The common way of selling a rental property is to wait for a tenant’s lease to expire. Unfortunately, that’s not always possible. Not all rental property owners can wait out a lease to expire, in which case, selling a rental property goes from a straight-up proposition to something that can turn ugly quickly if the seller is not too careful.
This is where meticulous and careful planning goes into play.
It would also help to follow the five tips that we outlined below:
1. Check local state rules first
Rules for local tenant-landlord relationships can differ from state to state, so you might want to check first about things that you’re legally allowed to do.
A better idea would be to consult a licensed real estate agent with experience selling rental properties. But, either way, it’s always a good idea to check local state rules and laws first.
2. Have a meeting with your tenants
You should never blindside your tenants.
Invite them out for coffee, or somewhere else, and talk to them about what you plan on doing. Never ever force them to take your position. Instead, try to understand things from their point of view, especially if they get defensive or are hurt by what you’re about to do.
What you want to do is to explain properly what your reasons are for selling your home, what’s going to happen to the property once it’s sold, listen to how they feel about the situation, and hope that they take it in stride.
3. Set protocols for property showings
Communicate, in writing, the protocols for property showings for prospective buyers.
Yes, you own the property. However, that doesn’t mean that your tenants have no rights.
Try and work together with your tenants a proper schedule of when prospective buyers can take a look at the property to help smooth things over.
4. Compensate tenants who cooperate with added incentives
You can’t really expect your tenants to go down without a fight, because, the fact is, they’re about to lose their home.
Just imagine how big of a change that is.
Once it’s sunk in, try to find ways to provide tenants with some form of compensation should they cooperate throughout the selling process. Giving them a discount from their monthly rent up until the property sells is a good start.
5. Help out your tenants however you can
Outside of providing compensation, you might want to do a bit more and help your tenants out however you can.
Try to get creative and find ways to make the transition easier for your tenants. You might even want to hire an agent to help them find a place to move to once the deal is signed and they no longer have the home.
You don’t necessarily have to do this, but helping your tenants out is the humane thing to do and it also helps guarantee that they’ll cooperate.
Asking yourself, “how do I sell my house fast?”, especially if it’s a rental property, can get a little bit tiring. You’ll realize this even more after you’ve gone through multiple showings and not a single buyer has signed a deal yet.
If you want to avoid having to go through this long and arduous process of selling your house the traditional way, you can contact Cash Buyer New Jersey.
We buy houses NJ for cash so you don’t have to worry about trying to get your tenants to cooperate for weeks if not months.
You just have to let us know that your property is on the market, and we’ll give you a fair offer. If you like it, we can process the papers, and the proper will be off of your hands in just a month.