Tired of being a landlord and dealing with late payments, repairs, and other issues with tenants? If so, selling a rental property quickly, is possibly the only thing you are considering. However, if you have tenants locked up in a lease, you simply can’t sell midterm, and force everyone out. So, what do you do in this case? Whether you have tenants under lease or not, these are a few options to consider, when you’re in a rush to sell your house fast, and simply don’t want to deal with tenants any longer.
1. Auction sales
An auction sale to companies is one option. In many cases, you will find these sales are extremely quick, especially if the price is right. With auction sales attracting other landlords, it is also an easy way to keep your tenants in place, and not break lease terms, when you no longer wish to manage the properties in question.
2. Other landlords
Do you know other landlords? Do you know they have money to invest and want to buy more properties? If so, you can target them directly. First, guarantee your tenants they can stay in the unit and rent won’t go up (at least until their contract expires). This will cover you legally. But, if the price is right, if you have paying tenants in place, and if units are easy to rent, the right landlord will jump on the deal.
3. Ask tenants
May seem a bit far-fetched to some, but it doesn’t have to be. If tenants are happy in the unit, and if you know certain tenants are interested in investments, why not? At least you will find a viable candidate with funds to buy, and you can turn around and sell quickly when you want to get out of the leasing field.
4. Target banks
If you don’t want to lease or manage properties, try going after banks. Many are more than willing to invest, especially in a property which has tenants, is doing well, and makes money. If they know there is a steady demand for rentals, and they will be receiving income, they might consider an offer if you want to get out.
5. Landlord advertising
Marketing your property through advertising mediums online, and email forums for landlords, is yet another option. Again, many people wish to make more investments and purchase more properties. If you can properly list your rental property if you can show a steady demand for rentals, your profits, and the type of tenant you attract, you will find plenty of viable candidates who will be willing to buy into, and take over your property.
6. Property exchange
Landlord property exchange sites are a common way to sell quickly. Not only do you find several landlords who are willing to invest, you find people with money who can buy now. You can sell quickly, you can turn a profit, and you can get the rental property off your hands, when you no longer wish to deal with it.
7. Locate Large companies that Purchase Properties
Like companies promoting “we buy houses” there are also companies which purchase rental properties for cash. Selling to these companies ensures you are paid cash, you are paid quickly, and that your property is going to be managed by a great team of investors. Not only will you receive cash offers, these companies have the resources to take over the property right away as well.
8. List it
Your final option might be the traditional route homeowners take when selling their home. You can always list the property with a realtor, in an attempt to sell it quickly. Regardless of the condition of the property, the number of units, or the type of tenants who are there, the right realtor can help sell it quickly, for the highest offer on the property.
If you are tired of being a landlord, you do have options when trying to sell your rental property quickly. But, knowing which ones work, which ones to avoid, and how to list the property for sale, is key to getting it sold quickly. These are a few options available to you as a landlord, when you want to sell now, and when you want to receive the highest offer on the property you are trying to sell to a viable investor or buyer.