How to Make Money from Selling a Rental Condo?

Property investors, especially those who like to buy condos for rent, after a while facing similar problems about condo depreciation that requires maintenance. Repairing common tasks such as, two pieces of swollen laminate flooring, perishable kitchen cabinet doors, leaking sink, cracked wall, doesn’t sound serious but it’s actually hard to find a repairer who takes small tasks. Most servicemen prefer big jobs that generate greater amount of money than get hundreds to a few thousand baht. If you find a skillful one on the app, the fee is quite costly with starting price from 500 to 1,000 baht, and that may sound overpriced until we get the job done. The condo owner has to carry the burden of maintenance cost higher than actual value. That hasn’t included headache issues along the way; for instance, in the event of late rent payments, the owners have to make a reminder call or send a Line message to the tenants. The owners also need to make repairs to damages caused by the tenants when they leave, and the cost normally exceeds insurance limit.

 

To cut off those bothering matters, some investors decide to sell condos that are rent out for a while because they can make installment payments of their condos with rental fee received from the tenants for years. Besides, the owners still get Capital Gain when condo price is increased. Nevertheless, selling property is not as easy as stock trading because it’s considered low-liquid asset. Then, what condo owners should do to sell their property quickly, and to get profit, break even, and without loss? Let’s find out the answers in this article.

1. Improve the room to look brand new like Grade A condo

You may confuse why room improvement is needed when you’re going to sell it. Think about this. If you pick and aim to buy a condo in your favorite location and project, and there’s another room which may locate in different floor but in close proximity to the room you pick, and the price between two rooms is quite similar. Ask yourself which room you’ll buy between Room A which is repainted and refurbished to look like a brand-new room, or Room B which remains in the old condition. Which room will attract you more? Certainly, it’ll be Room A because some buyers may not have enough budget to renovate the room at first, and they don’t need to invest in room improvement. If Room B is chosen, there’ll be lot more expenses coming. Therefore, it’s advised to refreshen your room to be brand new like Grade A room. Put effort to invest a little more so you can sell your room easier.

2.  Imagine that you are a buyer

Let’s think about this scenario. Suppose you’re going to buy a condo in the location you plan to resale, you may consider whether there’re competitors or interesting options, and what are stunning points of your condo like no other such as, bigger room, more parking space, no monthly parking fee, cheaper common fee, etc. After that, reviewing which competitor’s condo is captivating, how much the selling price is, how much the common fee costs, is there anything better than our condo? Also, checking competitors in your place how much they sell their condo located in the same space and similar floor. It’s also better to check condo price on the website and you may call to find out if the owner has sold the room and how much it is, in order to set reasonable price, not too high or too low.

3.  Provide room information completely and sincerely

When selling things, try to figure out what kind of information buyers need as people nowadays love convenience and make a decision based on that. Detailed information will speed up their purchasing decision such as, location, floor, room direction, room size, room plan, furniture, car park, environment, advantages of the project, selling price per square meter, nearby places, and transfer fee. You should provide information as much as you can to help buyers make quick and easy decision, and then you’ll eventually find the right buyer sooner.

4.  Take pictures or video in every part of the condo

Pictures and video can make buyers decide if your room is the right one so you don’t have to manage time presenting your room to each buyer. Buyers can get general perspectives when seeing your room through pictures or video and they don’t have to visit and see actual room. If buyers don’t like your room, both parties don’t have to waste their time setting an appointment. If any buyer likes your room, there’s 60% probability that you can sell it. Before taking pictures or video, make sure to arrange your room nicely, draw the curtains and turn on the lights to brighten your room so it’ll look more pleasurable to live in when shooting pictures or video.

5. Post your condo for sale on social media & website

Accessing to social media nowadays is quite simple in daily life. After waking up in the morning, most people will check Line messages, visit Facebook and Instagram to update news or follow up their friend activities. That’s why social media has become a source of people and it certainly includes target group who wants to buy a condo. Therefore, you should post your condo for sale on Facebook Group comprising many communities who share interest in property business. You can request to join those groups and then post your room and update your post every day, also insert appealing pictures or video clips of your room in different angles to attract target group. Once they send you questions, that will be the first door of your opportunity to talk to prospects. There’re also the websites for trading and rental property that offer a free post for you. You should regularly update your content and don’t let it fall to the back page as buyers may not be able to search and find your post. If you want your post appeared on the website Home Page, you need to pay at least thousand to ten thousand Baht. When spending your money, there’s absolutely more chance for buyers to search and find your post than on the post given free.

6. Let a professional manage it

Using professional agents is necessary in this era as they’re expert in the field and have more skillful marketing experience than amateur. It’s better to choose agents from several companies to increase potential to reach customers to the full. You’ll become worry free because agents can help you manage document and contact government officials. Even though 3% agent fee will be charged, it’s considered an interesting choice if your condo can be sold faster

7. Don’t let all opportunities slip away

When someone call and ask you about room information, please be open-minded and listen to buyer needs so that you can find a way to present your room professionally. For example, if buyers argue with you or complain that there’s no balcony for hanging clothes, you may find a solution by convincing them that a washing machine with dryer is now available for sale so they don’t need to hang clothes, and outdoor space like balcony to dry clothes is a waste. Generally, those who live in condo rarely walk to the balcony but stay in the room more. If buyers comment that Studio has no privacy, you may suggest them to install partitions which not only create privacy but can also use as decorating props to delight your room. Besides, you need to find buyer insights such as, what type of condo they need, does your room match their needs, when will they make purchasing decision, is there a nearby room or any other competitors, so that you can estimate the possibility of buyers and set strategy to close sales such as, offering flexible pricing to trigger them or paying all transfer fee to hasten buyer decision

 

Although selling each portion of property seems not easy but you may have more chance to sell out your condo faster if you follow suggestions above mentioned. If you want to renovate your condo before selling out but have a shortage of money, try SCB Speedy Laon with a maximum limit of 5 million Baht* and installments up to 72 months. See details at  https://www.scb.co.th/th/personal-banking/loans/personal-loans/speedy-loan.html

 

Source:

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