Let’s say you found a property that fits your budget and is in a decent location. You calculated the return on investments and it all looks very promising. Only problem: the property is ugly. Very ugly. However, this is not necessarily a dead end for real estate professionals. The key to selling your property is to highlight advantages it already has and offer incentives to potential owners/renters. Here are some tips when selling a less-than-average looking property.
Just because the property is ugly doesn’t mean it’s not safe or hazardous. Analyze its surroundings. Your property may have the potential to skyrocket in value due to potential of future properties, like malls or parks, appearing on said surrounding area. Explore the area to determine the market, attend open houses, and explore the neighborhood initiatives. Calculations are not the most fun part about real estate, but it can definitely create solutions and ideas for you when deciding how to market your property.
Let’s go back to the very beginning of the article where we suggested offering incentives. Now that you have performed all those calculations from your research, create a budget strategy to justify your property’s appearance. Be realistic through this process. Remember that you will need to adjust your prices accordingly to the surrounding market. We suggest starting pricing at 5% lower than your competitors.
Choose Upgrades Wisely
Smaller upgrades like fresh paint and new floors can do an ugly property a lot of good. Your clients will take notice of the small upgrades. Not only are you making the property more attractive, you are also building your reputation as a real estate professional and improving your property’s value and return.
The real estate industry includes many challenges, like other industries, but not many like selling an unattractive piece of property. However, through research, persistence, patience, and creativity, your property can pay off big time.
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