When looking to sell a rental property, it is a common misconception that it will be no different than selling a primary residence. While there are similarities in making sure the property looks its best, the differences mainly lie on the business side of things.
Step 1: Real Estate Documents
The first step is actually a multi-part one. You will need to decide if you are going to be selling the property with or without a tenant. You will need to attain any documents pertaining to the property: maintenance/repairs, income/expense reports, applicable leases, and any permits.
Step 2: Investment Property Price
This will more than likely be a step completed with the assistance of a realtor. You will need to do your research about the area around your property as well as the market to understand what your property is worth. From here you will get a better idea of what repairs you might want to do to up the value.
Step 3: Preparing the Rental Property
Now is when you walk through the property (if you haven’t already) and see what repairs need to be done as well as any improvements you would like to do. Even the simple tasks of cleaning and making the home look pleasing to the eye is enough to make sure you will get a few offers. Presentation is a powerful tool.
Step 4: Partner with an Investment Realtor (if you haven't yet)
Since selling an investment property is a lot more involved and done with a different set of rules, it is important to have someone on your side that is heavily equipped with knowledge of selling this type of property. With different laws, leases, and documents involved in this type of transaction, not knowing the situation all around could leave you in trouble.
Step 5: List on the Market
Just like selling your primary home, you can put it on the market at any time but there are going to be hot times and cold times. Depending on your need or want to sell your property will also help you find the window in which you should put it on the market.
Contact Us for Investment Property Guidance
Regardless of the type of property you are trying to sell, there is going to be stress, but keeping yourself organized and knowledgeable will help make the process a little less painful. With over 20 years of experience, Doug has an arsenal of information to help you get the best offer on your property while making sure the tenant is taken care of.
If you’re looking to sell an Investment Property, we can provide a Complimentary Market Analysis with a full Comp report, advice on repairs & upgrades, advice on timing the sale, & the quality of local competing properties. Even if you’re not looking to sell this year, knowing what the property is currently worth & having a list of recommended upgrades can help prepare you for listing in the future. Give us a Call with any questions or Schedule a Market Analysis today!
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5 Steps for Buying an Investment Property Sources:
RentPrep: How To Sell A Tenant-Occupied Property
Apartments.com: Tenants' Rights When Selling an Occupied Rental Property
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The content on this page provides general consumer information. It is not legal advice or regulatory guidance. Grimm Realty Group may update this information periodically.
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