5 Tips on How To Sell A Tenant Occupied Property

Landlord, Tenat, Colorado,

Renting out your property is great for your bottom line and being a landlord has a host of responsibilities that come along with it. You're responsible for maintaining the property and making repairs as soon as they are needed or requested by the tenant. Sometimes the hassle of being a landlord becomes too much and you might be thinking it is time to sell your rental homes and move on but you have to consider your current tenants because they do have rights! How can you help the tenants and yourself at the same time and creating a win-win for both of you?

1) Give your current tenant time to move out of the property!
If your current tenant is on a month -to-month lease, then you have to give the tenant time to vacate your rental property. This is required by law! If you need to sell the property quickly, you should ask the tenant to comply with showing the property while they are packing their things for the move. 

If the tenants are on a fixed-term lease, then the tenant has the right to live in the rental for the remainder of the lease. The only way you can get around this is if the lease contains an early termination clause, if they have failed to pay rent, or violated any of the terms in the lease. 

2) Sell the property to an investor
If you are not in a position to wait for the tenants to move out or the tenants have shown interest in staying in the home you might want to consider selling the property to a real estate investor. There are real estate investors looking to purchase properties that are currently tenant occupied, however the buyer pool is not as big as selling the property to a traditional home buyer. 

3) Give the tenant an incentive to vacate the property
If the tenant has shown no interest in leaving the home, you could offer a reduced monthly rent for a couple of months if they agree to move out in a certain time period. Some renters just don't have the money to go anywhere and that might be why you are getting push back from them. The money they save might allow them to put down money on a new place. 

4) Sell your property to the current tenant
If the tenants have some time left on their lease or they just really like the home and are digging in their heals and want to stay put, offer to sell them the property. This would create a win-win for both the landlord and the tenant. The tenant would just need to call a mortgage company to see if they qualify and be able to stay in the home. 

5) Sell your property to the current tenant on a land contract. 
The sellers have shown interest in the home, but are not in a position to get a mortgage in order to purchase your property you could act as the seller and the lender and arrange for the tenant to make payments towards the purchase of the home until they are able to obtain financing for the home. 

About Tammy Petit and The Meridian Group
 Tammy Petit Meridian Group Real Estate
Tammy Petit is the Broker/Owner of the Meridian Group. The Meridian Group has been voted as one of 5280 Magazine's Top Real Estate Agents in the Denver Metro area because of her passion to exceed client's standards.