In the previous article, we were able to differentiate the homeowner from the real estate investor and also talk about finding a goldmine in places where other people do not see the potential. Now, let us talk more on how to invest property. Property can have three different actions: buy, sell, or rent. Since the other article talked about finding property, we will now talk about how to invest property because owning a property as a real estate investor is not much use unless you have already had a plan on what to do with it. We have tackled on the buying side of certain properties and now let us talk about the selling side of properties.
Selling property is very tricky because you have to have your data right. Having insufficient data and declaring your value a certain value without actually having a concrete reason why you are selling at a certain price is an unwise move to make.
Here are certain ways to be able to package and sell your property at a certain rate:
- Find the highest value before you bought the property
Finding the highest value before you bought the property is usually more effective than finding the lowest value. Telling your client that the certain property used to cost this much at a certain time usually lets them imagine the value you have given them as the floor instead of the ceiling. Get it? If the floor is high, then the ceiling must be higher! This is one way to be able to appreciate and package your property. For some people, giving a discount price works but for others and especially those who are into home owning, knowing that their property is of high value is something that helps them sleep well at night.
- Find the potential value based on surrounding property
Comparing the value or your property to the value of the property that surrounds it can be done both ways.
- Finding the property with the lowest value
Finding the property with the lowest value allows you to differentiate how far your property stands out making it look more and more expensive. Of course, do not compare your property to the obvious lowest-value looking property but compare your property to a property that is not obviously cheaper but actually is.
- Finding the property with the highest value
Comparing your property with the highest value is only effective if the gap is not that far. Promoting the potential and packaging the said property as something that is not too far from the highest value property in the neighborhood.
- Find a way to harmonize both together
Once you have all of these factors, find a way to package your property in a way that does not look too far out stating the potential and stating these few tricks can get you a really good deal of attention and may even help you sell your property right away!