At some point in time you may find yourself looking to offload a rental property, but selling the property while tenants are still present creates a unique – and perhaps awkward – obstacle. In order to help lighten the load and make your sale a success, here’s how to sell a house in Metro Milwaukee if you have tenants.
Check the Lease Agreement
Before you get the ball rolling on anything else, you need to comb through the details of the tenant’s lease agreement.
Any required notice of them vacating the property or other stipulations tied to this situation should be spelled out in the agreement. If you somehow find yourself in a scenario where a lease agreement appears confusing, ambiguous, or leaves anything up to interpretation, it’s a good idea to consult an attorney regarding applicable local and state laws.
As with any real estate transaction, it is important that you find and hire a qualified and experienced real estate professional when you sell a house.
Not all agents are alike, and meeting with at least three is recommended. Shopping around for an agent helps you get a feeling for who has your interests at heart, gets your individual sales conditions, and to see what supplementary resources are at their disposal.
Some agents may have contacts to call on, such as a professional photographer for an excellent set of photos for your listings, or an interior designer to stage your property to be more attractive to the appropriate buyer.
Approach the Tenants
Once you’re familiar with the details of the lease agreement and have professional backing, sit down with your tenants to inform them of what’s going on.
Have a candid discussion about any options that may be on the table. Be understanding and diplomatic since this could come as a surprise to them.
Hopefully, the tenants will return that understanding and you two can come to an agreement on a timeline for them vacating the property, if necessary. If the tenants become hostile, this is where you’re having previously contacted an attorney may be needed as leverage.
While your tenants absolutely have rights and protections provided by ordinances and laws, there are protections afforded to landlords as well.
A major consideration to keep in mind is the possibility of selling the property to the tenants. It’s very common for a tenant to purchase the rental property from the landlord, and it could help streamline the path straight to your goal.
Talking with the tenants about a possible lease to own agreement – if not an outright purchase – could alleviate all of your problems.
If the property ends up on the open market, do everything in your power to communicate with your tenants when it comes to showings and inspections.
Giving a minimum of 24 hours’ notice is considered good form. Doing your best to schedule these events at times that are convenient for the tenants will go a long way toward making everyone’s lives easier.
As long as the current tenants are not intentionally being difficult about scheduling, give them the benefit of the doubt and accommodate whenever possible.
Keep Everyone in the Loop
After everything is underway, the last thing anyone wants to discover is that they were not updated on any changes in circumstances.
You are looking to sell the property with as few disruptions and additional stressors as possible, and that means effectively communicating with potential buyers, current tenants, and anyone else with a stake in the sale of the home.
Professional Partners to Sell a House When You Have Tenants
If you have tenants and want to sell a house in Menomonee Falls or Metro Milwaukee, you need to contact myPro Realty today at 414-587-9691 for experienced, professional guidance!