Benefits of Using a Realtor to Sell Investment Property
7 Ways a Realtor Can Be Useful
Selling an investment property can be a stressful experience. Whether it is a flip you have owned for a few months or a rental property you have managed for decades, you want the sale to be as smooth and effortless as possible. Using a Realtor to sell your property can have many benefits. Here are seven ways a Realtor can be helpful.
1. Sell Property by Marketing
The first benefit of listing an investment property with a Realtor is that they will market the property for you. The Realtor will gather important information about your property, including square footage, number of units for multi-families or commercial properties, number of beds and baths, if applicable, as well as any amenities the property has. The Realtor will then design an ad, including recent photos of the interior and exterior of the property.
Their occupation as a Realtor will hopefully be able to grant your property maximum exposure. The Realtor will have access to marketing opportunities that you would not have.
The Realtor can list your investment property on the MLS. The MLS, or multiple listing service, is a private network that only real estate agents have access to. Real estate brokers can add their listings to the site and can view listings by other brokers. It provides a unique opportunity for Realtors to help each other make a commission by finding buyers for each other’s properties.
Not only will the Realtor have exclusive access to the MLS, but he or she can list your property on two other sites which you would not have access to on your own. The Realtor can publish your listing on Realtor.com, as well as on the website of the real estate company that they work for.
2. Sell by Pricing it Right
The Realtor that you select to sell your investment property should have intimate knowledge of the local market. Since they deal with selling property on a daily basis, they will have a general idea of what your property will be able to sell for.
In an attempt to set a more accurate price, the Realtor will gather three or four comparable properties that have sold in the area, ideally within the last six months. They will use these comparables as a barometer to adjust the sale price of your property up or down.
You want to get the highest price possible for your property, but you also do not want it to sit on the market for too long that it becomes a stale listing because it is priced too high. You also do not want to price it too low and leave money on the table. The Realtor will hopefully be able to price your property correctly.
3. Conduct Open Houses/Showings
Another benefit of hiring a Realtor is that they will schedule the showings of your property, as well as set up open houses. The Realtor will put in the time and effort to interact with potential buyers so that you do not have to. If you do not live close to your investment property, this can save you the time and hassle of constantly driving to the property to meet up with buyers, especially if the prospective buyer never shows up.
4. Buffer Between You and Buyer
Realtors act as the middleman between you and a prospective buyer. The Realtor will be the one communicating and negotiating with the buyer or the buyer’s agent about showings, price, inspections or required documents.
This third party can help relieve the anxiety that many owners have with dealing directly with a buyer. The Realtor is not as invested in the property as the owner, so he or she can have a more level head during negotiations.
5. Realtor Can Get True Feedback
Some buyers will not give true feedback if the homeowner is the one showing the property because they do not want to insult the owner. A Realtor may be able to get a buyer’s true opinion about the property. The prospective buyer may be more likely to give the Realtor their true feelings about the positives and negatives of the investment property. The Realtor can then use this feedback and make certain adjustments to the listing, adjust the price or make cosmetic updates to the property if need be.
6. Industry Access/Expertise in Their Field
There are certain Realtors who specialize in selling investment properties. For example, a Realtor may have a niche of selling commercial real estate.
If you own a commercial building, this Realtor may be the best choice for you. They will have a better knowledge of how to market your property, as well as contacts who have an interest in this specific property type. If you can find a Realtor who specializes in selling your type of investment property, it is worth looking into their credentials further because they may be a great fit for you.
7. Reach Out to Their Network
Finally, by listing your investment property with a Realtor, you are gaining access to the Realtor’s Rolodex. They have a network of other Realtors, as well as prospective buyers. They may be able to send out a mass email and easily come back with a number of prospective buyers for your property. These industry contacts can help get your property sold quickly.