Monday, May 7, 2007

More on Selling your Rental Property

It's amazing every time I head out with buyers to look at properties, how many rental properties are on the market and what condition they are in!  This last weekend proved yet another adventure in house shopping as well as an eye-opener to what some seller's are asking considering the condition of their properties and the (lack of) ease in showing it.

Here's a few more suggestions when selling a rental property:

1. Make sure the tentants will allow buyer's to see all the rooms.  We looked at two houses this weekend in which a teenager occupied the room and had locked the door (and no-one had a key), so we couldn't even see inside that particular room.  You can't really expect buyers to purchase a property without seeing it (unless they are other investors who don't really care what the property looks like).

2. If you have a pool that you're not willing to take care of, at least drain it before showing the property.  We saw three houses with pool that ranged from murky to nearly black.  You would think pools would be a great selling point with summer coming along, but if they pool looks contaminated with bacteria and algae, you can bet those buyers are going to look at buying a different property!

3. The term "fenced pool" in my opinion, usually refers to a pool that has a child-proof, self-locking fence around it.  We saw a house this weekend, that listed a "fenced pool", however, when we reached the backyard, we laughed that the seller decided that they could tack up chicken wire around the pool, and list it as "fenced".  Yes, I did say chicken wire!  I was amazed that the Real Estate Agent listing the house would also put in the MLS that this was a fenced pool! 

Sellers and Realtors, it would do you good to be honest about the condition of the properties when listing them in the MLS!  Nothing turns a buyer off more than an exalted description of a run-down property.  Right off the bat, the buyers are reluctant to do business with you, because you come off as not honest.  If buyers know they are getting a fixer-upper, they are much more likely to take a serious look at the property, rather than discounting it due to their perception of false advertising by the seller and Realtor.  �