Real estate expert John McGrath gives the low-down on how to handle your investment property.
John’s tips:
- If you’re thinking of selling your investment property, don’t! You’re better to accumulate a portfolio of property over a period of time to really create value
- Real estate is a long-term investment. Hold onto your property for at least five years and then pick a time when buyer demand is strong to really maximise your growth.
- When you’re ready to sell presentation is critical. The more appealing you can make a property the more money you can make when you sell. Don’t go overboard on renovations – it’s presentation that matters.
- There’s no hard and fast rule on whether you should sell by auction or private treaty. Look at the area where your property is and if there’s strong demand take advantage of sale by auction.
- Some people sell privately but most use a real estate agent. A good agent can add more value than it will cost you. They should find more buyers, and give you advice that will increase the price you receive. Interview 3 or 4, and find one with a track record of good sales in the area, or one who has been recommended by someone you know who has used them before.
- Finally, if you do your homework, present your property well and choose a good agent, how can you go wrong?!
