7 Tips When Selling a Tenant Occupied Home

A home that is currently occupied can be hard to sell. Thus, tenants can make or break a sale. You cannot simply evict them just because you plan to sell your property. You need to understand that you have to think of the welfare of current tenants, your home, and the homebuyers.

Here are 7 tips when selling a tenant occupied home:

1. Talk to your tenants in-person

While it is easy to just send a letter to your tenants about your plan to sell your home, personally talking to them is a significant act of courtesy. Discuss why you need to put the property out in the market and ask for their cooperation during the process.

2. Wait for the contract to expire

It is not the best decision to ask your tenants to move out on a short notice. Let them know that you are selling your property and give them ample time to transfer. When they ask if they could extend the duration of their residency, think carefully how it could affect your sale.

3. Do not renew the contract

If you already have a sure buyer, do not extend the contract of the current tenants. Doing so might cause the client to just opt for a vacant home rather than an occupied one.

4. Hire a professional

To avoid legal troubles and the hassle of the selling process, you can opt to hire a real estate professional. Brokers understand how the industry runs. Thus, they can help you sell your home faster and easily without problems.

5. Sell the home to your tenants

You can ask your tenants if they would want to consider buying your home. If they have lived in it for quite a while, they might be interested in purchasing it. You can offer them the earliest opportunity to be the owner before you start posting ads about the property.

6. Help the tenants relocate

If the homebuyer has scheduled a specific date of transfer, you can help your tenants move out. Move them into your other rentals if possible, or assist them in finding a new home. Relocation is a dreadful task; help lessen the stress of home searching.

7. Give incentives

Selling your home requires client visits and inspections. You need the help of the tenants to make the house accommodating. Typically, tenants do not keep a property in a ready-for-viewing condition. And yes, it is hard to sell a grubby home. You could suggest a break or a discount on the rent to entice them to cooperate.

It is a challenging task to sell an occupied property. Reduce the difficulty by creating a sales plan before you put it out in the market.

Do you know other tips on how to sell an occupied home? Share it with us in the comments section.

Cover photo source: https://en.wikipedia.org/wiki/Moving_Day_(Quebec)