Whether you are selling a property to cash out the value or renting a property through a lease, there are certain fundamentals one should keep in mind to gain top dollar. These are things that if completed properly will promote maximum value. I’m constantly surprised when sellers and landlords fail to do these simple things:
1. BACK TO BASICS
I am constantly surprised by folks that do not have the fundamentals down, such as ensuring the property is in a clean and orderly condition. The property does not need gold toilets or crown molding everywhere, BUT a cleaned up yard, broken items fixed and a fresh coat of paint can go a long way. You have to keep in mind the psychology of our physical environments. By having the place properly maintained and just a bit spruced up, you are sending a powerful message. You are saying you care and that this property and neighborhood is worth the investment. A person does not naturally want to sink a bunch of money into something that looks and feels terrible.
2. PROPER MARKETING
You need to announce that a property is available. If renting an investment property, consider Zillow that also links to other rental sites such as hotpads. Sometimes selling or renting a property is a numbers/volume game. If you are in a military town consider accessing websites that cater to this community. Is there a nice clean sign out front with a phone number, etc. Flyers, social media posts, etc.?
3. COLORS & IMPORTANT ROOMS
If you are remodeling and painting keep a couple things in mind. Colors are subjective and physiological. Do your research on current trends or go traditional like off white, beige or greys. Add touches of color in a creative and thoughtful manner. Lately folks seem attracted to basic house colors with a door that pops in a bright color.
If putting money into specific rooms, consider that people are very interested in the way kitchens and bathrooms look. These rooms seem to return the most on your investment.
4. YOU ARE A BUSINESS, Think about the customer
You like businesses that take care of the customer. Same here, think about how you are providing a very important product to your customer. How can you make them happy and confident? I have found this mindset to go a long way!
One pet peeve I will share. I really do not understand when a property is not clean and orderly. It is practically free to trim up the growth, sweep the drive way, clean up the dog doo doo, keep the house clean and organized. This simple practice could go a long way in maintaining the value of a neighborhood. So keep all these elements in mind to earn top dollar off your investment!