How to sell rental property fast
HOW TO SELL RENTAL PROPERTY FAST
0:00 / 0:00
Timecodes:
[Music]
you're a landlord and you have one
property or 100 properties you've been
doing it for forever you just started
200 properties 300 properties price is
right so either way you're looking to
sell you may be tired of it and you just
want to cash out and do something else
but you still have properties that have
tenants in them what do you do how do
you sell them and how do you make the
process easy for you and them i'm tim
loomis this is chris shores we're the
owners of white whale real estate here
based in new smyrna beach florida and
today we're going to give you six tips
on what to make
the process easier when you're selling a
property that has a tenant inside of it
but first don't forget like subscribe
and follow whitewheel real estate we're
on youtube instagram facebook we're
online and um join us for our once
weekly video that we put out every
single wednesday so first tip make sure
that you give your client not your
client your tenant plenty of notice to
move out so um if you're thinking about
putting it on the market maybe not
telling before it goes on or
it's a fine line so basically you just
want to make sure that you're being
courteous with the tenant making sure
that they have plenty of time to go
ahead and get moved out so that it
doesn't come down to a point where
closing day's here and the tenant has
still not vacated the property so give
them notice
right exactly and so tip number two is
going to be make showings easy for your
tenant
by doing this you're going to get more
showings and it's just going to be a
smoother process altogether by allowing
a certain time frame for all prospective
buyers to be able to come in and see the
property so for example you could align
that with the tenant's schedule maybe
ten to five on saturdays works the best
for them and you can set up all the
showings for your professional real
estate agent who's representing you to
have that during those times and then
that makes it easier on the tenant and
just easier process tenants can make
things very difficult especially if
you're not being cooperative and uh
friendly with them because they
technically don't have to allow showing
access unless you give them 24 notice so
we find being easy and nice always works
the best at the end of the day exactly
tip number three help them find a place
you've obviously been in real estate you
have a rental property you might have
200 or 300 of them so do you have
another place that that tenant can move
to
do you have a good connection with the
local real estate company that can help
them find a place maybe they're ready to
buy and
you know it's possible for them to go
ahead and start looking for something on
their own but um that's another thing
you can do in tip number three would be
to go a little bit further and take that
extra step of actually helping your
tenant find a place to move to yeah
definitely and by doing that that's
again going to help the tenant be more
inclined to help you get the property
sold and keep it up and allow you to get
in for showings but moving on to tip
number four like tim just kind of
alluded to maybe they're ready to
purchase a home of their own so talk to
them about actually buying the home that
you're wanting to sell a lot of the
times it can be a really easy smooth
transition for them to just buy the home
that they're already living in and i
know for me i would definitely take that
option because i hate moving it's one of
my least favorite things to do in the
world so if you can make it easy and
already buy a home that you're living in
a lot of people will take that option
and it also makes it easy on the lending
side because they're able to show that
they've been paying rent for the x
amount of months and years that they've
been living there so they can show that
they have that ability to make payments
on time and it's a safe secure um
loan for a lender to take on it's
awesome yeah and also like you said it
makes it all easier and then it could
really just be a win-win you don't have
to worry about putting your house on the
market or anything like that just talk
to your tenant
and then also i mean you always have to
still go through the process with
paperwork and uh someone to do title
searches and things of that nature but
it does make it a little bit easier so
then
tip number five is uh just remember that
you do have to honor your lease so if
you don't find yourself in one of these
situations where um you know the tenant
wants to buy it or they end up moving
out on time
what have you um you do have to honor
that lease so before you close um
actually within a first few days of your
property going under contract you're
gonna have to share that lease with the
prospective buyer and then before you
close the tenant will sign obviously in
the stoppal letter if they intend to
continue on or not that basically just
says like what the agreement was when
they were supposed to be out
all of those things so that the new
owners are well in the know of what
they're getting themselves into right
and that's really important on that tip
number five is just showing i mean the
prospective buyer and then honoring the
lease that you have you can major find
yourself in a major lawsuit if you don't
you try to cut corners on these types of
things
and so number six our sixth tip is if um
you know closings don't happen if
they're supposed to tenants can't get
out when they're supposed to and you're
just kind of finding yourself in a rock
and a hard place with a tenant still
being there and the buyer needing to buy
you can always offer them what's called
for cash for keys so you can help give
them a little bit of money to actually
get out and vacate the home we find this
a lot of times this just makes it very
easy you don't have to go through an
eviction process
yes you are having to spend a little bit
of money but it's basically you're
paying not to have a headache and just
going ahead and getting that home sold
and put behind you so and that can help
this tenant be able to find another
place easier because now they have a
little bit a down payment money or a
down pause it for the next rental
they're going and that's the route they
choose but again we try to do things the
easy way and sometimes it's just paying
cash for keys and helping them get down
the road exactly so yeah if you
you know
spend a couple hundred dollars on a
moving truck to help someone move out or
potentially not close on your property
on time and then also in addition to
that maybe piss the tenant off when
before they weren't even mad and then
now they really don't want to leave and
then you have yourself in a sticky
situation a bit of a pickle and a bit of
a pickle so um their sixth tips for you
guys six tips for you guys as far as you
know selling a property with a tenant
that's already in the in the location
that you're selling please reach out to
us with any of your questions um if you
are a landlord or even if you're not or
you um it's your goal to be one reach
out to us at white oil real estate we'll
help you get there and uh don't forget
to like subscribe and follow so and
along those lines of tim was saying if
you're wanting to be one or you're just
trying to get out of the landlord game
we have a lot of experience on helping
bigger landlords that have bigger
portfolios 20 2030 properties and more
unloading those properties in a pretty
seamless manner we know a lot of other
investment bankers that are wanting to
pick up these properties and package
deals so just let us know we know a lot
of people and we're just here to make
deals happen and make life easy for
everybody so thank you and we look
forward to seeing you next week's video
have a great week