Selling income property is different from selling a home – think
of it as the difference between business-to-consumer marketing and
business-to-business marketing. So the normal staging process to
make your home more interesting to a buyer is not really going to
have the same impact. Rental property is separate, because it's
bought by investors who are qualified to look at income rather than
new paint. Generally the numbers mean a lot more to them than the
There are many approaches for making your income property more productive.
1. Find out what the same sort of homes are renting for. If you are charging more than the average you will have problems getting tenants, whilst below the average could mean you can increase the rent therefore giving more income.
2. Invest in finishing the basement and rent it as a separate unit or if there is plenty of outdoor space to the property what about an extension to create an extra bedroom?
3. Find out what your rent payers want out of the property and ask around to find out what tenants need in general. Laundry facilities, in fact all kitchen appliances, could make the property more rentable and bring in bigger rental fees.
4. Can you upgrade the insulation to lower the heating costs or switch to a high-efficiency boiler that will save on heating expenses?
You have finished the research, you know what the property income is likely to be and you still would like to sell, then this is the time to obtain a marketing plan which markets the property to its best and appeals to the investor.
Here are the last jobs to cross off your to-do list before your Calgary real estate income house is ready to be centre stage on the open market:
• If you have rent payers in the property already, make sure you take the time to speak to them about what is going on. It is extremely rude and unfair on existing tenants if you don't.
• This is also a good chance to let your tenants know about their greatest concern: what the future holds. One of the main considerations is briefing them of the closing date you are aiming for, so they know how much time they have if they want to or have to find new accommodation.
• Even though property investors are more interested in the financial implications of the property, this doesn't mean you don't need to stage it well; the property still needs to look its best.