing the transaction; it’s also an opportunity to strategically mitigate taxes and plan for your financial future. We highly recommend meeting with a tax expert like our in-house team member, Matt Tatum, to navigate the complexities of capital gains taxes and explore strategies such as 1031 exchanges or other tax-advantaged options. With Matt’s expertise, you can ensure your tax obligations are minimized while maximizing the return on your investment. Taking this proactive step will not only protect your financial interests but also set you up for success in your next investment venture.