Looking to sell an income property in Montreal? In our latest article, we offer 
a few ways to determine whether or not it’s time to sell your property, and we cover techniques you can use when the time comes!
While owning real estate is one of the best ways to earn extra income, not all properties can be truly profitable. Many investors hold on to their property much longer than they should, losing all the profits they managed to generate in the past. If your income property isn’t performing as well as you’d like, it may be time to think about selling it! Read on to learn more about the 4 signs that it’s time to sell your Montreal income property.
Cashflow is negative
Income properties have their ups and downs; that’s part of life for any real estate owner. Try to decode the presence of cycles. If the same cycle occurs repeatedly, it may be worth holding out for a more difficult period. On the other hand, if you realize that cash flow is, in general, negative, or if you’re having trouble keeping good tenants, it may be best to cut those losses and let it all go. You don’t have to keep a rental property for the rest of your life. There are better ways to invest your money. Put the money from your underperforming income property to better use: it’s a great way to put yourself in a better financial position.
Distance makes things difficult
For some people, owning a building far from home works well. For others, however, the situation is untenable. You have to choose between hiring a property manager (and paying him dearly) and managing everything yourself (which is virtually impossible). It can be difficult to show the property, choose the right tenants, maintain the property and maintain a good relationship with tenants if you don’t live nearby. It’s only in a specific context that an owner and tenant manage to live far from each other without the need for a property manager. Often, this type of arrangement only works because the landlord and tenant knew each other beforehand, or were put in touch by a mutual friend.
Property value increased significantly
If you can resell your property and make a substantial profit, this
may be the best decision you can make. It’s true that you could collect rent every month instead, which would allow you to gradually increase your profits, but then you’d have no guarantee of your tenants’ actions over the long term. You then run the risk of eventually having to look after an uninhabited property, lowering the rent due to a fall in property values in the area, and selling the building for a less attractive price. If you have the chance to resell your property and make a substantial profit, you should give it serious thought.
Increasing maintenance costs
As the house ages, it’s normal for it to require more care. If you see that profits are falling and bills are rising, you need to ask yourself if this is going to continue or if it’s 
only temporary. Having to repair one thing after another can quickly become frustrating. Not only is property maintenance expensive, but the time required and the stress caused by the property can overwhelm the owner of an income property in Montreal and take all his energies. Your investment should give you a sense of pride and money to take care of yourself and your family.
Are you the owner of an income property in the Montreal area and looking to sell it? Let’s work together and do the math! You’ll then know whether you should keep your property, sell it directly or hire an agent to help you! You have several options for selling your Montreal income property. We’re here to help!
