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An agent who specializes in income properties can aid many of the elements in identifying your need to sell and in determining your financial goals and needs. You should have in your own mind an idea of the state of the Prescott real estate market in your area and what your minimum sale amount should be before speaking with an agent. Developing a relationship with an income property advisor will flush out whether your initial assumptions are correct. For instance, an agent will be able to show you the state of the market in your area by providing you with the numbers on recent sales of comparable properties in your area. They will also be able to provide you with details like how close to asking price comparable income properties are selling for and the average number of days comparable properties were listed for before they sold.
Choose the right income property advisor. For instance:
- Engage a REALTOR® in your immediate area of choice who has extensive experience in the sale of residential income properties – ideally they will have the appropriate knowledge of landlord-tenant legislation, city and county regulations, financial statement preparations, closing costs as well as a strong sense of market value for different properties in different areas.
- Understand what your financial obligations will be in advance. Make sure that you clearly understand what your selling costs will be prior to marketing your property. ASK FOR A WRITTEN NET SHEET
- Request and review a current market appraisal on your income property from an REALTOR® before engaging them
- Spend time with your REALTOR® prior to searching for properties to learn from them as much as you can about income properties (appraisal techniques, market capitalization rates, income analyses, city zoning, etc.)
- Learn how your REALTOR® works (How will they market your property? How do they intend to show your rental units? How will they represent your property to potential buyers? Etc.) Get a general sense of their work ethic and how well you will be able to work together.
- Will your REALTOR® market your property on the internet? How do they rank when your potential prospect searches on, “Prescott Income Property” Search Yahoo Now For “Prescott Income Property“
Working with an income property advisor who knows how to market your specific type of property is the best course. The reality is that paying a sellers’ commission is money well spent.
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