Selling a Rental Property With Tenants in Place: What You Need to Know

Selling a Rental Property With Tenants in Place: What You Need to Know

Do you own an investment property that you'd like to sell sometime soon? If you don't have anyone living in it right now, you should go ahead and keep it that way. It will likely make it a lot easier to sell your investment property without any complications.

At the same time, you don't necessarily need to wait until your lease with the tenants living in an investment property is up before you try to sell it. You're free to list an investment property for sale even with tenants living in it.

You should, however, make sure you take the right approach to selling an investment property with tenants living in it. Here are a few tips that'll make the process go smoother than it might otherwise.

Let Tenants Know You're Selling an Investment Property

As soon as you decide you're going to sell an investment property with tenants in it, you should inform your tenants about this. You don't want them to catch wind of this from someone else and allow it to leave a bad taste in their mouths.

You'll need your tenants to be on their best behavior when you're selling an investment property. So you should be upfront with them about the fact that you're selling it while also telling them that you'd love to have them continue to live in the property for at least the time being.

Ask Tenants to Leave During Showings for an Investment Property

There isn't anything wrong with having tenants living in an investment property when you're trying to sell it. But you probably won't want your tenants to be hanging around in your investment property during showings.

If your tenants are in your investment property while people are walking through it, it could make things awkward for everyone. You should ask tenants to please leave during showings and possibly try to entice them by giving them a gift card so that they can go grab a coffee or do something else every time they have to leave.

Use Tenants to Your Advantage When Selling an Investment Property

When you have tenants living in your investment property while you're trying to sell it, it'll show potential buyers that you haven't had any trouble renting it out. Don't be afraid to point this out when you're creating a listing for the property and when you're showing it off.

Those interested in real estate investing might be more interested in buying your investment property when they know this. It'll show there is money to be made with your investment property.

Need Help Selling an Investment Property With Tenants? Call Us

Do you need assistance with selling an investment property? PMI Professionals is the property management company you can count on to help you.

Our rental property management specialists know the local real estate market inside and out. They'll be able to put together an attractive listing for your investment property.

We can also help those who would like to hire our property managers to help with everything from marketing to evictions. Reach out to us today to get started.