Monday, 01 June 2020

Is This The Right Time To Sell Your Furnished Rental Apartment?

Written by Posted On Friday, 15 May 2020 09:12

Spring is usually the most important home-selling season - but this spring in 2020 took a different route. With the coronavirus crisis and everything related to the pandemic, people are more cautious than ever. 

Are you thinking about selling your furnished rental apartment? Is it the best time to sell? Read on to see what your options are and what should be your next step. 

To Sell or Not to Sell?

 

Did you know that at the moment, there are around 8 million individual landlords in the States? Or that they usually own between one to ten properties? 

In reality, this means a massive headache in a world caught by the pandemic. Before the corona outbreak happened, the number of renters had risen to 48 million in the United States. 

Now, when everyone is working from home or students are returning to their parents' house, small landlords and commercial space owners are stuck with high costs and lack of finances to cover their expenses when the rent isn't paid. 

This is more difficult for those who have fully furnished apartments - usually, this means that more money is invested by the owners and the fixed monthly costs are much higher. 

Now, the owners are facing a big decision, and they must decide if it may just be time to sell. 

Some owners are doing okay with this situation and they are not feeling the need to sell. However, there are those who don't have the luxury to take a wait-and-see approach. 

Home sellers are driven by various motivations: a growing family, a job relocation, or some other major life event, investors however with short term rentals need income and a return.

So… Should You Sell?

 

The truth is that - if you have to sell, you must sell, right? In life, sometimes, you don't get a lot of choices. 

If you need to sell your home for various personal reasons - you shouldn't' let the coronavirus stop you. 

If you have to move, or you need a bigger space for your family, or you want to downsize, or your investment rental isn’t working, you have little choice. 

If you decide to sell, make sure that you do the following:

Check with your real estate agent and local government what's allowed in your area. Also, bear in mind that things will change after the pandemic, so be open to new and different. If in-person showing is allowed in your areas, make sure that you present your place at its best. 

This means that you should:

 

  1. Organize and clean the place
  2. Fix major leaks 
  3. Clean windows, garden/backyard, parking lot, and so on. 

 

Last but not least: make sure that you provide hand sanitizer and ask people to wear booties over their shoes. It's OK to ask about this. Actually, it's OK to demand it in your home. 

What if You Want to Wait?

 

Your house, your rules - simple as that. If you aren't in a rush, and you choose to wait on the home to sell, you should know some points. 

  • You can expect for your home value to drop as pandemic fears continue. 
  • If people decide to get back to normal, you may expect your home value to go up.
  • You should build your online advertising and present your home to potential buyers. Scale up your digital marketing skills so you can keep people interested in your product. 

 

It's always a good idea to ask your real estate agent how likely your home is to sell in these uncertain times and how the value will be affected 

They are professionals, and they have been through many crises, so they will be able to give you an honest insight. 

The Bottom Line

 

Unwritten rules are that after every crisis, people choose for a short period not to make any changes. 

However, if you have a good advisor, an excellent real estate agent, in this case, you can expect to have the best solutions - Is it time to sell your furnished apartments or should you try to hang in there?  It doesn’t look as if this short term travel market will be improving any time soon, and you can always buy another investment for temporary housing when it does improve, I am thinking it may just be time to convert the rentals to longer-term or invest in another medium.

Rate this item
(1 Vote)
VOXEL Agent Marketing

Search by State:

Agent Resource

How to capture your next prospect - click here

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.