Acquiring an investment property in a state like California puts you ahead of the rest. The warm weather, sandy beaches, diverse communities, top-rated schools, job market, and endless activities make it a prime destination for home buyers. While such attributes can increase interest in a property, finding a suitable buyer is often more complex. Despite their best efforts, some investors purchase properties that sit on the market for months, resulting in a financial hardship they aren’t prepared to handle.
Ultimately, if you can’t find a reasonable offer, you’re stuck paying for the property. The longer your investment property remains on the market, the more expenses you incur. Luckily, there are solutions to sell real estate faster. Consider some of these suggestions listed below.
While some buyers don’t mind purchasing a place that needs a little TLC, others prefer a move-in-ready property. They’re looking for something safe, healthy, and up-to-date that provides a level of comfort and convenience that meets their needs. Therefore, investors are encouraged to make home improvements to attract better offers and get their properties sold faster.
A newly renovated kitchen, bathroom, or outdoor living space are all popular features to consider adding to your investment property. Unfortunately, not all investors have the capital or credit to secure money to make these improvements. A quick and easy solution would be to search for hard money loans Los Angeles or Venice Beach to cover the costs.
These are short-term secured loans that allow you to borrow on the projected property value of your investment. You can use the cash to complete renovations and repay the loan once you’ve sold the property. The best part is they’re easier to qualify for, and you can receive funds in just a few days.
Hire A Real Estate Agent
Selling your California investment property also requires extensive knowledge about the local market. If you’re not familiar with the area or commonly used selling practices, you may find it challenging to locate ideal buyers. Hiring a real estate agent could help you get your property sold faster.
Real estate agents understand the market. They have access to many tools and resources to help them attract the right buyers. Real estate agents can assist investors with pricing properties, creating advertisements, hosting open houses, and more to secure a decent offer.
Vamp Up Marketing
Exposure is essential to selling your investment property. If no one knows the property exists, you’ll have difficulty getting offers. Therefore, it’s necessary to invest time and money into marketing. Besides placing advertisements on real estate websites, investors should consider other methods. You can create social media posts, upload home tour videos, place for sale signs on the property, and put flyers in local businesses.
Lower Your Asking Price
You want to make as much money as you can on an investment property. However, asking too much can backfire. Although the residence may have everything a buyer wants, they will look elsewhere if they can’t afford it. If your investment property has been on the market for several months, you may need to consider lowering the price.
Evaluate comparable properties and market trends to determine the best rate. Ideally, you want to price your property to be more affordable than others while still allowing you to turn a profit. Even dropping the price by $5,000 could increase your offers quickly.
Consider Other Investors
While most investors look to individuals or families to buy their properties, broadening your options for potential buyers could get your property sold faster. Independent investors and agencies are always looking for high-quality properties to flip and sell or rent. If you don’t have the money to put into renovations or simply can’t find a suitable buyer, an investor with deeper pockets will gladly take the property off your hands.
Many experienced investors would agree that it’s a lot easier to buy an investment property than sell one. Ultimately, there are a lot of factors that play into your ability to attract buyers and get a feasible offer. It could take weeks, months, or even years to turn a profit from your investment. While you can’t control everything, making the right improvements, hiring a real estate agent, pricing competitively, and tapping into multiple marketing strategies can increase the likelihood of you getting your investment property sold faster.