Having people living in either your cottage, condo, home, or any other type of property, when you are ready to sell your rental property, will require extra consideration. When it comes to showing and advertising the property, you need to account for the rights of the tenants under the rental or lease agreement, along with local or state laws.
Can I Sell My Property With Tenants Living In It?
This is typically the first concern or question that a landlord has when they are interested in selling. It is possible to sell properties that have tenants still residing in them. The law for just about every jurisdiction in the U.S. provides the tenants with a right to carry on staying on the property according to the rental or lease term. This can also continue once the sale goes through when the lease of the tenant is still in force.
Marketing Considerations When Trying To Sell Your Property With Tenants Still In Residence
When you have tenants on your property, you may want to advertise or market your property as both a potential investment and residential property. This allows potential buyers to make the decision on how they plan to make use of the property and also how to go about adding value to your home if or when they decide to resell it. Certain buyers who would like to purchase the property as their primary residence, might not mind buying a home that has tenants when they don’t have immediate plans to move in.
There are also a few things that sellers are able to do to ensure the sale goes through more smoothly when they have tenants residing on their property. Tenants that become uncooperative can contribute to breaking a sale, particularly when they prevent viewings or give your property a dirty or sloppy appearance. Making sure your tenants remain cooperative should be your main priority.
Here are a few guidelines on how to approach selling your home with tenants still living on the property:
Make The Showing Times Convenient And Easy For Your Tenants
The agent that is marketing your property should be giving your tenants at least 24-hours’ notice for a showing. Find out from your tenants about the times that your property is not available for showings due to their work schedule.
Ask Your Tenants To Leave The Property During Showings
No investor or buyer enjoys having people follow them around when they are viewing properties, especially when this person is upset about their impending move. Potential buyers need to view your property freely without any outside interference.
Make Maintaining The Property In Good Condition Easy For Your Tenants
Offer a yard or cleaning service so that your property is in tip-top shape for showings. Since your tenants do not have any involvement in the actual sale of the home, it is essential that you take on the responsibility of making sure your property remains in show-worthy condition.
The bottom line in the majority of cases is that marketing and showing your property will go smoother without tenants living on the property. Yet when this is not possible, it is important that you keep your tenant cooperative and happy. But if you are a landlord that area that needs to sell a rental property with existing tenants. Try searching Google for “I need to sell my rental house” and call a few of the results on the first page. There are plenty of cash home buyers in your area that would love to buy your rental property with your existing tenants in place.