Tips For Selling A Rental Property When A Tenant Lives There
Posted on: 26 June 2019Share
If you are the owner of a rental house and decide that you no longer want to be a landlord or keep this property, you could choose to sell it. Selling a rental house is slightly different than selling a house you live in. Here are some ideas and tips to consider using that might help you find a buyer for the rental house faster.
Make some improvements to the house
Before you talk to an agent or list the house for sale, it might be wise to make some improvements to the house, if needed. This may include painting the rooms in the house, replacing the flooring, updating the kitchen, or cleaning up the yard. Whatever you can do to improve the looks of the house and the condition of the home will help you find a buyer faster.
Discuss the sale with the tenant to gauge his or her feelings
Next, you should be up front with the tenant about your intentions, and there are several reasons for this. The first reason is to gauge the tenant's feelings about the sale. This is a great way to find out if the tenant is going to be easy to work with or hard to work with. Secondly, talking to the tenant about this is important, because it could affect the tenant's future. If someone buys the house to live in, the new buyer would evict the tenant from the home, and this is something the tenant needs to know.
Offer an incentive to the tenant if he or she is willing to help
Whether the tenant is agreeable with the sale or not, it can be very helpful to offer incentives to him or her for assistance with the sale. One good strategy with this is to offer a cash bonus with an amount that is based on speed. For example, you could offer a really large amount if the house sells within one week. The amount could be lower, longer it takes to find a buyer.
Wait to sell until the tenant moves out
The other thing you could do is wait to list the home until the tenant moves out. This is a good option, if you suspect the tenant will put up a fight with the sale of the house. It would make it easier for you to sell the house, if a tenant like this was not living there.
Selling any type of property usually requires time and money, and it is always easier to sell a property if you hire a real estate agent like Pablo Saban "The Gold Coast Realtor", for help.