If the market is up and you expect a strong return on your investment, it is the best time to sell your rental property. Thus, you will be able to move your investment into a different type of investment.
But, experts say that selling a property without the help of a property manager in Adelaide would be difficult.
This blog helps you with five important tips about selling your rental property in Adelaide.
Tips For Selling Your Rental Property
#1 You should know the worth of your property
First, you should find out what is the maximum value you can get if you sell your property in the current market. The best way to do this is to talk to a local real estate agent. He will be able to give you a few expert opinions alongside your own research.
Alternatively, you may also contact an agency that offers rental property management in Adelaide.
The best thing will happen if you get a property value report. It will cover all essential information about the current market and your property.
#2 Compare two or more real estate agents
Choosing the right agent will make a big difference. Not only it will change the selling experience, but you will also save some money.
You need to choose an agent that charges the least fee but doesn’t compromise on quality.
As part of the process, you should get a detailed market report of properties that have sold in your immediate area in the last 3-6 months.
#3 Check the tax repercussions and hidden costs
When you sell a rental property in the traditional manner, it may take months and also will involve a lot of costs, e.g., agent’s fees, conveyancing fees, marketing fees, etc.
If there is any confusion about the tax liability, then you should talk to an expert.
#4. You can choose to go to an auction
When an agent, you can choose to go for an auction or private sale. While both methods have their distinct benefits, the best benefit depends on the type of your property.
#5. Make sure you are in constant communication with your agent
When you sell a property, it is important that your tenants get notice well in advance. Therefore, you need to talk to your agent so that there are neither unhappy tenants nor prospective buyers.
Hope, these five important tips will help you in finding the best deal for your rental property.