Sell your house while renting it out with these three strategies.
Selling a house while it’s still occupied by tenants can present unique challenges. However, navigating this situation can still be successful with the right approach. Today, we will explore three strategies that you can use to effectively sell your house while renting it out.
1. Break the lease. You can incentivize your tenants to break their lease. Reach out to the tenant and explain that you want to sell the house and you understand that it’s still leased, but if they are willing to break the lease, they could get some incentives. Incentives could be providing a free month’s rent, returning their security deposit early, or offering a prorated rent payment.
2. Selling with tenants in the property. While this is not the most ideal scenario, as it can be inconvenient for the tenant and limits showing accessibility to the buyer, it still is a viable option. It is crucial to collaborate with us so we can help you with a showing schedule that is ideal for both the buyer and the tenants. Additionally, some buyers might find the presence of a tenant reassuring, knowing they’ll have immediate rental income upon buying the property.
“Incentives could be providing a free month’s rent, returning their security deposit early, or offering a prorated rent payment.”
3. Extend the closing date. You can enter a contract with a buyer with a longer closing date that aligns with the end of the existing lease. This prevents sellers from missing out on the selling season or great market conditions while ensuring their tenants can fulfill their rent payments.
Homeowners can benefit from both the tenant and great market conditions by understanding the available options and their potential benefits and drawbacks. Let us help you to get into a contract with a buyer now. Call us or send us an email, and we’ll work things out for you.
