Few things are more frustrating than being unable to sell a property you’ve put on the market. You’ve probably already spent a lot of time and effort trying to get it ready. You’re likely carrying heavy costs like the mortgage and insurance, and you’re putting in a constant effort trying to sell it. Fortunately, there are a few last resort solutions that you can take if you can’t seem to find a buyer. Here are five things you can do if you can’t sell your property.
Change Real Estate Agents
Sometimes the problem with selling your home isn’t the house but the selling agent. The worst performers are “post and pray” agents who assume that listing your home on the MLS is all they need to do. The solution is to change your real estate agent. Switching to a high volume real estate agent or someone who specializes in your neighborhood could be all you need to do.
Ask about a Guaranteed Purchase Program
If you’re moving for work, ask your company or new employer if they have a guaranteed purchase program. These programs will buy your home if you can’t sell it yourself and then sell it on. Fewer businesses offer programs like these, but you may still get money toward your real estate agent’s commission.
Make Your Home Look Like What Buyers Want
The problem may not be a bad picture of the front of the house, but that it looks bad no matter how you frame it. Your home may need a facelift. Cut back the shrubbery, clean up the yard, and give it a new coat of paint. Clean up the interior, too, so that it looks like it is well kept. Once this is done, take new pictures if the old ones showed a home everyone else would consider a fixer-upper. In some cases, home staging is necessary so that potential buyers can imagine themselves living in the property.
If your home requires more work than you can handle to attract buyers, then you could sell the property to the real estate investment firm. They visit properties, appraise their condition, and offer a competitive price for them. This is one of the fastest and easiest ways to move a property, especially if you need the money to move into the home you truly want. They’ll even clean up the items you leave behind, so this is the best choice for those who need to close quickly.
Rent It Out
Renting a property out could generate cash flow now while allowing you to wait for the real estate market to improve. Becoming a landlord is a lot of work, though you can hire a property management company to handle that for you. You could also offer the property as “rent to own”, allowing renters the option to buy the property over time. You might be able to find renters who will maintain the property as if it were their own because they hope to buy it one day.