If you want to take advantage of the seller’s market, or if you’re tired of dealing with bad tenants, selling an investment property can be complicated when you add tenants to the equation. Angering a tenant or violating lease agreements cannot pump value in the bottom line. With the change in the Residential Tenancies Act, here are a few strategies you need to adopt while selling your rental property without any hassle.
1. Know Your Rights as a Landlord
A rental property owner has the right to sell their house at any time. However, the sale cannot be closed if there are any fixed-term tenancy agreements. If you would like to close a deal fast with tenants having several months left on the lease, you can try incentivizing or negotiating a settlement to get them out early. You can offer free cleaning service, property upgrades, discount in rent, online rent payments, moving van service, etc. to get them to cooperate in the home sale. A 24 hours prior notice should be given for showing the property to a potential buyer. If the tenant refuses to cooperate, you have the right to evict them in terms of material breach of the agreement.
2. Understand Your Tenant Rights
What if the tenants have eleven months left remaining on their contract? In this case, they cannot be evicted before the end of the agreement unless you make a deal with the tenant to leave early. In addition, if the tenant has the right to renew the lease for an extra year, you cannot evict them until the end of their renewal period. If your tenant is on a month-to-month lease, you can end the contract when its term expires by giving the notice to vacate within the reasonable term as stated by the law. The move-out termination date can vary from 30 to 60 days depending upon your state’s law. However, if your tenant violates any lease terms such as causing property damage, engaging in illegal activities, being a nuisance to others, violating a no pet clause, and falsifying information on a rental application, you can terminate the lease easily with proper notice.
3. Find a Great Investor
Real estate investment companies are good at buying rental properties without having you spend on costly repairs and realtor fees. If you’re finding it difficult to deal with a renter-occupied investment property, start looking for a reliable investor to sell a house without an agent fee or commission. Go to local investor meetups and find someone who understands your selling needs. We suggest you visit us to sell your property for more cash. We are one of the fast home buyers in Metro Milwaukee. Call (414) 435-2888 and ask: Can I sell my rental property fast? We promise to close the deal within two weeks. We have several years of experience in buying rental houses for cash. We do not require you to clean, remodel, or carry out any house repair work. You can receive ready cash on the closing date. Get a fair cash offer in less than 24 hours. Contact us to save your time and money.