When is it the Best Time to Sell Your Rental Property? | Florida Property Management

Florida PMServices • August 14, 2020

When you’re not sure your rental property in Florida is providing the returns or the rental income you were hoping for, it may be time to sell the asset and move onto something else. This is not always an easy decision because there are numerous benefits to holding onto an investment home, even if there are challenges to overcome.

Each investor has their own set of goals and strategies. When a property no longer fits those goals, it’s absolutely the right time to sell it and move on.

Let’s look at some of the signs that it might be a good time to sell.

Sell When the Sales Market is Working for You

Achieving the price you want isn’t always a given when you list your property for sale, so if the real estate market in your part of Florida is in a position to give you what you want, it’s a great time to sell. When you have a lot of equity in your property and you’d like to use that money for something else, you shouldn’t hesitate; sell the home and re-invest the funds or use them for whatever purpose you need that cash.

Owners who have experienced a higher-than-expected increase in property values are in an excellent position to sell whenever they want to. Don’t wait for the next downturn; sell when there’s money to be made.

Sell When the Location is No Longer a Benefit

Location is a huge factor in every real estate transaction. Maybe you bought a rental property 20 years ago in a desirable neighborhood but that area is now remote and forgotten. Perhaps you have new neighbors or commercial sprawl that has disrupted your ability to attract and retain great tenants. If there’s talk about a freeway going up across the street, sell while you still can. Location is difficult to control; make sure it’s working for you or move on.

Sell When Maintenance Costs Outpace Value

When the maintenance and repairs required on your investment property are adding up faster than the income you’re earning on the property, it’s time to sell. Stop pouring money into maintenance and repairs that aren’t yielding any ROI. Instead, you can invest in other properties that are in better condition.

If it’s a minor fix that’s needed and you otherwise find your property to be a good investment, make the repairs and move on. However, if the repairs are frequent and the house requires more of an investment than you’re willing to make in order to keep it habitable and attractive to prospective tenants, you should probably let it go and focus your resources elsewhere.

Invest in Professional Florida Property Management

Many times, investors want to sell simply because they are tired of leasing, managing, and maintaining a property.

We can understand that, but remember that you have other options. Not everyone has the personality, the time, or the expertise to be a landlord. If you don’t want to sell the property but you also don’t want to manage it, hand the responsibilities over to a local property management company.

Our team can help. Contact us at Florida Property Management Services and we can help you determine whether it’s really the right time to sell or simply a good time to hand over the management and leasing of your otherwise profitable investment home.

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