How to sell a rental quickly and hassle-free
You’ve spent years collecting rent, and now you want to sell that property. But there’s a problem!
The tenants are still inside and you don’t know what to do.
The good news is you have choices… the bad news is…. You have many choices, which can make decision-making difficult. So, as property owners ourselves we’ve dealt with these kinds of situations. So we’ve written a guide to help you with that decision.
Everything from getting the highest price, to what you need to do today to sell.
Let’s get started…
As a landlord, you have 3 choices to get your rental sold:
- Vacate tenants, remodel, sell retail (Highest price, most hassle, most costly) ––
Selling traditionally in the retail market will give you the highest price. However, it comes with a few requirements.
For one, families buying the property to live in will expect a clean and repair-free house; Very few want a fixer-upper, and very few (if any) want to deal with tenants.
To get the highest price for your property you’ll need to have:
– No tenants when you list
– Clean and free of clutter
– Somewhat updated (see this article on “How to repair a property to sell”)
– Patience to wait 30 days for a buyer to come.
*Extra costs: evicting a tenant can be costly in time, money, and patience. If an official eviction is the only way to vacate the property, that can be costly in legal fees and not worth the time. - Vacate tenants, sell as-is to an investor (Some Hassle, lower price than retail) —
Typically, in real estate, there are a few “price tags” for your home. You have the “as-it-sits price” which is what someone will take for your house with tenants and in the shape it’s currently in. And there’s the FULL retail price (or “after repair”), which is what is worth when it’s cleaned up, has no tenants, and is completely updated to market standards — see this repair article on what remodel items are worth doing or not. - Sell with tenants, as-is (No hassle, lowest price) —
Some (but not many) will buy the house with the tenants inside. However, this is (typically) the lowest price you can get for the property from most inventors. However, for a small deduction, it frees up a lot of hassle and headaches
However, there are some investors (like us), that see the value in having tenants in the house and pay a fair price regardless of whether or not there are tenants: call us to find out what we can offer on your property: (540) 755-4240
To help you make your decision here are a few extra tidbits of info:
- A good agent/realtor will give you more than 1 option —
Depending on your situation, they may advise you to just sell to an investor. However, you’ll not only get the lowest price but ALSO pay a big commission to them.
If you sell directly to an investor (like us), you’ll pay no commission and no fees. - If you have time and patience your best bet is Retail —
if you have nothing but time, consider selling it the traditional way: vacate the property (hopefully, they’ll leave with no problem), remodel/update, clean up, and list it with an agent.
This process will most likely take a couple of months or more (depending on how many updates it needs, then you have the average time it takes to sell a home in your area.
- Know the hidden fees —
Depending on how you sell, you’ll have to pay a huge amount in agent fees and closing costs. So take that into consideration when selling the traditional way.
At Skyline Property Investments, LLC, we PAY for your closing costs, and you’ll pay no agent fees with us.
There’s a huge range of choices to make, but it falls under whether or not your situation allows you to wait, make repairs, and sell retail…. Or just sell to an investor.
To get a fair offer on your property today (with no hidden fees and with or without tenants), give us a call today!