Do you feel like being a landlord for so many years is already taking its toll on you? Now that you’re older, are you wanting to earn income in a less stressful way possible? When you’re younger, you still have the zest to handle a business such as an apartment building and even juggle a second job with it. Experts from 1031 Exchange Place believe that a manage-free property works best for those who want to retire from being a landlord.
Here are some tips to guide you in selling your apartments, so you can start living the stress-free life you deserve.
Understand your goals
Do you have a specific time frame as to when you want the sale to be finalized? If you want to sell sooner, you can sell below the market value, and buyers may come rushing in. If you’re willing to wait for the time when the market value goes up to the price you want, then you’ll need to stick out a bit with the landlord-ing.
Charge your tenants market rent.
Real estate buyers invest in terms of your rental income. If you’re charging your tenants rent that’s lower than the market rent, chances are you’re not going to get a high value for it.
Spruce up your units
Always make sure your units are tenant-ready. This is another good way to raise the value that you can sell your property for. Remember that a turnkey rental property is more sellable than apartments that you still have to renovate.
Proactively look for a buyer.
Don’t wait for the apple to fall in your mouth. Go out and do your own investor hunting after putting an advertisement in the papers.
Selling an apartment building entails a lot of legwork compared to a single-family residential property. Be sure to speak with a real estate professional to help you find the right value and the right strategy to selling your building. Then you can invest in a single-resident property that’s easier to manage and has better assurance of a stable monthly income.