Are you tired of dealing with troublesome tenants? Are there more buyers than sellers in your area, and you’re ready to make a profit? Or maybe, the landlord lifestyle has just become too stressful? It might be time to sell your rental property if you said yes to any of those questions. However, you know how competitive the market can be if you live in the Nashville area, so what can you do to stand out? Let’s take a look at some insider tips for selling rental properties in Nashville, Tennessee, if you’re ready to get that rental home off your hands.
Determine Fair Market Value
Fair market value (FMV) is the amount of money a property will sell for in the current market. Determining fair value ensures your asking price isn’t too high but it isn’t too low that you’ll miss out on income. Many factors influence FMV such as location, property type, amenities, square footage, number of bathrooms and bedrooms, and the property’s condition.
Simply average the price of three to five similar properties in your area to determine fair market value. Once you have that number, you can adjust it based on amenities and other things that make your property stand out. For example, say you have an in-house washer and dryer on your property, and others don’t. You can raise the price by how much it costs to buy the machines and how much they run up the electric bill.
Know Your Audience
While the Nashville population is booming and many young people live in the area, you’re not likely to get many young buyers. You’ll likely be selling to either home buyers or other investors like you. Knowing who you’re selling to can help you prioritize the right decisions. Say, for instance, you intend to target home buyers—most home buyers in the area are families looking for a home. As a result, you’ll want to prioritize making your home family-friendly if it isn’t already. Conversely, when you sell to an investor, they’re more focused on getting a good deal rather than buying a property with a playground set in the backyard.
Perform a Thorough Property Inspection
No matter who you’re selling a property to, the better condition your property is in, the more you’re going to get for it. Also, it’s best practice to inspect a property before and after a tenant moves out. Before you put your property on the market, hire a professional inspection service to make sure everything is up to par. You don’t want to uncover any issues lurking under the surface. It would be troublesome, to say the least, to sell a property that you marketed as being in great condition, only for a water pipe to burst the next day.
Hire a Cleaning Service
On top of hiring a professional to inspect your property, you should also consider hiring a professional cleaning service or, at least, give it a good scrub down yourself. However, the cleaning service will know where to find all the dirty nooks and crannies. Remember, selling a rental property in Nashville, Tennessee, is all about standing out among the rest and giving yourself that competitive edge. At the end of the day, a sparkling clean property is going to generate more interest. Also, as a rule, the more pride you show in your property, the more others will see the value in what you have to offer.
Consider Your Property’s Curb Appeal
Remember, the first thing every buyer is going to see is the outside of your property, whether they book a showing online or simply pass by. Your property might be gorgeous and perfect on the inside, but a poorly maintained exterior is going to lower your home’s value and your chances of hooking a buyer. Make sure driveways and walkways are clean, trim and maintain the landscaping, remove any garbage, and make sure the exterior walls are free of stains.
Install the Right Safety and Security Measures
While Nashville is generally safe, it does have its fair share of crime. Keep in mind that security is going to be a top priority if you plan to sell to families. Therefore, you’ll want to invest in the right security measures. You don’t have to go all out and install a security camera on every corner and bar the windows. However, simply installing an alarm system is enough to turn a buyer’s maybe into a yes.
Make Your Property Listing Stand Out
Before you put your rental property up for sale, look at your listing. Does it put your property’s best foot forward? Are you highlighting all the amenities and features that make your property stand out? Consider giving your listing a rewrite if not. Also, after all that time you spent sprucing up your property, it may be time to retake those listing photos or set up a virtual walkthrough. Doing so will give your potential buyers the convenience of not having to set up a scheduled walkthrough and your listing a competitive edge.
Use Tenant Ratings and Reviews
Don’t be afraid to reach out to past tenants and ask if you can use their opinion of the property as a review. This tip may seem like a tactic reserved to help you find other tenants, but it also helps you find buyers. It helps potential buyers build confidence in their purchasing decisions when they can see that people like them enjoyed their stay. Plus, other investors will love to see that the property is already a great place for tenants.
Excalibur Homes has been in the real estate and rental property management business since 1980, so we know a thing or two about what it takes to sell a home. We offer home-selling services complete with a detailed market analysis to help you get the most for your property if you’re ready to sell your rental.
We’ll also put you in touch with one of our property managers in Nashville if you’ve already sold your property and need help managing your other rentals. We take care of everything, from marketing and leasing to management and beyond. We make generating passive income a little more passive by taking the weight and responsibility of being a landlord off your shoulders.
