As a fix and flip investor your work isn’t done until you sell the property. You can do everything right along the way but the payoff only happens when you find an end buyer. Getting to this point can be very stressful. Your business may be in a holding pattern until you can unload the property. This causes you to make decisions that you normally wouldn’t make. Regardless of whether you are selling a primary residence or an investment property the listing process is typically filled with ups and downs and plenty of stress. The best way to combat this is by making smart choices before the house ever hits the market. Here are five ways to take the stress out of the selling process.
- Use The Right Real Estate Agent. The home selling process starts with finding the right agent. You may consider selling on your own but you should quickly wipe this thought from your mind. Whatever you think you will save on commission you will give back with time spent marketing and showing the property. A good real estate agent knows how to market the property and find the right list price to get the home sold quickly. Finding the right agent is often easier said than done. Not every agent makes a good selling agent. Some real estate agents focus more on working with buyers and aren’t polished on the ins and outs of listing. It is important that you have a conversation with your prospective real estate agent and find out what their sales plan is. Whether they are a friend, family member or someone you have worked with in the past if you are not satisfied with their answer you need to find an agent you are comfortable with. Your transaction is too important to leave in the hands of someone you don’t think can do the job.
- Leave Emotions At The Door. As difficult as it may be it is important that you keep your emotions in check during the process. Sellers that take everything personally usually do something they end up regretting. If a buyer wants to make a below asking price offer you can’t be insulted to the point that you refuse to make a counter. If a buyer has some critiques of the property you can’t let it impact whether or not you want to move forward. Your sale is a business transaction and you need to think of it as such. You can’t get too high or too low with whatever happens in the process. A buyer may really want the house but if their pre-approval is shaky you need to review other offers. Staying neutral and being objective is not always easy but if you can manage to do so the process won’t seem nearly as stressful.
- Stay Away From Showings. If you were smart enough to enlist the services of a real estate agent you need to let them do their job. Yes, you really want to sell the home but your presence at showings can make things uncomfortable. No buyer wants to walk through the house with the owner present. As much as you want immediate feedback you need to back off and avoid the showings. Your real estate agent is more than equipped to provide an update after the showing is over. You don’t need to be hanging all over the buyer trying too hard to promote the property. Doing this does much more harm than good. Most buyers want to be left to look at the property on their own and only ask questions if they really want an answer. Your intentions may be great but you need to stay away from any showings.
- Let Real Estate Agent Do Their Job. As the seller you are in control of the process. Ultimately it is your call what price you want to list at and even what marketing options you want to use. That being said you should really listen to the advice of your real estate agent. They are the professional and even if you are an experienced investor they have a comparable amount of market knowledge. Lean on them to guide you as to the list price and when you should consider a price drop. Listen to what they have to say on property presentation and what may need to be adjusted. You should also give them some space and not call them every five minutes asking for updates. You can bet that if they have something to say they will call you. A good real estate agent is in control of the transaction and will make the process as easy and stress free as possible.
- Have A Backup Plan. Most of the stress in the sales process comes with making unexpected decisions. You can greatly reduce this by having a plan with whatever is thrown at you. If the property isn’t generating any offers within a predetermined period you will know what number to reduce the price to. You should know the area market rents just in case you need to go that route. You should have a bottom line number in mind that you will sell for if you simply want to get it sold. Prior to listing you should have a plan A, B, C and even D for every possible scenario you are faced with. Knowing your options won’t make things better but it will make things easier to deal with.
Selling a property doesn’t have to be filled with stress. Use these five tips to make things as easy as possible.
