A Better Way To Sell A Property With A Tenant

6 Replies

Hi I'm going to be attempting to sell two of my rental properties this year, does anyone have a decent strategy, that works with the tenant in the property? I tried to sell last year and ran into more headaches than necessary, and this was to get the property viewed by potential buyers.

Tell the tenants that you financially have to sell the property and you need their help to do it quickly.  If they keep the place neat and clean and presentable then there will be less people going into the house because it will sell more quickly if it is neat and clean.  It they do not cooperate then, sorry, but they will have to put up with many more people touring through the house.  They need to understand this.  

Then maybe talk to the realtor about setting up regular 'viewing times' that are the only allowed times for buyers to see the property each week. If someone is really interested they will come during the viewing time. Tell the renters that these are the set viewing times when potential buyers may/will come to see their house until it is under contract. This is their notice. Then set up times with a wide selection for all possible buyers schedules such as EVERY Tuesday 7 to 8 pm, Thursday 10 to 11 am, Saturday 11 am to 12 pm, Sunday 2 to 3 pm. Notice the renters of these times when you discuss the selling of the home. They will see its to their advantage to cooperate and get the viewings stopped. And in the mean time, they are notified and the MLS agent section can have these times listed as the only available times to view. And tell the renters that these will be the inspection /appraisal ties too when you get to that point. Notice and scheduling now done.

Then maybe offer some sort of bonus it the house has a contract for sale in the first 30 days, like a gift card to Walmart or a local restaurant  for $250 given when the house closes escrow.

Stick and carrot:)

Talk to the tenants first. If they have a problem with it, find a way to compensate them for their time. You may want to limit all showings to certain hours so they don't have to worry about someone knocking on the door at 8pm.

Market it to investors as a turn-key rental property. Make sure to state any recent repairs/improvements to the properties. List the current rent and what the rent could possibly be. List the estimated ROI and recurring expenses. If you have long term tenants, this is good. I love these kinds of deals because they cash flow on day one without renovating.

Originally posted by @Lear R. :

Hi I'm going to be attempting to sell two of my rental properties this year, does anyone have a decent strategy, that works with the tenant in the property? I tried to sell last year and ran into more headaches than necessary, and this was to get the property viewed by potential buyers.

 Selling occupied properties only works well if you're targeting investors. If you are trying to hit the owner occupied market you need to remove the tenant 1st. If you're going after investors get as many photos & or video of the property then sell it without doing any showings. Buyers must submit all offers without viewing the property. They can make them contingent on a home inspection but nothing general like a walk through. They need to have skin in the game, IE they need to be paying an inspector to tour the property. The buyers who demand to see it prior to putting in an offer are just tire kickers anyway. I've sold $100M+ this way. It's by far the most efficient way to move occupied rental properties.