Selling your rental property can be a complicated process. Selling a home is difficult enough, but when you are selling a rental property, you are subject to a wide range of tenant laws that can be difficult for anyone to navigate. And unfortunately, any mistakes during this process can be exceedingly expensive for rental property owners. You can simplify the process and sell your rental property faster by following the rules and working with professionals. Here’s how:
1. Know The Law
One of the biggest mistakes that rental property owners make is not knowing the law when they are selling their real estate property. For example, Washington, DC laws require rental property owners to offer their property to their tenants first in any potential sale scenario. Failing to do so can lead to significant fines and a long delay in the actual sale. Make sure that you understand real estate law and tenant law in your locality so that you don’t make critical mistakes that can cost you money and delay the sale.
2. Work With Your Tenants
Working with your tenants can make the sale process much easier. You’ll want to be able to show prospective buyers the property, and your tenants will have to work with you on that. Be upfront with your tenants about the intended sale. You can make their lives easier by offering to pay for repairs or offering up gift cards for their time when you need to show the property.
3. Fix Up The Property
This should go without saying, but you’ll need to make repairs in order to ensure that you can maximize the value of your property. That means fixing appliances, flooring, and ensuring that the landscaping in the front and back of the home is presentable.
4. Prioritize Showing The Home To Investors
Showing your home to investors is a good use of your time. Investors are better able to see the value in the property, especially if it is tenant occupied and will be producing cash as soon as they finalize the purchase. Investors are more likely to act quickly when they find a deal to their liking, and they have a better idea of what they are looking for in a property as well. Don’t want to go through the hassle of selling your rental property with a real estate agent and a lawyer? You’ve got good news–4 Brothers Buy Houses is prepared to purchase your rental property immediately. That means you don’t have to worry about repairs, remodels, or spending money on your property’s curb appeal. You don’t have to stress about how to sell with your tenants still occupying the property either. We’ll give you a free, no obligation quote on your home when you are ready to get started. Our goal is to make selling your rental property a friction-free process.