Whether you are a DIY landlord or property investor who leans on a property manager, it’s more complicated to sell a Springfield MO home occupied by tenants. The worst thing you can do is let your tenants find out you listed the home by running across a real estate listing online. It’s similar to finding out a boyfriend or girlfriend broke up with you by their single Facebook status update. Most rental property owners who manage the rental on their own, let their tenants know they plan to list the home in the future and that a Realtor will likely come by to provide a home value analysis as well as provide advice on how to fix up the home to sell.
Reading the lease
In most cases, you need to give at least one month’s notice to tenants if you want them to vacate the premises. Check the fine print on any lease agreement you made with the tenant. Make sure you give the tenants proper notice for inviting a Realtor to view the home. In many standard leases, the owner can invite real estate professionals to the home to gather information for a potential listing. After figuring out how much notice you need to give your tenants, provide them with a written notification.
Getting the tenants on board
Some DIY landlords give tenants incentive to get on board with the goal to sell the home. If you have a handy tenant, consider paying the tenant to put in new laminate flooring, paint or pressure wash your driveway and sidewalks. Giving tenants a monetary incentive such as forgiving rent or giving back a security deposit based on improvements helps expedite the process. However, it’s possible your tenant will feel angry and resentful as if you are selling his or her home out from under them. In such cases, it’s often wise to enlist the help of a Realtor with experience in property management and evictions.
According to an article by bankrate.com, a lot of rental property owners see the wisdom of selling now that it’s a hot seller’s market. While it’s better to wait until your tenant’s lease expires to sell, some people discover their renter actually wants to buy the home at market value. Selling a Springfield MO home when it is vacant means a loss of rental income.