The biggest difference when selling a property to an investor is keeping in mind you are not selling to a consumer but to another business. When selling the house you can often increase the price by making it aesthetically charming to the possible buyer. But that all changes if the buyer is an investor as they are not looking at the appeal of the house, rather that they are looking at how much income they can make out of it. The figures, for example rent, is more often than not more imperative than the building.
As an investor there are lots of ways you can raise rental income and below are a few ideas.
- Do your research – look around at rental homes that are similar to the building you want to rent and find out how much rent is being asked for. Compare your charges to theirs; if you are charging less then you could reasonably raise the rent without losing tenants.
- Though finishing a basement to code may involve significant investment, it may pay off in the long run.
- Listen to what tenants want, the more you listen the more the you can make a home more attractive on the rental market. Laundry facilities, in fact all kitchen appliances, could make the house more rentable and bring in higher rental fees.
- Can you update the insulation to lower the heating costs or switch to a high-efficiency furnace that will save on heating expenses?
Putting together a marketing plan, which will paint your property in a good light to investors, needs to be put in place once you have worked out and understand the financial worth of your home.
You are nearly ready to market your Calgary real estate property, before you do take a look at some final points that will conceivably make things run a little better:
- You may even have tenants, keep them informed about the decisions you make and what is going to happen. It is extremely disrespectful and unfair on existing tenants if you don’t.
- Take the chance to listen to your tenants concerns, after all they are going to be worried that they will lose their home. The closing date is going to be crucial to rent payers so try and give them a rough idea when it will be.
- Even though property investors are more interested in the financial ramifications of the property, this doesn’t mean you don’t need to stage it properly; the property still needs to look its best.