By GoldenWest Management
Are you planning on selling your rental property while your tenant lives there?
It doesn’t matter if you own a rental property in San Diego, Las Vegas, or elsewhere in the United States, you can sell your rental property while your tenant lives in the rental especially if you follow these tips.
Remember That Your Tenant Has Rights
One of the most important things to remember while you’re in the process of selling your rental property is that your tenant has rights and those rights must be respected.
What does this mean? It means that you must respect your tenant as a person and tell them about your intention to sell the property.
If they’ve expressed a desire to move, you should be willing to pay your tenant to vacate (Cash for Keys) and come up with an arrangement to help them move into a comparable rental property in your city.
Let’s say that your rental property is in a very competitive rental market, and your tenant wants to stay. In this case, you should be willing to communicate with them whenever the property has to be shown, and you should also follow the law by submitting a 24-hour notice to enter just so they are aware when you will be entering the property.
Consider Selling Your Property to An Investor, Or to Your Tenant
As an investor, it’s important for you to get your ROI from your rental property but you ultimately may want to consider selling the property to another investor.
This is a great idea because an investor may be open to buying a property which is already occupied, compared to a non-investor who may want to have the tenant move after they purchase the rental property.
You also may want to consider selling your rental property to your tenant as well because this solves the problem of them having to move and they may have interested in becoming an owner, especially if they’ve been renting your property for more than one year.
For professional property management contact GoldenWest Management today by calling us at (866) 545-5303 or click here to connect with us online.