Our next podcast discussing making the most of your investment properties is here! Check it out to learn how to get the most you can out of your property’s sale.
Today Marcia and I talk about the process behind selling your investment property for the most money possible.
Featuring:
René Nelson, Eugene commercial real estate broker
Marcia Edwards, Eugene residential real estate broker
Making the Most of Your Investment Properties – Part 5
Marcia Edwards: René, it’s a crazy market, and the thing is, things will sell if you put them on the market. But what I’m looking at for investment properties, you wanna get the highest return possible. There’s gotta be a strategy to pricing that will give you the top dollar even in the seller’s market.
René Nelson: Definitely, Marcia. So one thing that I tell sellers is it’s all about timing right now. We wanna put the property on the market, and then we wanna wait a couple of days so that we know it has maximum exposure, and we wanna receive as many offers as we can. So I tell my sellers, “We’re not gonna take, necessarily, the first offer that comes in. We’re gonna set and be patient,” because ultimately, what we’re trying to do is create an atmosphere that’s almost like an auction-type atmosphere where there’s a frenzy and the buyers know they have competition.
Marcia Edwards: This is a commodity right now, there’s not enough of it, so to look at it that way makes a lot of sense. Talk to me about putting it on the market. When you put it on the market, is it something that you do with a… Like do you put it online? Or how do you get it out there?
René Nelson: So I subscribe to several national services that I can market to, as well as regionally, and then locally. So a lot of our audience probably is familiar with LoopNet. And LoopNet is a source or a site that the public can go on to and look for available property. But the thing about LoopNet is most of the properties that are on LoopNet are old and tired, overpriced, beat up, or tired because the broker couldn’t sell it prior to putting it on LoopNet, so it’s on LoopNet for a reason.
Marcia Edwards: Right, okay, that’s where residential investment property goes to die, if I could say, yeah?
[laughter]
Marcia Edwards: Okay, so on the top dollar part of it, how do you know? Do you put it on the market where you expect it to sell at a price that is going to be the number? Do you try to predict the sales price? Or do you underprice it a little bit? Or what’s your strategy and approach in pricing?
René Nelson: You know, it really depends. I just did a market analysis or a pinpoint price analysis for a client, and it was two duplexes that were side by side, and it’s really a redevelopment play. And they were old, they were built in 1914. They’re okay, fully occupied, in okay condition, but old, you know, old wiring, old…
Marcia Edwards: Needing updating.
René Nelson: Needing updating. So that, we decided to go conservative so we can create that auction-like atmosphere.
Marcia Edwards: So you need to have someone that knows the market like René Nelson in regards to your investment property when you wanna liquidate that and get top dollar in this market.
If you’re looking to part with your investment property, René can help you make the most from your property’s sale. Schedule a 15-minute discovery call to better understand your investments and the market today.
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