Are you a landlord who wants to sell your rental property? We understand that the normal home selling process can be challenging but the situation can be made worse if you are selling a rental property and you don’t know where to start. There are a number of reasons which make landlords want to sell their rental properties. They might include issues to do with; moving on to a new project, cashing in on property appreciation, the house need major repairs, tenants have refused to pay rent, code violations or when dealing with squatters evictions.
If you are in any of these situations and you are wondering what your options are, use the following tips and sell your rental property fast. If your rental property is currently occupied, you don’t have to wait until all tenants moves out for you to sell your property. Ensure that you communicate with them on time for easier coordination.
Determine the Right Property Value
The first step when selling a rental property is figuring out the property value. Knowing this will help you price your property according to the current market. When you price your rental property too high, it will be out of reach by many interested buyers. This will make your rental property stay on the market for long and it will not be a good thing if you really want to sell your rental property fast.
On the other hand, if you price your home too low below the market value, many buyers might view your investment property as one which has significant problems and you will also lose a lot of capital gain. In order to ensure that you are making the right decision, ensure that you have conducted a comparative market analysis to determine the value of similar properties in your area.
Determine Which Party to Work With
When selling your rental property, you can choose to work with a real estate agent, sell the property to your current tenants or sell it to a real estate investor for a cash offer.
Working with a Real Estate Agent
If you decide to engage a real estate agent, they will use the traditional home selling process to find prospective buyers. Once they understand the terms of tenancy of your current tenants if you are selling an occupied rental, they will advise you on the improvements to make before they list your property on local MLS. This process can take a longer period of time and it’s not the best option if you want to sell your rental property fast.
1. Selling Your Property to Tenants –
If you have loyal tenants, you can opt to work with them if you can convince them to buy your rental property. The advantage of dealing with your current tenants is that they have a first-hand experience living in your property. You can work out for a win-win situation if they are willing to make such commitments.
2. Selling Your Rental Property to an Investor –
If you want to sell your rental property fast, working with a real estate investor or professional home buyer can be a great option. An investor will give you a cash offer and will buy your rental property as is. There will be no need for costly repairs or having to go through a long processes as it’s the case when dealing with an agent. They can also work with you on different owner financing options if the property has been vacant for a long time, is in need of repairs, or has a lien. A faster and more simplified closing process will save you time so that you can get cash in hand and move on to your next endeavor as soon as possible.