Income properties are great! However, when it comes to selling them (especially if they’re occupied) things can get a little tricky. If you are thinking about or currently in the process of selling your tenant occupied home, you could probably use some help. Here are a few tips on how to sell your tenant occupied home.
First thing’s first. The ideal scenario would be for your tenants to buy your house, so ask if they would be interested in purchasing your home. If not, you’ll have to move on and list the home with tenants.
Once you list your home, you’re now asking your tenants to go out of their way to clean the house, make the beds and “allow” strangers into the home. It’s easy to see how some tenants might be turned off by this. However, there are several ways to motivate your tenant so that the house will be in “show ready” condition at all times:
- Offer a discount in rent while the house is on the market
- Offer to pay for a percentage of their move
- Offer for a cleaning service while the house is listed
It’s also important that you and your real estate agent respect the rights that your tenant has. The landlord or their agent must provide written notice to the tenant or have their permission to enter and show the unit to prospective buyers or to conduct an open house.
The notice must provide the:
- Reason for entering the rental unit
- Date and time of agreed upon entry
Ideally, a tenant and landlord can agree in writing on a schedule for viewing times. If not, the landlord must give the tenant 24 hours written notice each time before showing the unit.
Keep in mind that tenant occupied homes can be the longest ones to stay on the market. Always consult an experienced Realtor and go over your options before announcing the sale of your home to your tenants.
Cesi Pagano
949-370-0819
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