7 Useful Tips on Selling Tenant-Occupied Properties
Many homeowners encounter selling houses currently occupied by tenants. While this can be advantageous, it also poses unique challenges in finding home buyers. Many property owners have thought about selling their properties whether or not they have tenants currently occupying them. While this can be incredibly attractive in the market today, this does not mean there are no challenges and special considerations involved.
Recognize the Challenges
As a seller, you need to anticipate the challenges, such as dealing with buyer’s concerns, making property available for showings, managing current tenants, and transferring of paperwork and finances.
Create a Plan
Create a plan by mapping out the things you need to do and when to do them. Make sure you are on track by keeping a checklist. Next, you need to go through the signed sales and contract.
Use Successful Marketing Strategies
Occupied homes are different from vacant ones. They are attractive to many real estate investors but they involve different pricing and sales channels. You need to settle concerns of regular homebuyers and determine profitability to investors. You also need to be cautious of overpricing as it is the most important factor in generating interest, attracting offers, and gaining visibility.
Communicate your Expectations
Current tenants can either help you sell your property or do the exact opposite. Expect them to be concerned and anxious as they may not know how the process works. They may also be afraid of being kicked out or having their rents jacked up. Thus, you need to talk to them transparently and let them be aware of the process.
Go for Smoother Showings
You should enter your property at a reasonable time with given notice. You need to conduct showings to prospective buyers while accommodating the schedules and concerns of your current renters.