Passive income… tax benefits… asset security. It goes without saying that being a landlord brings a lot of financial benefits. But, it’s not all smooth-sailing.
Most landlords who own rental properties will tell you that they’ve experienced challenging times, and if we’re really putting it bluntly, moments when they nearly lost their patience. The sad truth and unspoken reality is that some tenants behave pretty badly, which can cause huge financial and emotional difficulties for their landlords.
If you’re a landlord considering selling a rental property with tenants but feel unsure where to begin, we can provide guidance. Gr8housebuyers® aka Gr8 House Buyers specializes in buying investment properties even with existing occupants. As seasoned experts, we outline proven and ethical techniques for how to deal with annoying tenants, while facilitating the sales process.
The Landlord Journey – Selling A Property With Tenants
Estate is one of the greatest assets anyone can have. It’s why many landlords choose to keep their rental property for the financial security of themselves, their family, and their future. But sometimes, this rental investment can quite literally become more hassle than it’s worth.
Furthermore, we have other personalized solutions like buying subject-to the existing note, and/or seller financing (carrying the note). We can find the home solution that satisfies you and exceeds your selling goals.
So, how does a landlord go about selling a property with tenants? The process may involve quite a few steps, but with the right real estate professional on your side, it’s something that can quickly and easily be achieved!
Evaluate The Market
The first, but arguably most important step, is to figure out exactly when’s best to sell your property. The world of real estate here in Las Vegas is constantly fluctuating, and although it may be tempting to start advertising your property now, it’s important to strike when the iron’s hot to ensure maximum revenue.
An agent and/or investor, like one of our experienced professionals here at Gr8housebuyers®, will assess the current market to determine a realistic selling/buying price for your property, while taking market conditions into consideration.
Review Your Finances
Having a rental property is a great asset to have, so before you make the life-changing decision to sell it, it’s crucial that you assess your financial situation, so you can ensure the choice to sell rental property with tenants is a good and profitable move for you and your family.
In order for this process to be completed, you may be required to provide necessary documentation, including rental lease, deposits, rental history, income, rental expenses, etc. to kick start the process.
But don’t worry – your real estate consultant will help with the paperwork!
Prepare The Property
The aesthetic value of your property will hugely influence its marketability. So, if your rental could do with new rendering, a kitchen modernization, or simply just a fresh paint job, we can’t stress the importance of aesthetic appeal enough!
However, there is no need worry about preparations with the property when selling to us. You can sell as-is without any home repairs or upgrades, or in excellent condition. We have personalized solutions for every home in any condition. Our team can also assist you with your property to enhance it even more, if you turn it into an investment and decide to become the “bank” or carry the note.
Notify Your Tenants
This is the step that most landlords shy away from the most. Of course, no one wants to be responsible for taking someone’s home away from them or notifying them of a new landlord, or notice to vacate the property when the lease expires, so it’s crucial to approach the situation with sensitivity and understanding. At Gr8housebuyers we are able to facilitate the situation with your tenants or any unwanted guests, and mediate it all for you. We have had years of experience dealing with these types of scenarios and would be happy to take the stress off your shoulders.
But it’s equally as important to remember why you’re making this decision, and your own personal situation. It’s not a fun time for anyone involved, so be kind to your tenants and yourself during this time.
Negotiate and Accept An Offer
After you’ve decided to either put in the work of getting your property onto the market, or sell directly in as-is condition and not worry about any clean up. It’s important to focus on what your home selling goals are, and which offer/option will help you accomplish them. We proudly are able to offer 3 options to every homeowner wanting to sell a home.
| 1. Cash Offer Quick | Zero Hassle | Convenient |
| Outright “as-is” cash offer for your property. Fast & Any Condition! There are no closing costs, no listing fees, no open-houses, no agent commissions, and no appraisals! You don’t have to worry about repairs and cleaning with this option. Close on the date of your choice. Leave behind unwanted items, and no concessions. |
| 2. Creative Offer Highest Price | Better Return | Save & Profit More |
| Offer based on the terms you prefer, if you consider an “owner will carry.” Best and Premium Price! The terms are negotiable, you save money, great return on your current equity, and a better overall investment! Your profit margin is the highest with this option! No commissions, no closing costs, no listing fees, no open-houses, no cleaning, no repairs, etc. We take care of the maintenance, and upkeep. No more hassle or micro-managing tenants like a landlord. |
| 3. List with an Agent Traditional Sale w/Agent |
| Important: Listing a property with a realtor or a big institution typically takes more time to sell, more paperwork, and can be a more complex process: You may receive repair and cleaning requests, along with commissions and other listing/closing fees, and other possible concessions. Ultimately, if you decide to list your house with a realtor on the market, we can refer you to our reputable realtor/partner who would be happy to assist you. |
As soon as the offer has been accepted and the transfer of ownership is underway, your new chapter can begin!
Navigating Emotional Challenges—How To Deal With Annoying Tenants
It’s something not many landlords want to admit, but let’s be real – there are some very difficult tenants out there who seem to make it their mission to make their landlord’s life hell. Whether it’s late payments, noise complaints, damage to the property, or something in between, difficult tenants can quickly turn a lucrative investment into an unwanted source of stress.
Although it may be tempting to let your frustration take over and do all the talking, it’s important to retain your professionalism. After all, you’re a business owner, and maintaining positive tenant-landlord relations is crucial to maintaining your reputation.
But, you’ll be glad to hear that we have some tips and solutions on how to navigate this complex situation, and bring about the best outcome for everyone involved.
Know Your Rights
Before speaking with tenants, familiarize yourself with your own rights as a landlord. By researching the rules and regulations in your area, and how these apply to your situation, you’ll feel more empowered to navigate difficult situations confidently within legal boundaries. Reading the small print may be tedious, but it could save you a lot of headaches further down the line.
Establish Open And Effective Communication
Your tenants may not be responding to your messages or letters, but by opening clear channels of dialogue between you, you’re also covering your own back. Actively encouraging your tenants to reach out to you is the best way to resolve conflicts or concerns quickly.
Document Everything
This may seem like an obvious step, but a lot of landlords forget to keep a detailed record of events, which often leads to legal challenges further down the line. Avoid this by documenting all the communication between you and your tenants, along with your responses and the actions taken. This will protect you in the case of disputes and legal proceedings.
Be Fair, But Firm
Some landlords may find this more difficult than others, but asserting your authority is essential when learning how to deal with annoying tenants. By adopting a fair approach, you’ll be striving towards establishing a mutually beneficial relationship between you and your tenants, which is a win-win outcome for everyone involved. Remember – it’s your property, and will come at your own cost if things get badly damaged!
Seek Professional or Legal Advice If Necessary
Sometimes, having a second and third opinion really helps. That’s where we come in. One of our real estate professionals will show you how to deal with annoying tenants in a way that minimizes the stress on all parties, or guide you in the right direction for additional counsel.
Ready to Sell Rental Property With Tenants?
If you’re a landlord who’s considering selling a rental property, we hope this blog has given you the confidence to begin the process. Do your market research, know your rights, and partner with a real estate professional like Gr8 House Buyers to streamline the selling process with no stress! Trust us, you’ll thank yourself later.
Selling a Property With Tenants?
With the right support, you can maximize marketability and still respect your renters’ rights. Our team specializes in buying occupied properties. We assist with preparations to minimize disruption, provide tenants with proper legal notices, schedule showings at their convenience, and facilitate clear communication every step of the way. With our consultative approach, you can begin the selling process with confidence, while tenants enjoy a thoughtful transition.
Visit our website to learn more about our sensitive tenant-focused process. We’re ready to help you sell your rented house, mobile home, townhome, vacant land, or apartment building with ease.