Selling an out of state SFH - Who to use?

4 Replies | Indianapolis, Indiana

Hi everyone, quick question:I am considering exiting one of my SFH's which is out of state. I am in CA and the SFH is in Indy. I have professional property managers managing it. When you choose to sell it, how do you go about it? Do you engage your PM's and ask them to take photos, and work with a local realtor or agent? Or do you call a local agent first? Do you even use an agent? I am looking for top price, and I am not in a rush. It is currently rented but I think I would get the most money for the home by selling to a home owner instead of another investor. BTW, I am getting spammed day and night by other folks looking to snag it off-market. I have been for years actually haha. I'm sure you know what that's like.

Anyways, how do I get going on it? 

Thanks!

I would start by contacting your property manager and see if they know another investor that may be interested in purchasing it from you. They would be incentivized to help you find a buyer if it means they can keep the property under management. If that doesn't work. I would try to connect with a couple Realtors on BiggerPockets and have them each send you their marketing plans and go from there.

I've recently been using a strategy that I think is pretty foolproof. I'd be interested to get some feedback from everyone.

Go on a service like Propstream and draw an area, enter a zipcode, or a town if it's small enough. Pull up a list of all single-family MLS sales in the last 2 years. It should be a couple thousand sales. Export to excel. Sort that list by listing agent email address. Sometimes someone's name gets represented differently (Will vs. William for example). The email should be consistent. Now, you can be done at this point. Simply scroll through the list. If someone's email appears 20 times in a row, you know they sold 20 houses and are probably a pretty good agent!

I take it a step further and run a function that actually counts the appearances of the email. I get the top 5 performers in the sub-market. Call all 5, and then just select based on personality fit at that point. 

Hey! I'm also in California looking for an OOS investment in Indy. I started looking for an investment property in Indy and I reached out to COUNTLESS realtors in the area, that had properties listed. I couldn't get in touch with any of them. Eventually I ran into @Richard D Graham on here and he's been absolutely amazing. He's reached out to all the realtors for me directly, writes all the offers for me, no matter how crazy, and stays in touch with me constantly (even though I work all kinds of weird hours). Id reach out to him and see if he'd list it for you.

Do you know what market value is for your home? How is your PM? You could sell through the PM if they are good and have a license. They can still list it on MLS. If you haven't been happy with your PM, read the fine print of the contract so you know the cancelation fees and talk to a realtor in the area (what about the one you bought it from?) and get an estimate of market value.