Are you thinking about selling a home that you have rented out for some additional revenue? If so, you’re likely trying to discern how to best inform the current tenants and conduct the sales process in a way that works well for all of the parties involved. In today’s blog post we’ll explore how to sell your home while you’re renting it out to tenants and share three tips that can make the process a bit easier.
#1: Review Local Laws and Your Tenancy Agreement
First, you’ll want to break out your tenancy agreement and download any state, provincial or municipal laws that apply to landlord-tenant relations. Selling a home with renters living in it can result in a number of sticky situations. You’ll want to ensure that you conduct yourself in accordance with the rule of law as you may end up in court if the process goes sour. OR CALL ME and I will do that leg work for you!
#2: Communication is a Vital Part of the Process
Next, you’ll need to ensure that you’re communicating with your tenants every step of the way. Be polite but firm; you don’t want to encourage any hostility but this is your property and ultimately, your decision.
Don’t forget to fully inform your tenants as to how home showings will work, as they’ll likely be concerned as to who is being provided with keys to their home.
#3: Incentives Can Sway an Unruly Tenant
Finally, if you’re faced with some unruly tenants that are making the sales process challenging you may find that financial incentives to help the process go smoother. You’ll need their cooperation in keeping the home relatively clean and tidy, so you may want to consider offering some gift certificates or paying a portion of the rent in exchange for their help. If you’re hosting an open house over a weekend, offer to put their family up in a nice hotel somewhere in town where they can enjoy a weekend together.
While selling a home with tenants living inside is rarely easy or fun, it’s certainly doable. When you’re ready to learn more about the home selling process, GIVE ME A CALL, to leverage my expertise and guidance to ensure you get the most from your sale.