Selling An Income Property—Things To Consider

Larry Rhodes · February 02, 2020 · Home Stuff · 0 comments

Selling an income property can sometimes be more complicated than selling your home residence, especially if it is occupied. Tenants may not put the same effort into making a home showing-ready as you would, so you will have to be more vigilant or wait until they have moved out to begin the process. Before you list, consider these important points.

Talk To Your Tenants

If you have people living in the property you want to sell, you should let them know about your plans to sell and discuss the process with them. Since they will have to move, they may decide they want to be out sooner rather than later. However, if you are beginning to show the home right away, they will need to be ready and able to cooperate with showings.

Set up times when it is acceptable to them to show the home. Be sure to work around their schedule; after all, it is their home and their things inside the home. Tenants will be more likely to help prepare the home for showings if you are considerate of their time and needs.

Hire Someone For Yard Work

If your tenants usually do the yard work themselves, consider taking it off their hands by hiring landscapers to handle it during the sale process. Since the tenants will need to keep the inside of the house tidy, have someone else take care of the yard.

Professionals will keep the yard looking good and increase the curb appeal of the home while it’s for sale.

A Vacant Property

Selling a vacant income property is likely a little easier due to the fact that no one needs to coordinate schedules to set up showings. However, it also means no one is there to keep an eye on the home. You will need to keep an eye on the property to make sure it’s not in danger of damage.

Since people who are looking to buy the home will probably want to live there, consider staging the home to make it more appealing. Home buyers often find that seeing the rooms set up for living makes it easier to picture their own family living there.

An income property isn’t creating any income while it is vacant and on the market, so consider selling while the tenants are still in residence. If that’s not possible, staging or minor improvements can make a big difference in how long it takes to sell.

Photo Credit: @andreyyalansky19 via Twenty20

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