A Landlord’s Tip on How to Sell Rental Properties
If you are a landlord and you want to sell your rental property for cash, then you must be finding ways to “how can I sell my house fast?” There are various reasons why landlords sell their rental properties and it can be to cash in on the property’s equity, cut their losses especially when a property isn’t performing well, or if they are relocating. As the owner of the property, you have the freedom to sell it anytime you wish. However, if you have tenants, there are some things you need to follow to sell your property within the bounds of the law.
How Can I Sell My House Fast If My Tenants Are on A Month-To-Month Agreement?
One of the common types of rental agreement is the month-to-month basis. It is crucial to know the different rental agreements to find out how you are going to handle your tenants so that you can eventually sell your property.
If a tenant is renting the property on a monthly basis, you can give the tenant a proper notice through a letter, dated 30-days before you want them out of the property. The advantage of this type of rental agreement is that there is no need for you to provide a reason to terminate the agreement. This is called a “no cause” termination and it is legal under the month-to-month agreement.
As a landlord, you need to send a letter stipulating the date of when the tenancy will terminate. Allow at least 30 days for the tenant to vacate the property. If they don’t move out on the specified date, you can start the eviction process immediately.
Landlord Tips in Handling Fixed-Term Leases
Another type of agreement is the fixed-term lease. This type of agreement requires a more delicate approach as you cannot just terminate the tenancy because you have signed a contract allowing the tenant to rent the property for a fixed amount of time. Instead, what you can do is to wait until the lease has expired. This is especially true if the tenant is in good standing.
But if your tenant has violated some of the lease terms, then you can terminate the lease as soon as possible so that you can find a solution to the question “how I can sell my house fast?” Valid reasons for terminating the lease include failure of the tenant to pay the rent diligently, engaging in illegal activities on the property, causing damages to the property or other violations performed.
Sell the Property Even with An Active Lease
Another option that you have is selling the property even if an active lease still exists. However, this option limits your prospect because you can only sell the rental property to someone who is willing to accept a property with a tenant already living in it. When selling a property with an active lease, it is essential to choose a new owner who will honor the existing lease and allow the tenant to live in the property until the lease expires.
Pay Your Tenant to Vacate
Perhaps the best answer to the question “how to sell my house fast?” is paying your tenant to vacate even if they still have a few months left on the lease. Also called cash for keys, this strategy requires you to make an attractive offer to the tenant so that they will want to vacate the property quickly. When making an offer, try to compare other properties to yours within the area. Offer a difference between what your tenant will likely have to pay if they move to another place and what they have been paying and multiply it by the number of months left on the lease.
To make your offer more attractive, you can also offer an added amount that covers the moving costs to help your tenants with the inconvenience of moving earlier than expected. You can also offer to pay for their security deposit to the new place, which is equivalent to the first month’s rent of the tenant. The thing is, make sure that the offer you make is attractive to encourage the tenant to move out.
However, bear in mind that just because you want to pay them to vacate does not mean that they are obligated to accept and do so. If they don’t agree with your offer, then you might need to wait until the end of the lease before you can sell the property.
Sell to Your Tenant
If you think that your tenant loves your property, then why not sell them your property? Allow them to seek financing or offer them a seller financing arrangement so that they can make payments on a short-term basis to buy off the property. This is really a good option especially for long-term tenants with good standing. However, before you do this option, make sure that you own the property. If not, get an approval from your mortgage lender to provide a seller financing deal.
To avoid problems, it would have been helpful as a landlord if you put in an early termination clause in the lease so that you can inform them early on that you have the right to terminate the lease should the situation arise.
Where to Sell My House Fast?
So now that you have dealt with your tenants and they are already out of your property, the next thing that you need to do is to look for ways on how you can sell your house fast so that you can generate money from your property.
While putting it up on market listing might take some time before you can be connected to an interested house buyer, what you can do is to seek help from professional house buyers like Sell Quick California.
House buyers like SellQuickCalifornia.com will be able to exchange your property for cash. We can assess the value of your property fairly despite its location and condition, thus you can get the best price for your property. As a property owner, you need this kind of help so that you can sell my house fast.