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Selling your real estate investments? Use this guide

Are you ready to get out of the real estate game? If you're getting ready to sell off your investments and retire, it's smart to plan ahead to make the sales process as simple as possible.

Here are some steps you can take to make things easier on yourself:

1. Let the management company and other important people know the sale is coming

You don't want to sour your relationship with your management company, maintenance company, landscapers or other people involved in the care and maintenance of your property. Let them know well in advance of the "For Sale" signs that you're looking to sell the property. Transparency can go a long way toward easing the kind of tensions that come when a property goes up for sale.

2. Review any service contracts or other agreements that are tied to the property

Make sure that you review any existing service contracts or other agreements that need to be bought-out or sold with the property so that you can discuss them with potential buyers.

3. Pay attention to the physical appearance and condition of your property

Having the landscaping done and adding fresh paint to the walls are minimal investments that can often produce maximum rewards. An attractive property is always going to be more interesting to buyers.

Other things you can do to make sure your property is well-received by potential buyers include:

  • Cleaning up any messes or storage spaces
  • Repairing any damaged walls
  • Replacing any worn flooring or carpets
  • Adding lighting

You do not want to spend this time (or your money) on capital expenditures. These are the kind of large expenses that will add value in the long run to a property, like a new roof or new appliances. When you're planning to sell right away, there's no time to recoup that kind of expense.

Finally, it's always smart to get experienced legal advice on any real estate transaction. Don't commit to an offer until you've had plenty of time to see if it is really in your best interests.

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