If travel restrictions or other events are stopping you from selling an investment property in person, is there a way to navigate the process remotely?
Once you’ve managed to successfully purchase your first home, there usually comes a point where most Aussies start looking at other avenues to increase their income. Suddenly, property becomes less of a necessary evil, and transforms into a logical means to generate wealth – or at least try to.
When we refer to investment properties, the term is usually used to describe houses, apartments or townhouses that investors buy, and in turn rent out to another person to live in. Ideally, the end goal is to make a healthy profit, but sometimes it doesn’t always turn out that way. Whether you want to cash in on your asset, capitalise on a healthy seller’s market, or circumstances have dictated a change in direction for you, at some point selling investment property is something most people will need to consider one way or another.
However, the circumstances that we’ve all had to contend with over the course of the last year have made selling investment property slightly more complex if you live interstate and are shut out by parts of this world, such as quarantine, lockdowns and border restrictions. Even if that hasn’t applied to you, life just gets in the way sometimes, and you may not be able to get to wherever it is that your investment property is located – so how do you navigate the process remotely?
A Guide To Selling Investment Property From Afar
Selling any form of property can be a stressful situation if not handled correctly, and this same logic applies to the process if you’re not able to oversee the sale in the flesh. Thankfully, it doesn’t have to be that way though, and there are a few things that property owners can do to ensure that the event goes as smoothly as possible.
Rent vs Sell – First things first, are you one hundred percent sure that you really want to look at selling investment property as opposed to renting it? While there is no right or wrong answer, be sure to carefully evaluate all of your options before making a snap decision.
Study The Market – Once you’ve opted for selling investment property, be sure to do your homework regarding the current property market. Consider factors like what similar properties are selling for, how long they’re on the market for, and what buyers are going for.
Do The Repairs – If you’re fortunate enough to be in the midst of a sellers market, don’t skimp on the relevant repairs or renovations that the property needs in order to get it looking its best. Avoid cutting corners or putting it in the “too hard” basket just because you’re not there.
Give Tenants Notice – If your investment property is currently tenanted, make sure you know the rules and regulations that apply to the state or territory where your property is located. You want your property vacant well in time for settlement, so the new owner can take possession.
Get The Right Agent – Prospective buyers will channel their offers via your real estate agent, who will negotiate with them on your behalf. As such, choosing the right real estate agent to sell the property for you remotely is crucial, as communication is more important than ever.
Choosing a real estate agent that’s right for you is hard at the best of times, let alone when you’re selling investment property from interstate or remotely. Thankfully, the services of a property advisor can be a game changer when it comes to enlisting someone who has your best interests at heart instead of the highest possible commission bracket.
As an example, your advisor would likely research the property, local agents, check the zoning, evaluate market conditions, and communicate clearly with the owner regarding all of their options, and can be particularly useful when it comes to choosing a real estate that’s right for you. When working with a reputable advisor, this often results in homeowners being able to sell their property for significantly more than they initially thought possible – but where do you find one?
Taking The Stress Out Of The Property Market
A completely free service, Emergency Services Property Advisors provide property advisor services to Police, Fire, Ambulance and S.E.S personnel and their families right across Victoria.
Luke and the team at ESPA are passionate about providing support to some of Australia’s most valued public servants. Along with key industry insights, ESPA also works with a broad range of service providers linked to the real estate industry such as conveyancers, trades, legal practitioners and mortgage brokers.
If you are an emergency services worker looking to potentially buy or sell property in the future, please get in touch with Emergency Services Property Advisors today to discuss how we can turn your real estate dreams into reality, or call Luke directly on 0414 757 705.
