4 Ways To Maximize Return When Selling Your Big Bear Investment Property
Is it time to sell your revenue-generating vacation rental property? You don’t have to stop receiving a return while your property is being marketed for sale. In fact, a savvy buyer may find that an active vacation rental is attractive and may pay a higher price. It is possible to have your cake and eat it – if your agent knows how to do it right. Here are 4 tips on how to make the most out of marketing and selling your Big Bear vacation rental cabin.
1. Market your property appropriately.
Many buyers are looking for exactly what you are selling. They want an investment property in Big Bear that is already set up to be a revenue-generating vacation rental. Market your property for what it is. Your agent should know how to promote your property as a “turnkey” money-maker and be able to show why it is. Your agent should get the rental history from you or your property management company and provide it to buyers and their agents so they can see real numbers on how your property performs.
2. Don’t stop renting it out.
Investors love a property that is already performing and generating a revenue return. Keep your property that way while it is listed. The proof is in the pudding, and it is a powerful marketing tool to be able to show buyers that the property has real time rentals on the books. An objective marketing message like, “the cabin is currently generating a return as a vacation rental…”, means a lot more than a subjective one like, “it could make a great income-producing vacation rental…”.
Furthermore, there is no reason a seller needs to lose rental income when selling. It just takes planning and an agent who knows what she’s doing.
3. Set your cabin up for maximum exposure.
The challenge is getting buyers in to see your cabin in between bookings. A good listing agent will put clear showing instructions for buyers’ agents in the Multiple Listing Service (MLS). The showing instructions should instruct the buyer’s agent to contact the listing agent, not the vacation rental company, to see if the cabin is rented. Your agent will then be able to better coordinate successful showing appointments. Your agent should ask the vacation rental management company to not allow late check-outs, so buyers have time to see the cabin before they leave town and after the guest checks out. It’s okay if the cabin has not yet been cleaned. Investment-minded buyers will appreciate that it is working the way they want it to work for them, and a messy cabin means it was rented.
Showings can even be scheduled between back-to-back bookings. On a day of a back-to-back booking, there is a window of time between when the guest checks out and the next guest checks in. That time slot should be promoted so buyers’ agents can arrange showings with their buyers so they can see your very busy and successful vacation rental investment property in action.
4. Cooperate with your property management company.
Your agent should consult with your property management company so that the highest level of cooperation is in place. If the company is doing a good job with the property, your agent can promote to the buyer the advantages of continuing to work with the company that currently manages the property. The “turnkey vacation rental” status of the investment property will often allow for the buyer to close escrow with reservations already on the books.