Looking to sell your tenant-occupied property in Kissimmee, FL?
In this quick-read article, I will share 4 tips to help you sell your investment property with a tenant.
You may have heard horror stories about selling a tenant-occupied property.
It doesn't have to be that way.
If you prepare and follow these tips, you'll be able to sell your first investment in no time.
No matter if your property is in Kissimmee, Orlando, or another state.
Tip #1 Landlords' Rights and Responsibilities
You have the right, as the landlord, to sell your property at any time. But, if you have a tenant in occupancy, there are a few things to keep in mind. First, it's essential to understand your rights and responsibilities as a landlord. Also, understand the terms of your rental agreement and state and federal laws.
When selling a property with a tenant in occupancy, you'll need to give your tenant at least 30 days' notice. Provide the tenant with a list of potential buyers interested to see the property 24 hours prior.
It's important to remember that the tenant has the right to live in the home until their lease expires. This means that you'll need to work out an agreement with the buyer about the timing of the sale and closing. With planning and communication, selling a house with a tenant can be a quick and easy process.
Tip #2 Proper Notice
Proper Notice to Tenants When Selling Rental Property
Give the tenants proper notice in writing if you're selling your rental property. Depending on your state's laws, you may need to give your tenants 30 days' notice or more. You'll also need to let them know about the sale of the property and how it will affect their tenancy. Include relevant information so that your tenants can make an informed decision.
With proper notice, tenants are more likely to cooperate with the sale.
Tip #3 Offer Help
Having to move is not fun. Especially when it wasn't your decision to move. We all like comfort; getting the notice that your home is being sold can be overwhelming. Because it involves finding a new home. Budgeting expenses and having to move.
As a landlord, there are a few things you could do to reduce the stress:
- Offer to sell the property to the tenant so they avoid the hassle of moving.
- Offer a credit incentive if they leave the property in good condition.
- Offer resources on where they can go to find a new home.
If the tenant has difficulty finding a new place, negotiate a lease extension with the buyer. This will only work if the new owner intends to rent the property out.
Tip #4 Prepare
Make sure the paperwork is in order:
The lease agreement and recent rental history.
Property improvements with invoices and permits.
Property expenses, including management fees.
You'll need to provide this to potential buyers to inform them about the property.
Hire a local real estate professional with experience in selling properties with tenants.
If possible, do an inspection to find out what the property needs.
Get quotes from companies to do repairs mentioned in the inspection report.
Have the tenant give you a schedule of the days and time frames they can show the home.
Selling a property with a tenant can be tricky, but it's not impossible. As a landlord, it's essential to know your rights and responsibilities. Be prepared and offer help to your tenants.
There are a lot of investors looking in Kissimmee and surrounding areas. So, you won't have a problem selling a tenant-occupied property. If you need help selling your Kissimmee property with a tenant, please don't hesitate to call me. I'd be happy to assist you in selling pronto. Thanks for reading!
