19 Feb Finding a Buyer for a Tenant-Occupied Property: Yes, It’s Possible!
You need to sell your rental property as soon as possible, but there’s a snag: It’s occupied by tenants. That might seem like bad news. However, it’s totally possible to find a buyer for a tenant-occupied property. Here’s how.
Built trust and transparency with your tenant.
A tenant can make it hard to sell your rental if they aren’t on your side. If they’re upset about the changes, they could spread negative information about your company or even damage the property. But if you tread carefully, you can keep your tenant happy and still sell the property.
Let the tenant know about your current circumstances and tell them that you need to sell the property. Be as honest, open, and upfront as possible about your situation. You need to get the tenant to see your side of things so that they will be cooperative. If things go well, the tenant can help you get the property sold instead of becoming a roadblock.
Give your tenant an incentive.
Do you want the tenant to move out? If so, you’ll need to give them an incentive. Consider offering a gift certificate to the store or restaurant of their choice (make sure it’s their choice! You don’t want to give them something they won’t use!). Paying for packing and moving expenses would also be a great help to your tenants. And if these things aren’t enough, offer them cash to move. Ask them what you can do to make moving easier and better for them, and listen to their response.
Even if the tenant doesn’t need to move out, you need to compensate them if you’re planning to show the property. Remember—they live there, and a showing is an inconvenience to them. Discount their rent or pay them in cash for each showing.
When you sell to MarketPro Homebuyers, we will take on the cost of packing and moving expenses. So, that’s an incentive you can easily pass on to your tenant.
Minimize/eliminate showings and other disruptions to your tenant’s schedule.
Even better, you should try to minimize showings and other inconveniences to your tenants. Imagine if you were renting a house and the landlord was inviting people to walk through your home every week—how would you feel? You would probably be annoyed. So, if you have tenants on your property, find a solution that doesn’t involve disrupting your tenant’s lives.
One advantage of working with a professional home buyer like MarketPro Homebuyers: you’ll only have one quick showing. No open houses and no dead ends.
Choose your buyer carefully
The average retail buyer is looking to live in the home themselves, so the tenant will definitely have to move out if you go that route. And, even if you sell to another investor, they might have different plans for the property—plans that don’t involve your current tenant. But there’s a third and better option! Here’s how MarketPro helps you sell your tenant-occupied property:
- We’re willing to purchase tenant-occupied properties.
- We buy properties in a variety of conditions. So, if the property is in rough shape because of its use as a rental, it’s no problem—we’ll take on all the repairs ourselves after purchasing the home.
- If your tenant is moving out, we cover their packing and moving expenses, which is a great incentive for you to offer.
- We don’t take up much of your time or your tenant’s time, because there’s only one showing and no open houses.
- As professional buyers, we know the ropes. We offer a fair cash price, we make the process go smoothly for everyone involved, and we go the extra mile to help you and your tenants throughout the transaction.
Are you interested in selling a rental property in the Washington DC/Maryland/Northern Virginia Metro Area? We can help! Send us a message or give our office a call today!