Princeton Town Topics – Let’s Talk Real Estate – July 1, 2009
SELLING RENTAL PROPERTIES
Marketing a rental property presents some special challenges. Most owners want to offer the house for sale while tenants are still living there so the property will continue to produce income. Most real estate agents prefer that the property either be empty or owner-occupied. Tenant-occupied homes are often difficult to sell because the tenants may not share the same pride of ownership and may not be eager to have the sale succeed.
When you put a tenant-occupied house on the market, it is important that you enlist the cooperation of the tenants in the effort to get your house sold. Before listing the property, ask the tenants if they would like to buy the house. If they are not interested, negotiate the ground rules for access to the house. In most cases, the new owners will want the tenants to move, and it may be necessary to work out alternate living arrangements for them. Often sellers either reduce the monthly rent, or forgive the last month’s rent in exchange for tenant cooperation in realtor showings. Creating a cooperative spirit is a major contribution to a smooth sale.
