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I sell a lot of rental property for a lot of investors, and a lot of these investors are people who didn't initially want to be investors -- they either got stuck with a home they ended renting out or they inherited a property and don't necessarily want to have a tenant.
If you have a single-family rental property that you've had for some time and are ready to get rid of, we have some advice. If you're looking to sell your single-family rental, there is no motivation for the tenant to help get the home sold, so it's best to get them out of the house before you list it.
Renters have zero skin in the game, so they likely won't cooperate the way you would need them to in order to have a successful sale. They will not stage the home the way it needs to be staged, they will not leave the home when buyers arrive for showings, and the tenants will often exaggerate about the issues they have with the home when buyers are present. There are also times where the closing process is delayed because tenants don't move out on time, which serves to add time and stress to the whole process. Bottom line: If you want to get the best results when selling your rental property, get the tenants out of the home!
Next, let's talk about multi-unit homes. If you find yourself in a situation where you have an empty unit, whether it's a duplex or a triplex, the best thing to do is not always to get it occupied right away. I like to allow another investor or buyer to see that particular unit so you don't have to disturb your other tenants. If the investor wants to pursue it further and can verify that they're well-qualified, we can then disturb the other tenants and show the empty unit.
If you have an occupied property, make sure you're maximizing the rents. So many people have tenants in every unit, but they aren't getting the most out of the rental. If you're setting rents below market value, it's going to lower the market value of your property! Investors are going to look at that and will pay you accordingly.
If you have any questions about selling your rental property, or if you would like some advice on how to maximize your rental profits, please don't hesitate to reach out to me. I would love to hear from you!
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