Selling a home can take time. There are multiple steps that have to be taken and multiple people that you have to interact with. The entire process can take weeks, months or longer to complete.
If you’re renting out your home, the sale can take even more time. You either have to find a buyer who’s willing to take on your existing renters or your tenants may have to find a new place to live. Being a landlord is a big responsibility, and it’s not one that should be taken lightly.
Selling a home in Texas with renters can be challenging, but it can still be achieved. You just need to have a good strategy and a positive mindset. Here are a few things to keep in mind:
1. Ensure that your open house showings are convenient for your renters.
Once you’ve put your home up for sale, you should expect to hear from interested parties shortly. Work with your real estate agent to schedule open house showings.
These showings should be scheduled in advance so that your renters have enough time to adjust their schedules accordingly.
If showings need to be done on short notice, they should only be accommodated by special request. The amount of time required for advance notice should also be dictated by the terms of your tenants’ leases.
2. Your tenants should not be present during open house showings.
Giving your tenants advance notice will give them enough time to leave the premises during the open house showings.
You may want to accommodate your renters by offering them a free meal at a local restaurant or gift card to one of their favorite stores as an incentive to go out while you’re having a showing.
3. Keep the property in good condition.
First impressions are very important when you’re selling a home. Take some time before each showing to make the property look presentable on the inside and outside.
Shovel away snow, prune trees and plants and clean interior walls, windows and fixtures. Make any necessary repairs or renovations before putting your home up for sale. You should also ensure that your tenants’ rooms are in good condition.
4. Your tenants should be up to date with their rent payments.
Before you put your house on the market, you should make sure that all of your tenants are current with their rent. In the past, you may have been lenient to some of your renters. However, the home’s new owners may not be as forgiving.
5. If necessary, help your renters find a new place to live.
It’s possible that your home’s buyer might not want to be a landlord. That means that your existing tenants will need to find new homes quickly. If they are loyal renters, you can make the process easier for them by assisting them in their home search.
Talk to your connections to see if there is a nearby apartment complex or other rental property that may be willing to take them in. If they are reluctant to move, you might need to offer them additional incentives such as a discount on their rent or utilities.
Marketing a rental property usually requires more time and effort than a traditional home. You’ll need to be clear in your marketing messages so that potential buyers understand that your home is currently a rental property.
Some parties will find this news perfectly acceptable, while others may opt to move on to other properties. That’s just fine. It’s important to be honest. The last thing a buyer wants is to find out after the fact that they’re buying a home that’s being rented out.
If your tenants decide to stay on after the closing, you may need to renegotiate their lease agreements. Schedule meetings with all of your tenants so they know what to expect. You should also discuss this situation with the buyer. They may or may not decide to move into your home after the sale is complete.
You should also inform your property management company or any other related services that you’re currently working with of your intentions to sell your home. They have the option of renewing their agreements with the new buyer or letting them lapse.
The buyer can decide whether or not they want to pursue good working arrangements with those companies, if they want to work with other firms or if they want to tackle all of the maintenance and other responsibilities themselves.
Whatever you decide to do, it’s essential to have a good working relationship with your tenants. In most cases, they should understand your situation and your reasons for wanting to sell the property.
In the odd chance that a tenant refuses to agree to any new arrangements or terms that you enact, it’s time to evict them. The process should be done with as little fuss as possible. Having an unruly renter can drag out the sale process or even cause the interested party to back out of the deal altogether.
Selling a rental home is never easy. There’s a lot of things to do along the way. You may have to do a few more repairs or maintenance projects than you’re used to. It can also be hard to say goodbye to the tenants that you’ve built good personal relationships with. They’re tough, but you’ll get through them. Just stay focused on the end goal of selling the property so that you can move forward.
Have Questions? Ask Rene!
