Anyone who’s ever rented a property out will tell you that being a landlord is no walk in the park. It might look like an easier way to generate passive income, but in truth, there’s a lot of work and time involved.
And sometimes, landlords find themselves needing to sell a rental property while the tenants are still living there. Check out the article below for advice and tips on how to sell a rental property in Miami.
How to Sell a House with Tenants.
Be Mindful Of Your Tenants
Remember, while you may be the “owner” of the property, it is in many ways your tenants “home.” You need to be respectful and take into consideration how they feel before kicking them out, especially if they’ve been good tenants.
As such, most landlords choose to offer their tenants some sort of incentive, such as reduced rent or assistance moving into a new property. Remember, your renters have rights too, so make sure you act within your local laws when selling your rental property in Miami.
Sell Your Property Directly
Regardless of whether you have tenants in your property, a local and reputable home buyer can purchase your house AS-IS, tenants included.
Our team at Sunshine State Buyers understands the need to quickly sell an underperforming property while still receiving a fair price. We know the process inside and out and can help you liquidate your investment as quickly as possible.
NOTE: Make sure your tenants are well aware of what’s going.
Have The Numbers Ready
As the homeowner, you’ll need to provide the financials along with the vacancy rate. This also includes any maintenance and repairs performed on the property. If your rental is performing well and already has great tenants already in place, many potential investors will see this as an asset, not a hindrance.
Appeal To Buyers Looking For A Home Of Their Own
If you’re rental isn’t performing well, of instance, consecutive months of missed payments, property damage, etc. it’s highly likely that property investors will look the other way.
When this happens, your best bet will be selling to a retail buyer who wishes to live in the property themselves rather than take on the role of landlord. To do this, you will need to hire a real estate agent and market the property on the MLS.
NOTE: Just be aware that selling in this manner can take months. If your rental property is costing you money, waiting to sell on the MLS may not be the best option from a financial standpoint.
Offer The Property To Your Tenants
Before jumping the gun and throwing your property for sale on the open market, a great place to start is with the tenants you have already living in the home. If homeownership is something they’re interested in, the process doesn’t get much easier.
They won’t have to move, you won’t have to clean up after old tenants… everybody wins!
That said, there may be a reason if they haven’t purchased a home in the past. So may sure your tenants are qualified and able to put an offer down before getting your hopes up.