Deciding how and when to sell a rental property is never easy. If you sell while you have a tenant there can be issues about the condition of the unit as well as scheduling issues to view the property. But if you wait until the tenant has moved out then you are facing carrying costs while the unit sits empty. There is never really a perfect time so in most cases you will need to try to work with your tenant to come to some type of agreement about the sale and necessary access to the property. But no matter how the tenant acts, it is critical that remember that the property is currently their home and that they are paying you rent for the use of the property. Being respectful of them, their privacy and their time will go a long way to making this a smooth sale.
There are a lot of ways that you can motivate your tenant to work with you during the time that the property is on the market, but the best motivation is normally financial. Offering reduced rent or a bonus payment to the tenant when the property sells is pretty common. This keeps the tenant motivated to keep their place clean and neat and also to be willing to vacate or at least allow potential buyers to come in and look around. You might also want to consider offering a gift certificate to a movie or restaurant once a month so that you can schedule an open house or longer time to show the property to potential buyers. If you are marketing the property to other investors this is a good way to get a few hours to bring several investors through the property. Not only will it get you some better exposure but it also might generate multiple offers and land you a better price.
Another nice perk for a renter who will soon be moving is a rental agent who can help then with their search. You can offer to pay a specific amount for an agent for them as a thank you for being cooperative. In addition, they can coordinate their house hunting trips with your tour times and both of you can make good use of the time. You will also want to be a little bit more understanding if they find a place and ask to move out a month or so early or maybe stay just a few days beyond the end of their lease agreement. Working with a tenant and prospective buyers can make selling a rental property very challenging. But if you are willing to be respectful and work with your tenant then the process can go smoothly.
To learn more about your options of selling your Scottsdale rental income property visit our site to learn about our services and how we can help you buy your house cash and eliminate the tenant issues.