Hot tourist markets like Miami, New York, Los Angeles, Chicago, San Francisco, among others, tend to attract investors looking to grow their real estate investment portfolios. From fix-and-flips to rentals, exciting opportunities are available for the savvy investor. However, managing a property from afar can be challenging. Whether it’s a second home, a vacation rental or you’re ready to move on to your next investment, a strong marketing plan can help you get the best price, even if you’re listing the property from a remote location. Here are some tips to keep in mind when selling an investment home from afar.
1. Market and sell your home online:
The ability to market and sell your home online is a distinct advantage when trying to sell from afar. It’s easy to write up a detailed listing and upload great photos to effectively market your home. If you’re looking for a simple and efficient way to sell your home at auction, consider Hubzu’s Signature Seller Auctions which offers broad marketing exposure, high visibility for listings and an efficient seven-day auction cycle.
2. Engage the help of your association:
If your property falls under a condo or homeowners’ association, leverage the assistance of the association’s board members or property manager. By letting them know your property is on the market, they can assist by pairing you up with interested buyers. Associations can also help spread the word about your home on the website, community newsletter or ads.
3. Plan ahead for showings:
If you are selling your home from afar, you’ll need to figure out a process for walk-throughs. A neighbor or contact in the community may be willing to help. You may even consider getting a cleaning service or other contractor to check on your home or provide access for showings.
4. Track the real estate market:
Another way to ensure that the sale of your investment property is successful is to keep up with the real estate market. You can look at recent comparables to see what similar homes have been selling for in the area. If your home isn’t selling, you may want to reconsider your asking price or try selling your home at auction with Hubzu’s Signature Seller Auctions.
5. Close the deal:
Once you find a buyer, you’ll need to work toward settlement. If you cannot attend the closing, you’ll need to make sure that all administrative duties, including granting power of attorney, have been taken care of from afar. Many title agents are accustomed to what are known as “mail-away” settlements, and they will be able to help walk you through the process. After the sale, make sure you receive the correct paperwork in addition to the monetary funds. It’s also a good idea to consult a tax adviser regarding federal and state taxes.
Selling a property from afar can be challenging, but with the right support in place, you can successfully market your property even if you’re not currently living there. When you’re ready to find your next investment, head over to Hubzu to start your search.
