Do you have a rental property you’re thinking of selling? No matter your particular situation, deciding when to get rid of a rental property is tough. We’d love to help you with your decision.
Here are 5 situations where it might make sense to get rid of a rental property:
Situation 1: Repairs are outweighing revenue. Maybe you discovered a massive mold problem hiding behind the walls. Maybe there aren’t any big issues but your profit is slowly being chipped away by a string of small repairs as the rental unit gets older. Whatever the exact problem, it’s often better to sell a distressed house than to keep investing more to maintain it. When a property is regularly taking more out of your pocket than it brings in, it’s a good sign that it’s time to sell.
Situation 2: You’re having trouble keeping the unit rented. Sometimes changes to the area—think a large corporation moving operations to a different city—can cause demand for rentals to drop. Sometimes rental rates have not gone up enough to support the price you need to charge to cover your taxes, insurance, and (if applicable) management fees for your specific property. If finding a tenant is a constant struggle, it might be time to sell.
Situation 3: You’re too busy to be a landlord. Do you no longer have time for the regular maintenance or emergency calls that rental units bring? Being a great landlord takes a lot of time, and there’s no shame in selling if it just doesn’t fit your schedule. Of course, hiring a management company is always an option, but you’ll want to consider how that affects your profits.
Situation 4: Your priorities are shifting. This could be professional or personal priorities. Maybe you want to diversify your portfolio and move some money from real estate to the stock market. Maybe you want to spend your time and effort on a new hobby or project. Maybe you recently had to decide between renting or selling your home and you’re not happy with your decision to rent it out. Whatever the case is—if your heart isn’t in real estate, it could be time to move on.
Situation 5: You need to cash in on your equity. Selling an investment property can be a smart move when you have major expenses, especially if they’re unexpected. We hope you’re not dealing with major medical bills or major repairs to your personal home, but if that’s the situation you’re in then it might make sense to liquify some of your assets.
Sell your rental property:
If keeping your rental property just doesn’t make sense anymore—whether it’s due to loss of profit, life changes, or any other reason—don’t feel bad about moving on.
Our quick, stress-free process is the best way to sell a rental property whether it’s occupied or not. If your property is occupied, skip the stress of trying to clean, repair, and prep the property with tenants still living there. If it’s vacant, avoid paying for upkeep and repairs on an empty rental and get the deal done quickly with MarketPro.
Work with MarketPro:
We’ll give you a fast and fair cash offer for your rental property just as it is now; no repairs, no inspection, no commissions or fees. You can even choose your exact closing date. Our team will walk you through your quote, including a review of what your rental would likely bring on the open market. If you’re in Washington, D.C., Maryland, Virginia, or Pennsylvania, we’d love to show you how easy and stress-free the sales process can be. Contact us today for a no-pressure quote.