While selling a home is complex, selling a rental property offers unique challenges. This is especially so if the property is occupied by a tenant, since there are legal requirements ensuring they have sufficient time to find a new home. But whether the property is occupied or empty, when it comes time to sell your rental due to an illness, divorce, relocation, or inheritance, here are some tips to make the process easier than you expected.
In these situations, always speak with tenants as soon as possible. By showing them a high level of respect, it actually makes your job easier. For example, even if they will be heading elsewhere, leaving on good terms will likely give them incentive to leave the house in good condition. And in the best-case scenario, they may in fact express an interest in purchasing the home themselves, which would greatly speed up the selling process.
From the air conditioners and furnace to plumbing and electrical systems, make sure everything is in good working order. If anything isn’t, make the necessary repairs as soon as possible. And remember, if the tenant is responsible for any of the damages, deduct the costs from their security deposit, then use that money to make the repairs.
Since curbside appeal is so important in selling a home, do a makeover of the home’s exterior. For example, give it a fresh coat of paint, trim the grass and trees, and remove any unwanted clutter from the yard. By doing so, you’ll have prospective buyers lining up to make you an offer.
When you decide to sell your rental due to illness, divorce, inheritance, relocation, or other reason, always make sure you know the property’s value. To do so, check listings of nearby properties similar to yours, and also speak with a knowledgeable and experienced real estate agent in your area.
For many people, they believe once a property goes up for sale, it will be sold very quickly. However, if the property is not marketed aggressively, chances are it will simply collect dust month after month. Therefore, always make sure once you put your rental property up for sale, the agent working with you markets the home in every way possible. From listing it online to putting a sign in the front yard, using every available option will undoubtedly get your property sold much quicker.
Rather than go it alone and watch your property be passed over by numerous buyers, put your trust in real estate professionals who have the know-how and motivation to get your rental sold as quickly as possible.