14 Mar Selling a Home in Cincinnati with a Tenant Living in it!
The best strategy to sell a home while you have a tenant in it should be top of mind when leasing the property. Many sellers who held on to properties when the market was flat are now wondering how they should go about getting the home sold with their tenant still living in the property. Brett offers some ideas that can help!
His first tip is to try and get the lease to end in the spring. Having a property come back into your hands in the dead of winter may not get you the results of wanting to sell fast . Next, offer your tenant some sort of compensation to allow you to show the property while it is listed. This compensation should come with the agreement that they will show the home in its best light – having it clean and available when buyers want to see it. Don’t make the mistake of having this in the form of a reduction in rent. It should be a compensation that is based upon their compliancy in allowing showings and having it in good condition.
Another clause that should be included in the lease would be a “Lease Break Fee”, which basically allows you to give a 30 day notice, pay the tenant a settlement fee and have them move out. Again, this fee would be based upon their exiting the home and leaving it in good condition.
Lastly, as tempting as it may be to do upgrades to your rental property to help it sell quicker, hold off on doing repairs like painting and new carpet until after the tenant has moved out so it has that fresh brand new look and feel.
If you have any questions or concerns that these tips don’t resolve for you, please do not hesitate to contact Brett. With his many years of experience, he can help you navigate your own path to SOLD!