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What to do When You Need to Sell an Investment Property in North Carolina

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Owning a rental property in North Carolina can be a great investment providing you with extra income, but you might be considering selling for several reasons.

Maybe the costs of owning investment properties have increased. Maybe you are moving out of the area and don’t want the hassle of rental properties. Maybe you’ve had a major life change. Or maybe you are in need of immediate cash flow. 

Whatever the case may be, if you own an investment property in North Carolina and are looking to sell there are many considerations to take into place.

Know The Real Estate Markets

It’s important to know the current housing market conditions in North Carolina. If your property is in a prime location, real estate investors will take note. Your investment property might be located in the city, country, or small town that is the ideal location for others interested in real estate investing.

Is it a Buyer’s Market or Seller’s Market?

Identifying trends in the housing market can be figured out by researching the following:

  • number of homes for sale in your area
  • how many days homes are on the market
  • examining list prices to sale prices

One of the most important questions to ask when determining your real estate market is whether it’s a buyer’s or seller’s market. If there is a high demand for houses and minimal properties for sale, the market is more advantageous for sellers.

Even though real estate investors want markets with favorable buying conditions (a buyer’s market) don’t get discouraged when selling your investment property. Planning and patience is key when looking to sell a property investment.

Learn About the Economy and Job Markets of The Area

It’s important to study the demographics of the area to know if your property in North Carolina will bring in a potential property investor. Those interested in real estate investing will look for the following:

  • Unemployment Rates
  • Occupancy Rates
  • Rental Conditions

A city or town in North Carolina that has a favorable job market and a secure economy will bring in more residents. This will allow for more rentals in the area whether it’s single family homes or a condo.

Know The Neighborhood

minimalist photography of house shot in front of chain fence

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After determining the market and studying the demographics of the area, examine the neighborhood for any and all conveniences. Is public transportation nearby? Are the roads in good condition? How close are schools? These are all factors that will help sell investment property in North Carolina.

Learn About Tax Laws

When selling rental properties, be mindful that taxes on investment properties are different from primary residence sales. So what’s the difference?

If you sell a home that was your primary residence, you usually do not have to pay taxes on the net proceeds of the sale. However, those tax breaks are not extended to the selling of investment properties.

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Capital Gains Taxes

It’s reasonable to assume that your investment property has increased in value throughout the time you’ve owned it. This means that you will make a profit once it sells. This is called capital gain. 

If you’ve owned your rental property for less than a year, the profits would be treated as short-term capital gains. This means you will be taxed at the same rate as your income.

If you have owned the investment property for more than a year, your profit would be treated as a long-term capital gain and you would be taxed at a lower rate.

Other Factors to Consider

If your taxable income is less than $80,000, you do not have to pay capital gains taxes. 

Maybe you are looking to re-invest the money from this investment property into another one in a different location. It’s possible to defer capital gains taxes with a 1031 exchange. This means you have a fixed amount of time to find a similar property for investment purposes.

You can also avoid capital gains taxes with the IRS “ownership and use” test. This means you would need to have the following:

  • Owned the property for at least two years
  • Lived in the property as your primary residence for the past two out of five years

Once you’ve decided which route is the best for your investment property, it’s time to start planning the next step.

Be Honest With Your Tenant

Once you’ve determined you want to sell your investment property, you will need to take into consideration if there is a tenant already occupying the property. There are several different ways in which you can be mindful of your renters.

house keys to investmen property in NC

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Ask Tenants to Vacate Before Listing Property

It’s important to keep in mind if you have renters occupying your property once you have started the process to put it on the market. You can try to work out an agreement where they vacate before it’s listed but notice is required.

Month-t0-month leases often require landlords to inform tenants anywhere from 30 to 60 days to vacate the home. Make sure to check with the NC state law regarding this process.

If your renter is resolved on staying put in the property, you will need to honor their lease agreement. In nearly all states, lease agreements are transferred with the sale of your property. The new owner cannot make changes to the lease agreement until it expires. Again, check with NC state law regarding this process.

The most important part of dealing with your tenants is to communicate. Remember to be kind and conscientious to your renters if they need to stay while you find a buyer. Simple things like giving them ample warning before a showing, maintaining the yard, and informing them once the property sells will help during the process.

Good Tenants Make Good Selling Points

If you already have good tenants in your property, this could become a good selling point. Some property management companies or real estate brokerage firms will look for the right property investment which already has a cash flow.

When listing the property, make sure you are ready to answer these questions:

  • What is the monthly rent?
  • How long have the current tenants lived there?
  • Do the tenants pay the rent on time?
  • What utilities are covered by the tenants?
  • When does the current lease or contract expire?
  • Do the current tenants maintain the property in a good condition?

Be honest with your tenants when you know you are about to list your property. Let them know that potential buyers will be coming through the property. You can offer small incentives like gift cards to keep your tenants happy during this process.

Make Necessary Repairs

While there might be buyers who will purchase your investment property without repairs, it might not be a bad idea to upgrade and make small repairs. You might be trying to sell your property investment in North Carolina quickly, but making necessary repairs could produce a higher price.

man cleaning investment property in NC

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What If I Can’t Make Repairs?

If you can’t make repairs due to time or money issues, you could still potentially find investors. An investor or buyer might look for a property investment that needs work in order to get a lower purchase price.

Another item to consider is if your property is currently empty. Renovations and repairs might take time, meaning you will be losing out on rental income during that time.

Benefits of Making Repairs

If you do have time and money to make repairs and upgrades, you could possibly bring in buyers willing to pay more for your NC investment property. As the seller, it might be in your best interest to increase your property value by installing new flooring, applying fresh paint, providing new appliances, and making sure there is access to high speed internet.

These types of repairs and upgrades could yield a higher cash return on your property investment.

Questions to Ask Before Making Repairs

Before you begin spending time and money on repairs, make sure to consider these questions:

  • WHAT IS THE CURRENT CONDITION OF THE REAL ESTATE MARKET? ARE INVEstment properties IN HIGH ENOUGH DEMAND WHERE YOU CAN SELL?
  • Do you have current tenants? CAN YOU WORK AROUND TENANTS IN ORDER TO MAKE REPAIRS?
  • Will the property have to be empty for repairs, meaning you will lose rental income?
  • What tax considerations do I need to take into account? knowing the difference between repairs and improvements will help make your decision.

Stage Your Property

First impressions matter. Even if you can’t make all of the necessary repairs to your property, there are plenty of ideas below to help you get started.

Curb Appeal

Make potential buyers notice your property from the get-go! Whether you have single family homes or a condo to sell, one of these items will work for you when staging your property.

  • Apply a fresh coat of paint to the front door and/or shutters
  • replace house numbers
  • cut the grass and clear out any weeds
  • add a welcome mat
  • consider planting seasonal flowers in any flower beds
  • add to your living space by placing outdoor chairs on the front porch

Kitchen and Bathroom Ideas

Properties that have updated kitchen and bathrooms tend to be noticed more in today’s market. Not all renovations have to break the bank! Take a look at some ideas that work when staging your property.

  • keep counter space clear and wipe them down.
  • update cabinets with a fresh coat of paint.
  • replace hardware like faucets and door knobs. If you can’t replace it, make sure to clean and make it shine!
  • remove hard water stains and clean the grout or tile.
  • consider replacing the shower curtain and adding new bathmats.
  • add a hand towel next to the bathroom sink along with a candle and fancy soaps.
  • place all personal belongings in the medicine cabinet or cabinet.

Emphasize The Best

Highlighting all of the potential space and features of your property is key. Too much furniture can make a home seem smaller than it actually is. Consider these other ideas when staging your property.

  • cut back any unnecessary furniture items. This will free up more space making it easy for buyers to walk around the property.
  • highlight focal points like a fireplace, office space, or walk-in closet.
  • clear off the coffee table.
  • remove any personal items like family pictures, diplomas, or kids’ artwork.
  • If you allow pets in your rental property, make sure pet odors and dander are nonexistent.
  • hire a professional stager and/or photographer to take photos.

While all of these items might not be relevant to your investment property, staging your property before listing could possibly help the sale.

Set the Right Price

Many buyers will search for an attractive place that is located in a big city or metro area with access to numerous amenities. If your investment property in NC fits this criteria, setting the right price is key for other investors and realtors alike.

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Finding the right realtor can help when listing your property. Real estate agents know home values in NC and can help with properties like rentals. There are also real estate agents who specialize in buying and selling investment properties.

Real estate agents who specialize in property investments in North Carolina can help with the following:

  • knowing and understanding today’s housing and renting trends
  • tax laws on investment properties

You can also choose to sell to real estate investors. When selling to a real estate investor, you can sometimes expect a cash close. Investors might also purchase your property as is, eliminating the need for repairs.

Last But Not Least

Selling your investment property in NC does not have to be as stressful as you think! Search for the right information regarding the market and tax laws, notify your tenants of your intention, stage the property, and list. There are always others looking to invest in real estate. Before you know it, your property will be sold!

Top 12 Realtors in Charlotte, NC

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Buying and selling real estate can be nerve wracking and more than a little overwhelming. Working with the right agent can make all the difference in not only how much money you make or save, but top realtors in Charlotte can also take the stress out of the process.

So much of negotiation and outcomes in real estate hinge on the ability of a real estate agent to know the market and work effectively with the other players. Hustle, drive, personability, and quick thinking are essential for success in the competitive market of the Charlotte metropolitan area.

Finding the right real estate agent is a central part of either buying or selling your property in North Carolina. The right real estate agent will not only help you to get through the process, but they’ll also be a sounding board for your ability to understand everything that’s going on in a real estate transaction.

What’s special about the Charlotte real estate market?

Charlotte, NC is a major metropolitan area that is home to an ever-increasing population. In the last several years, this city has exploded with a huge amount of growth both in the housing sector and in the job market.

Why are people so interested in living in Charlotte? North and South Carolina are both home to beautiful places and a mild climate. Charlotte, NC is situated close to the mountains and close to the ocean, making vacationing easy when you live and work in the city.

Carolina real estate experts are aware of the draws to this area, and they also know that the real estate market is white hot right now. A great real estate agent will not only know the area, but they’ll be able to use their negotiation skills to get you the right price for a home in North Carolina that works for your needs.

How many real estate agents are there in Charlotte?

House with solar for sale by a real estate agent in Charlotte, NC

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No matter where you are interested in living in and around Charlotte, North Carolina, you’ll need a real estate agent who can deliver. The good news is that you’ve got lots of top seller’s agents and more than a few buyer’s agents to help you in your search.

Charlotte has almost eight thousand licensed real estate agents who are active in the current market. It’s the largest metropolitan area in North Carolina, and this has led a lot of real estate experts to come to this area to sell property and help people buy property.

The top realtors in Charlotte know how to get the best outcomes for their clients, and they’re constantly working on making the home buying process in North Carolina easier for everyone.

What are the prices for top real estate agents in Charlotte?

Looking at real estate transaction data analysis that’s published and public knowledge, we know that the top five percent of seller’s agents in the area get over $45,000 more per home for a Charlotte property than the average sale. That’s a huge number and represents a significant benefit for hiring a Charlotte real estate agent.

It’s not just sellers whose real estate needs are met with these top real estate agents in Charlotte. The top five percent of buyer’s agents in Charlotte, NC according to that same data are able to save their clients .08% more than the average agent in the area.

Working with a top real estate agent in Charlotte is a sure fire way to get more out of properties than by going it alone or working with an agent who isn’t in that upper echelon. The expertise that Charlotte real estate agents bring to their transactions are an important part of making any real estate transaction successful, whether it’s from a large developer or with a first time home buyer.

The competitive nature of the Charlotte real estate market makes it important for homebuyers and sellers to choose the right real estate agent, because it can make all the difference in getting the right price or the perfect home.

Understanding the Charlotte, NC real estate market

Older home for sale by real estate agents in Charlotte, NC

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When looking for the right real estate agents in Charlotte, it’s important to have a solid foundation of what the market is like. Though this is a booming southern city, it’s also a center of culture and education.

Charlotte is made up of a wide variety of boroughs. These include places like NoDa, Uptown, Dilworth, Midtown, and Center City. Reaching a little further out of town, there are lots of suburbs around town that are also popular for both old residents and those relocating to the Charlotte area. These include places like Indian Trail, Mint Hill, Huntersville, Matthews, and South Hill in South Carolina.

There is an eclectic mix of possibilities for anyone interested in living in the Charlotte, NC area. Top real estate agents in Charlotte should be familiar with all the city has to offer, including which areas might be better suited for a family interested in purchasing a home. Often, a great real estate agent will be able to point you in the direction of a fantastic area that you might not even be aware of.

Charlotte by the numbers

The metropolitan area of Charlotte, has a population of roughly eight hundred thousand and is seated on about three hundred square miles.

Over half of the households in the city of Charlotte are made of up families, which makes it a family friendly city. The central downtown area is home to a professional football stadium and a professional basketball arena, as well as numerous music venues and theaters.

Most people in Charlotte commute less than half an hour to work. Of the roughly three hundred thousand households in Charlotte, roughly half are occupied by renters and the other half are occupied by homeowners. 67% of the population is under the age of 45.

As for the real estate market in Charlotte, it’s been going up dramatically in the last two years like the rest of the country. The average home in Charlotte stays on the market for just over a hundred days.

Top real estate agents in Charlotte

Charlotte real estate agents might be plentiful, but they are not all created equal. Working with the perfect real estate agent will help you to navigate the real estate industry.

Thes top twelve Carolina real estate experts are both knowledgeable and dependable. Top agents in Charlotte will help you to navigate the real estate process, whether they’re working as buyer’s agents or seller’s agents.

Here are a dozen top agents that will help you in your search for the perfect real estate agent in Charlotte.

1 – Rita Goforth

Rita-Goforth-Top-Real-Estate-Agent-In-Charlotte-NC

A 2018 graduate of the Superior School of Real Estate, Rita has a history of helping clients find the home that is not only the best fit for their needs, but also that fits into their budget.

Building her business on referrals, Rita brings a wealth of market knowledge to all of her transactions. Through her work over the last several years in the Charlotte area, Rita has built a strong network of connections with top real estate agents in and around Charlotte, enabling her to easily negotiate on behalf of her clients. She has a deep well of negotiation skills that allows her to get the best possible outcome for her clients. Rita is also the youngest person to win the rookie of the year award in the Charlotte metro area, surpassing the previous age record by over a decade.

From the very beginning of each client relationship, Rita brings a personal touch and a special dedication to her clients. The depth of her market knowledge is beneficial to both buyers and sellers, as well as to investors. In fact, Rita herself is a real estate investor. She has a successful track record of building a client base that’s advantageous for buyers who want to take their business to the next level.

Just this past spring, Rita was named one of the rising stars in real estate by Charlotte Top Producers. As a Keller Williams Realty affiliate, Rita has a bright and bold outlook on real estate. Her energy and expert support are incredible benefits for anyone who is moving to Charlotte from out of state or for local Charlotte residents who want to find their dream home right in the area.

2 – Brian Belcher

Brian Belcher, Charlotte, NC Real Estate Team Member/Associate - RE/MAX  Executive

Image via RE/MAX

Ranked as one of the top 100 real estate agents in the country, Brian brings a seriousness and a service to his real estate practice. As one of the top performing agents in the country, he’s won numerous awards for this work and is highly regarded in the field.

What sets him apart is not just his experience, but also his attention to detail. Brian makes every person in a transaction feel like they’re important and that their point of view is valuable. This is why the selling process that he brings to buyers and sellers has such positive reviews.

His office has locations in Fort Mill, Mooresville, Indian Land, Concord, Ballantyne, Cornelius, South Park, and Waxhaw. Not only is he great with clients, but he’s also a top negotiator. Brian is the perfect agent for home sellers who want a realty group that is both experienced and deeply committed to the outcome of each real estate transaction.

3 – Kim Trouten

Kim Trouten top real estate agent Charlotte

Image by Kim Trouten via Facebook

Leading the top ranked real estate team in Charlotte, Kim Trouten has brought her team to the cream of the crop in the United States in real estate – the top one percent. This award winning group of real estate professionals have gotten here through hard work and through incredible client service.

The concierge-style real estate service offered by Kim’s team is focused on South Charlotte and the northern part of South Carolina along the border. She has a wealth of experience in land development, architectural planning, construction, and interior design. With a high level of expertise in high end real estate, Kim’s team is known throughout the region for its real estate industry experience and its positive reviews.

Working closely with online marketing, social media, and networking, Kim is savvy and dedicated in providing the best possible services for both buyers and sellers. She and her husband live in an historic home in Dilworth that they rebuilt, bringing her experience to bear for her own home. Her longtime experience in Charlotte means that she knows the area and is invested in the people she works with.

4 – Eric Maynard

Besecker & Maynard Group

Image via Luxury Home Real Estate Magazine

Working with his longtime real estate partner, Monica Besecker, Eric Maynard is part of one of the most successful real estate teams in the greater Charlotte metropolitan area.

The winner of the Rookie of the Year Award when he entered Charlotte real estate, Eric is known for using technology to help leverage the real estate potential for his client. From virtual open houses to robust online sales tools, Eric is a great agent for anyone who wants not only potential buyers to know about their homes, but also for a smooth transition from listing to closing.

His team was listed as the #1 Group Sales Team and the #1 Listing Agent in Charlotte, he has a long history of being a guide for both first time home buyers and luxury sellers. The strong mix of marketing techniques and negotiation skills that Eric brings to bear for his clients is the reason he’s gotten positive reviews and that his combined sales in the calendar year were nearly one hundred million dollars.

5 – Minnie High

Minnie High, real estate agent in Charlotte

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Minnie High is one of the top buyer’s agents in Charlotte, NC, working with clients and property owners to get the best possible outcome for their real estate transactions. In her former career, she was a social worker and educator. Now, Minnie brings all of that compassion and expertise to be the best agent possible.

The first priority in all of her client interactions isn’t less about the median listing price and more about giving buyers and sellers the best and most competent experience she possibly can.

Her work as a RE/MAX agent has allowed her to help buyers and sellers across Charlotte and the northern part of South Carolina. She is particularly passionate about helping veterans find homes, and Minnie is a Certified International Property Specialist.

6 – Ginny Baker

Profile photo of Ginny Baker, Real estate agent in Charlotte, NC

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Ginny Baker is one of the top ranked real estate agents in Charlotte with good reason. Not only is she one of the top performing agents in the city, but she’s also received positive reviews from long term and repeat clients. For her, it’s not just about the money – it’s about the time she puts in and the relationships she builds with her clients.

For her, understanding the emotional as well as the economic dimensions of the real estate transaction is essential to being successful. She views her clients as people first, and homeowners second. This approach makes her the best agent for both first time homebuyers and for families interested in relocating to Charlotte.

Her expertise extends beyond just the Charlotte, NC area. Having lived in five different states, Ginny has roots all over the country. This means she can connect home buyers with other professionals wherever they might be relocating to.

With more than fifteen years of experience as a Charlotte real estate agent, Ginny is adept at supporting families and individuals throughout the real estate process. For this reason, she’s a top agent and has a huge number of repeat clients and referrals.

7 – Evelyn McCorkle

Top agent in Charlotte, NC

Image via Yelp

A Charlotte native, Evelyn McCorkle is a member of Helen Adams Realty who has been working with clients for over 20 years as a trusted real estate agent and top agent in the area. Past clients consistently refer new buyers and sellers to Evelyn, who has a reputation for being both compassionate towards her clients and also being a hard negotiator who gets the job done.

The personal touch and dedication that Evelyn brings to all of her work carries through from the initial listing to the closing table. She’s a top agent who is also invested in the community that she lives and works in, providing resources for her clients that go above and beyond the normal real estate transaction.

Evelyn has particular experience supporting buyers who need to find a lender to work with. She’s a top agent for home buyers who need to learn the process, but she’s also adept at helping experienced sellers who are ready to downsize or relocate.

8 – Timothy Rohan

Tim Rohan, top agent in Charlotte, NC

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Leader of the Rohan Group, Tim Rohan is a longtime top agent in the Charlotte area who has a special expertise in helping homeowners who have a high median listing price for their property. He’s a top buyer’s agent in the Charlotte area, primarily specializing in single family homes.

Most often, Tim represents the seller in transactions, but he does work with buyers as well. Tim has the most sales experience as a seller’s agent. He’s in the top six percent of agents in Charlotte, closing over a hundred more homes in the last year than the average agent in the Charlotte area.

9 – Kate Terrigno

Kate Terrigno, top real estate agent in Charlotte, NC

Kate is a former broadcast journalist who turned her attention to real estate as a way to have hands-on experience in a fulfilling career.

With a wealth of experience in both buying and selling, Kate is known in the area for being a driver agent who is willing to go the extra mile to do the right thing for her clients. In her years in Charlotte, Kate has consistently been one of the top producing agents. Working with both buyers and sellers, Kate is a fierce negotiator and a passionate advocate for her clients.

10 – Kristi Vernon

Vernon Realty Group, 13620 Reese Blvd. East, Suite 130, Huntersville, NC  28078, USA

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The founder of Vernon Realty Group, Kate Vernon is an experienced and passionate realtor who has a reputation for being hard working and honest. Clients routinely refer friends and family to this Keller Williams Realty team.

This dynamic and powerful team of realtors has worked with all kinds of transactions. This includes investors, high end homes, fixer-uppers, historic homes, new construction, empty nesters, new families, those relocating to Charlotte from other places, and so much more.

This team follows the most recent real estate and home buying practices, learning from agents and constantly developing their team at Keller Williams Realty. Extending online practices and enabling buyers and sellers to understand the process as much as possible, this team is ready to take on any challenge in the Charlotte real estate market. this is why they’re consistently named as a top team of real estate professionals in the Charlotte and surrounding areas.

Recent transactions for this Keller Williams Realty team range from high end homes to starter homes, with list price points to match. They’re agents with passion and dedication, and it shows in the way that their clients review their work.

11 – Melissa Brown

Melissa Brown top real estate agent in charlotte

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Very few real estate agents in Charlotte can match the enthusiasm and the expertise of Melissa Brown. Her excitement about people living and working in the Charlotte area is infectious, and her willingness to go the extra mile for her clients is unmatched.

She works hard to make sure that the real estate journey is tailored to each individual client, supporting them in everything from listing to staging to closing. Not only does she offer support for luxury homes and listing, but Melissa also works with first time homebuyers across the Charlotte area.

With almost fifteen years of experience, Melissa has a proven track record of helping real estate clients get the most out of their listings. Her highly personalized approach is a breath of fresh air among real estate agents. No matter the list price of a home, Melissa is there to support buyers and sellers throughout the transaction process.

As a member of the Helen Adams Realty Group, Melissa is supported by a strong group of real estate professionals in the Charlotte area.

The positive reviews of Melissa praise her support of clients who are relocating Charlotte from other areas, and she provides care and comfort throughout the real estate process.

12 – Dan Jones

Carolina Real Estate Experts

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Dan Jones serves Charlotte and the surrounding areas as one of the top real estate agents in this part of North Carolina. Over the last decade, he’s risen to be one of the top two percent of agents in Charlotte, selling homes fast and with a good deal of customer service delivered one each transaction.

Working through thousands of transactions across Kannapolis, Mooreseville, Concord, Mint Hill, Huntersville, and downtown Charlotte, Dan works with a top notch team. Roughly two thirds of his business has been representing sellers, with one third of his work having been as a buyer’s agent.

One of the strengths of Dan’s work is that he looks at objective performance data to support home sellers getting more money for each of their transactions. Using established systems, Dan and his team make light work of real estate transactions. The entire process with Dan and his team offers sellers and buyers a straightforward method to get real estate in North Carolina bought and sold.

Choosing the right Charlotte, NC real estate agent for you

Pool at a house for sale near Charlotte, NC

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Whether the North Carolina real estate agent you choose to work with is a long term agent who has worked with an agency like Keller Williams or RE/MAX, or if they are a newer real estate agent who is just getting started in their own independent realty group and are not a member of a national association, you should feel confident in finding your home with the support of an expert.

The entire process for home buyers and for home sellers in Charlotte is not like it is in mega cities like San Francisco or Chicago because North Carolina is its own unique market.

When choosing a real estate agent, don’t forget that you have all of the choices and lots of autonomy in this situation. The right real estate agents are those who appreciate your needs and treat you with the kind of supportive methods that make it all work for you.