Prepare yourself before selling or renting out your property.
Anyone who owns a house or condo, if they no longer need to live there or plan to move, can leverage their property to generate income. This could be through outright sale or rental for passive income. However, whether selling or renting, preparation is key to ensure a smooth and successful process. Here are some guidelines for preparing before deciding to sell or rent your house or condo:
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1. Decorate and Repair for a Beautiful and Livable Property
The very first step when considering selling or renting a house or condo is decorating and repairing it. Since it has been lived in for a long time, some parts are bound to be damaged. Key areas to pay attention to include bathrooms, kitchens, bedrooms, plumbing, and electrical systems. Thoroughly inspect for any damage or signs of wear and tear and repair or replace anything that is outdated to ensure it's in the best possible condition. This might also include repainting, replacing some furniture, and rearranging the room or house to make it more inviting and modern. After all, even for a second-hand house or condo, potential buyers or renters always want a beautiful and comfortable place to live.
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2. Thorough Cleaning
Besides decorating and renovating, cleanliness is crucial and should never be overlooked. This is especially important when showing the property to potential clients; a lack of cleanliness can instantly cost you a client. Given the current COVID-19 pandemic, cleanliness and safety from germs are even more pressing. Therefore, thoroughly cleaning and organizing your house or condo before selling or renting it is essential.
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3. Research Your Target Audience and Set an Appropriate Price
Once your house or condo is clean, ready to move in, and beautiful, you need to focus on who you're targeting. Research current market prices, rental rates, and competitors to set a reasonable price. If you want to set a higher price, consider what motivates potential buyers, such as complete furnishings, amenities, or a prime location. The better you understand your target customers and the more thoroughly you research the market, the greater your chances of setting a suitable price and achieving your sales or rental goals.
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4. Draft a Clear and Accurate Contract
Whether selling or renting, a contract is always necessary to ensure everything runs smoothly. To avoid future problems, thorough research is crucial during the contract drafting process. Seeking advice from experts is also recommended to maximize the benefits for both yourself and the buyer/renter.
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5. Take Photos and Plan Your Sales Presentation
Once the house, condo, and contract are ready, the final step is taking photos. Choose attractive angles and plan your marketing channels carefully. Decide on how you will advertise, whether through local notices, website listings, online advertising, or using a real estate agent. Lack of planning and knowledge of sales channels can lead to delays and missed opportunities. If using an agent, carefully reviewing the contract and the agent's compensation is essential.
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Opportunities to sell or rent real estate, whether a house or condo, always exist, even in an economic slowdown, because the demand for housing never wanes. However, the speed and success of selling or renting depends on preparing the property properly. It must be attractive, reasonably priced, and in good condition to easily attract the target audience. This is the responsibility of the property owner. Anyone looking to profit from selling or renting their property needs to pay attention and prioritize this.
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Thank you for the valuable information from REIC.
