If you want to dispose of your rental property, you need to prepare it to make it attractive to potential buyers. There is a slight difference between preparing a residential property for sale and preparing an investment property for sale. Here are some practical tips to help you sell your rental property:
Spruce Up the Property
Renters usually don't give as much care and consideration to the premises as the actual owners do. If you own the house you are living in, you will take good care of it because you want to protect your investment; a renter can just terminate or fail to renew their lease if a property's condition deteriorates. This means there are high chances that your rental property will require some maintenance work before it is put on the market.
Coordinate with the Tenants
If there are tenants on the property, then it's wise to inform them and involve them in the sale. Don't forget that you will need their help during viewing sessions, so you need to ask them when they can accommodate potential buyers. In fact, the tenants can be of great help in showing your property if they can put on a good show when the potential buyers come. Talking bad about your property, for example, may discourage potential investors. Even if you don't need their help, be courteous enough to let them know their landlord may soon change.
Fill Up the Vacancies
It's also a good idea to fill up any vacancies before putting the house on the market. Remember that some of the potential buyers may want to continue renting out the property, and it would make their work easier if they don't have to look for tenants immediately after the purchase. This is not to say that you should take shortcuts and fill up the houses in any way necessary. That would be dangerous because you may be stuck with bogus tenants; there is also a risk of being found out by the potential buyers.
Gather the Financial Papers
No serious investor will buy your rental property without evaluating how much money they can make on the investment. This means you will need to avail the rent records, expense records, property improvements, permits, tax returns, and anything else that may affect potential income from the property.
As usual, you can benefit a great deal from the input of a real estate agent when selling your rental property. They can help you with further tips on how to prepare your property for sale. You can also talk to real estate brokers to learn more.Share