How To Sell Your Rental Property
If you’re dealing with rent issues and difficulties managing your tenants, you might be considering a sale of your rental property. Luckily for you, there are plenty of fast and easy ways to go about it.
There is no question that landlords are having a tough time right now. Coronavirus reduced the demand for rentals and many people aren’t as eager to move as they would have been a year ago. As a landlord, you might be dwelling on the potential challenges of selling your property.
Beyond handling your current tenants, you need to figure out whether or not the current market has any demand for single-family rentals. There are a few ways you can go about selling your rental home, including through a real estate agent, on your own, or with a company like National Cash Offer.
Regardless of what you choose, here is a small overview of how you can quickly sell your rental property.
Things You Need To Do Before Selling Your Rental Property
Before you sell your rental property, you must determine:
- What your tenants will need to do
- If any repairs or renovations are necessary
- Whether your property is marketable or not
- If there will be any tax consequences
Talking With Your Current Tenants
If the tenant is still living in your rental property, it is recommended that you wait until their lease expires. For starters, prospective buyers don’t often want to look at a property while people are in it. Secondly, trying to repair or renovate a property that is occupied can be a nightmare.
If you work with an off-market buyer like National Cash Offer, however, you won’t need to worry about repairs or renovations, which can be extremely beneficial.
If your goal is to get your tenants out early, you may need to consider offering them a financial incentive, such as one month’s rent in cash.
Making The Necessary Repairs and Renovations
If your property is old or has had careless tenants living in it, you may need to make some repairs or renovations. Of course, you might not want to spend thousands of dollars on a kitchen remodel or new HVAC system.
Beyond that, you might have to blow even more money on sprucing up the landscaping or giving the entire home a fresh coat of paint. Again, you can avoid all of these costs by selling to a company like National Cash Offer, which will buy your house as-is.
Is Your Property Marketable?
Typically, the task of determining a home’s marketability falls on the real estate agent. It is important that you do not overprice your home. To do so, you need to explore the comps or recent sales of nearby properties. Compare your home’s amenities with other homes on the market to determine whether you can market it similarly or not.
Will There Be Tax Consequences?
Make sure to consult your financial advisor or tax accountant prior to selling your house in Phoenix. If you earn any profit during the sale, you will end up paying taxes on it. However, if you sell at a loss, you may get a ta deduction.
There are many things to consider when selling a rental property and National Cash Offer can make the process much easier. Give us a call to see how we can help you move to your next step in life!
