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Exit Strategy 101: How to Sell Your Nashville Property for Top Dollar
Lee Blackburn
If you’re thinking about selling your Nashville investment property, you’ll obviously want to sell it for top dollar.
This is much easier to do when you have a solid exit strategy in place.
Smart investors make exit strategies a part of the entire planning process.
When you are ready to sell your Nashville investment property, we can help you make sure you’re earning as much on it as you possibly can. Here’s how it works.
First Step: Re-visit Your Investment Goals and Create or Review Your Exit Strategy
Before you rush into listing your property and begging for buyers, you want to take a look at a few things. Namely, your investment goals. Why are you selling now? Was this part of your exit strategy all along? If so, great! You’re on the right track.
Investment goals matter. Before you put your Nashville rental property on the market, it’s essential to revisit those goals and establish some expectations for what you’ll earn on your property and how its sale will affect your portfolio.
If you don’t already have an exit strategy in place, it’s not too late to develop one. What will you do with the proceeds of your sale? Maybe you want to liquidate the asset and do something else with your funds. Perhaps you’re thinking about a 1031 Exchange that will diversify your portfolio. Or, maybe it’s simply time to get out of the investing game and retire.
Understanding those goals and expectations will help you make informed decisions and optimize your proceeds from the sale of your property.
Nashville Property Management and Real Estate Expertise
We’re always advising investors to build a strong professional network, and this is one of the reasons why. Selling a rental property in Nashville will be more profitable and a lot less stressful when you’re working with experts who have a deep understanding of the local market and a lot of knowledge about how to sell a property for the most money. Lean on the property managers and the real estate experts who know your home, understand the competition, and have some good ideas about how to position your property in the market.
The right agent can help you navigate the complexities of selling your property. You’ll also be sure you’re selling for top dollar. You need a strong negotiator and someone who can share best practices and information with you.
Are you selling a rental property that still has a tenant in place? You’ll need more than a real estate agent; you’ll need a Nashville property manager. Whether you’re moving the tenant out in order to sell or you’re hoping to sell to another investor who will welcome an acquisition of a tenant-occupied property, there will be some intricacies that a property manager can help you navigate.
Selling Your Nashville Property for Top Dollar: Pricing and Marketing
When it’s time to sell, remember that your asking price can immediately make or break your home sale, and the way you show and market your home will impact who sees it and what they’re willing to pay for it. The marketing and the pricing are perhaps two of the most important parts of selling an investment for top dollar, especially in a market that’s growing as quickly as Nashville.
- Pricing your Nashville Property
What a lot of investors who are selling a home will often fail to remember is that the asking price is only what you’re listing the home for on the Nashville market. It’s unlikely that you’ll get that asking price, even in a market that’s moving as quickly and competitively as Nashville. It’s a strong sales market, and you could potentially be entertaining offers that are over the asking price, but don’t go into it anticipating such a situation. Instead, prepare to consider offers that are lower than what you want. The asking price is a meaningful starting point, but you’ll have to be prepared to negotiate.
Let your real estate agent suggest that asking price. Your agent will conduct a comparative analysis that brings you some reliable statistics and hard data that supports how your home will be priced. Their market knowledge is essential here; you’ll have the ability to rely on your agent, but when you know your property and how it fits into the market, you’ll be able to stay in control of your exit strategy and earn what you’re expecting on your sale.
- Advertising and Showing a Nashville Property for Sale
Once you have a price and a listing, it’s time to advertise your home to buyers. The way your home is marketed and advertised will impact how much you earn and how quickly you sell. It’s pretty much impossible to sell a home that no one knows is available.
To maximize your exposure, you should expect to see your listing on the MLS, and it also needs to be syndicated across real estate websites like Zillow and Trulia. Your agent should have it on their own website, too. If you’re working with us, we’ll get exposure for your listing on our own site and across our social media platforms. This is a great way to get attention and generate shares.
Selling a home starts with a great listing. Make sure your agent focuses on impressive photos and videos, detailed descriptions, and a comprehensive strategy that includes social media shares.
The marketing process will revolve around showings. These will be scheduled by your agent, and it’s usually best for you not to be home when potential buyers are coming to see the property. There will also be open houses and special broker and buyer events.
We are almost always encouraging our investors to buy a property and hold it as long as it’s profitable. But, we understand that investment goals change and you may have some new ideas about what you want to do. We’re here to support you through your entire exit strategy, and to make sure that you ultimately sell your Nashville property for top dollar. Please contact us at Omni Realtors & Property Management.