Owning rental property in Houston is a big responsibility, financial and otherwise. If at some point you find this too much of a burden, you may decide to put your rental property on the market. In a perfect world you would wait until your tenants’ lease was up, but that may not be your best option. Landlords can sometimes find themselves in circumstances beyond their control and need to sell their rental property without delay. If the home is still occupied, the best way to accomplish this is by communicating openly. It’s important that you assure your tenants that they will be treated fairly throughout the process. Below are a few things you might want to keep in mind when selling your occupied rental house in Houston.
Be Considerate of Your Tenants
You may own the property, but your tenants are living there and deserve consideration. If you want things to go smoothly, it’s important that you respect their needs. After all, a sale would totally uproot them from their home. You can’t blame them for being upset about being forced to move with barely any notice. This is why many landlords make an effort to ease their tenants’ worries by offering a financial incentive. It might be a reduction in rent and/or help with the actual move. It goes without saying that renters have rights too, so find out what your local laws are before making a move to sell your Houston rental property.
A Direct Sale May Be Your Best Option
When the time comes to sell your Houston rental property, your best option for a smooth transaction might be with a reputable professional buyer. An experienced local home buyer will make you an offer for your property as-is, even if the home is occupied with tenants. As real estate investors ourselves, we get why someone would want to quickly sell a burdensome rental property in Houston. We also understand why it’s important to receive a fair price. We are currently looking to buy any type of property in Houston. We know the process and are in a position to help you quickly unload your rental house. For things to go smoothly, it’s important that your tenants be willing to cooperate throughout the selling process.
Be Ready to Show the Numbers
When trying to sell your Houston rental home to another property investor, they will ask to see records on the property’s past performance. As owner, you have all the necessary financial documents as well as the vacancy rate. Your buyer will also want to see maintenance records for any repairs done on the property. When offering an investment property already occupied by great tenants, many investors will consider this a welcome asset, rather than a problem.
Market to Buyers Looking for a Place to Call Home
If your rental home is underperforming your records will show this, causing many investors to walk away. When trying to sell your Houston rental property, you could improve your luck if you worked with buyers who plan on living in the house themselves. To attract such buyers, you will have to hire a Houston Realtor. You will also need to be patient while your Realtor finds a buyer. This could take many months. In the meantime, if your rental home is continuing to cost you money trying to sell it through the MLS may not make sense financially.
Offer to Let Your Tenants Buy the Property
Before you hire a Houston Realtor, or start looking for a property investor, you may want to offer your tenants the opportunity to buy the home. If they’ve been living there for a good period of time, they’re probably very comfortable with the place. If they ultimately want to buy a home of their own, this could work out well for everyone. They won’t be forced to move, and there won’t be any need for you to clean up. Having said that, if they’ve never bought a home, there could be a reason. You’ll need to make sure they can afford a down payment and they qualify for a mortgage, plus the other costs associated with the transaction. So, don’t get your hopes up too soon!
Selling a rental house in Houston isn’t always easy when it is occupied with tenants. Many landlords decide that it’s best to wait until the lease is up. However, not everyone has the luxury of waiting. When you sell your house to Texas Direct Home Buyers directly, having tenants in your Houston home won’t be a problem. The process will go quickly and smoothly, making everything as easy as possible for both you and them.
Do you want more information on how to sell your Houston rental property? Reach out to us by calling (832) 990-9707 today.
Transcript:
Do you own rental property you’d like to sell? If so, here are five tips. One, be considerate of your tenants. They deserve it, but it’s also good business! Two, consider a direct sale. You can click on almost any link on the Texas Direct Home Buyers page and see how to do that. Third, be ready to show your numbers. If you need help with that you can call us and we’d be glad to help. Fourth, consider marketing to an end buyer. That’s a different ball game but sometimes it’s a better ROI for you. We’ve had rental property owners want to partner with us to sell to an end buyer with owner financing. There are lots of ways! And finally, you can sell to your tenant. If you work out an owner finance deal with them you can sometimes get rid of your headaches and still have a secure investment with better flexibility than what you have being a landlord. So that’s our five tips we have for you today. Good luck with your rent house, and remember, you can call us today! Check us out!