Tips for Selling Your Rental Property

Selling your rental property as a landlord in Nashville, Smyrna, Murfreesboro, Clarksville, or Columbia, can be challenging and requires some planning on your part. While waiting until your lease is up is ideal, it may not be the best option for you. Sometimes, landlords find themselves in a situation in which they need to sell a rental property while the tenants are still living there. This is particularly true with multiple units. The only way to properly handle the situation is with open communication and making sure everyone is treated fairly during the process. Below are some things you should keep in mind when selling your house with tenants in Nashville.

Be Mindful Of Your Tenants

Remember, while you own the property, Sell Home Fast also the place that your tenants call home. You need to be respectful of them, their needs, and of the fact that you will potentially be uprooting them from the place they call home. It is not surprising that many people aren’t thrilled about having to move with little to no notice. It is because of this that many landlords offer an incentive such as reduced rent or assistance moving into a new house. Remember, your renters have rights too, so make sure you are acting within your local laws when selling your rental property in Nashville.

Sell My Home Fast Directly

As a property investor in Columbia or Smyrna, when it’s time to sell your property, you may have the best luck working with a fair and professional property buyer or direct buyer. A local and reputable real estate buyer will buy your property as-is, whether you have tenants living in the home or not. As property investors ourselves, we understand the need to sell an underperforming property quickly, while still receiving a fair price. We are interested in any and all properties for sale in Middle Tennessee. We understand the process and can help you to liquidate your investment as quickly as possible with the least impact on the tenants as possible. You will want to make sure your tenants are thoroughly on board to help, offering their cooperation during the selling process.

Have the Numbers Ready

If you want to sell your rental property to another investor in Middle Tennessee, they will want to know how the property has performed in the past. As the owner, you should be able to provide the financials, rent history, rent rolls, vacancy rate, and copies of the leases. Any maintenance and repairs performed on the property should be documented and disclosed as well. When you are able to offer an investment property, with great tenants already in place, potential investors will see this as an asset, as opposed to something difficult they will have to deal with. In most cases, the investors will want to keep the tenants in the property and not cause a vacancy.

Before hiring a real estate agent in Nashville or looking for another investor to buy your rental property, a great place to start is with the tenants you have already living in the home. If they have been there for a while, they have likely grown comfortable. If homeownership is something they are 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, if they haven’t purchased a home in the past, there may be a reason why. Make sure your tenants are qualified to buy your house and that they are able to come up with a down payment and other buying costs before getting your hopes up about a sale. Working with a tenant direct can save you thousands of dollars in realtor commissions and fees. Talk to a title company for closing and disclosure forms and recommendations for a lender you can share with the tenants. Another consideration is to offer your tenants owner financing. The benefits are very much worth considering. The deed is no longer in your name, and you will have a steady income without the responsibilities of repairs for years to come.