HELP: Selling a rental with active tenants - trying to get them to vacate early

3 Replies

BP,

We are looking to sell one of our rental properties, which is currently occupied with some of the best tenants EVER, whose lease doesn't run out until the end-of-July.  (FYI, this is their first year of tenancy.)

We'd LIKE to place the home on the market (vacant, which is easier for agents to show/sell) sooner than August 1st (or so), in order to take advantage of the summer "buzz".

My question for you, is how would YOU go about "breaking the ice" to them?  Offer to pay an amount towards their moving costs?  Give them a month free rent? 

FYI - not that it factors into the above, but we are selling the rental because it is a negative cash-flowing property, and the proceeds we'll get from the sale will be used to buy positive cash-flowing properties.

Thanks (in advance)!!!

Brandon

Have you considered asking tenants if they would like to purchase the property? By reducing price the 6% you would have to pay a broker they may be able to afford the house...I did this once and I even took another $3,000 off the price for the upgrades I would have had to make prior to listing. Might be a win win

Asking the tenants if they would like to buy it is a good idea. I would also suggest just asking them if they will move. Explain to them that you are trying to sell it and it needs to be empty. I have done this and had tenants move out with no problem at all.

Well @Roman Gwin and @Account Closed , after reaching out to them (to explain our intent to sell), they WOULD like to discuss buying it from us.  We'll see how it goes.