There’s no denying that the housing market has gotten a lot harder on would-be newcomers as of late, with the average housing price rising dramatically. As such, property owners who are holding onto homes that they don’t plan on using are finding themselves in an increasingly awkward and costly position as they hold onto properties that cost money but don’t generate any. So, what can you do to turn the situation around and make money when you’re finding it hard to find sellers?
Sell harder and smarter
It might be harder to sell to individuals with more people finding it difficult to enter the housing market, now, but that doesn’t mean that you can’t do it. If your home isn’t shifting, take a look at the way that you’re trying to sell, and try some expert tips, such as working with a real estate agent that focuses on any niche that applies to your home, and spend more time finding the right online channels to market your property through. If it’s not selling, there’s usually something you could be doing to help sell it.
Look at the investment market instead
If you can’t sell it to private buyers but you really want to get rid of it, then you might want to change not only the channels that you’re selling it through but the entire market that you’re selling it to, as well. Professional home buyers have been on the rise in recent years and are likely to be willing to buy your property even if other markets aren’t showing much interest. Yes, there is a potential you could wait for private buyers with more competitive offers, but if you’re looking to shift your property quickly, this might be the more reliable option.
Consider renting it out instead
While many young professionals and growing families are finding it difficult to get their own first home, that means that there are more people renting than ever. Switching your approach and looking for tenants rather than buyers could help you weather a hostile market, even temporarily. Of course, if you’re not up for the effort of being an active landlord, then you might want to look at working with a property management team to take care of the necessary duties for you.
Turn it into a destination
If you’re not fond of the idea of managing long-term relationships with tenants, then you might instead want to look at turning your property into a short-term rental. Whether it’s working with apps like Airbnb or going your own way and listing it privately, if you are close to a popular tourist spot, then you might be able to turn your house into a place for vacationers to stay. Just be aware they have their own expectations for amenities that you might need to spend a little to cater to.
While it is getting a little harder to make money the traditional way in real estate, it’s not possible. What’s more, there are other options. Hopefully, the tips above help you identify the strategies that will work for you.
(Disclaimer: This content is a partnered post. This material is provided as news and general information. It should not be construed as an endorsement of any investment service. The opinions expressed are the personal views and experience of the author, and no recommendation is made.)