How to sell your house with tenants in Kansas City
Selling your house with tenants in Kansas City needs to be done ethically. As the landlord one of your responsibilities is to inform them of your decision and what to expect so that you can help make the transition as easy as possible. Sometimes tenants will want to stay in the home and not move out before the sale. If that’s the case you will want to look for buyers that will honor the lease and will make the transition as smooth as possible for the tenants. You will want to look for a buyer that will be open to the idea of buying with tenants already in place. Real estate investing in Kansas City is a business, and if you are losing money or you need to sell your property for other reasons, don’t unnecessarily hold onto the property any longer than you have to.
Tenants Rights in Kansas City
One very important thing that you need to do when beginning to explore the idea of selling your house with tenants in Kansas City, is to make sure you know the tenants rights. You have to follow the law when dealing with your tenants you can’t just kick them out of the property without notice. If you want them to move out before the house is sold you must follow the law and give them proper notice. Your lease must be set up ahead of time in a way that will allow you to end the lease early. Selling your house with tenants in Kansas City can seem like a daunting task, but if you follow the regulations and work with the right buyer the process can be fairly smooth without much disturbance for anyone.
Sell Your Kansas City House Directly
Instead of going the traditional route and putting your home on the MLS to sell, it might be a better idea to just sell it directly to another investor. When you do this often time you won’t have to spend time marketing, cleaning, and staging the home to sell. All of which can be hard to do when tenants are still in the house. If you plan on selling this way you will need to find the right buyers who are willing to buy the house with tenants in place. There are actually a lot of investors out there who may see a house already occupied as a perk. This means that there’s less for them to deal with when they get the home since it’s already occupied and they will be getting income from the start.
If you plan on listing the house with a Winston Salem real estate agent you will either need to wait until the tenants have moved out or have their cooperation in showing the home. You don’t want to have a tenant sabotage a showing whether intentionally or unintentionally, so you will need to make sure they are on your side. To do this, you can consider offering reduced rent in exchange for their time, property maintenance, cleaning, etc. You could also offer reduced rent as an incentive to get them to move out. Or maybe offer to pay the first months rent at their new place. Selling your house with tenants can be very inconvenient for them. Offering financial or other such incentives can help make the transaction an easier one for them.
Be Respectful to the Tenants
You might be the owner of the house but it’s not where you live. Your tenants are paying rent so that they can live there and it’s currently their home. They may have some anxiety about having to move out of their home so it’s a good idea to be respectful of them and their concerns. You may need to sell your Kansas City rental for personal reasons but being respectful of your tenants will go a long way towards making things easier for you and them.
Sell To Your Tenants
A great thing to consider is to sell the home to your tenants. Sometimes if a tenant has lived in the home for awhile they have an attachment to the house and the community they are part of. If they’ve lived there awhile the house has probably truly become their home and they may be interested in buying it directly from you. The perfect buyer may be living in the home already, all you have to do is ask.
Wait Till The Lease Is Up
Another option and one that I’ve done myself is to wait. Wait until the lease is up, and let your tenants know ahead of time that you intend to sell and that they will need to move. Sometimes offering to help them with moving expenses will make things easier for your tenants and they will be more cooperative as they get ready to move out. Doing this will allow you to clean, market, and stage the home which will attract more potential buyers and help you get a better offer for your house.
Selling your house with tenants in Kansas City can be somewhat challenging, but depending on the way you handle everything it can be s smooth process. As always if you would like to discuss all of the options you have available when selling I’d love to help!