Whatever type of rental property you have, including single-family houses, detached homes, vacation homes, rowhouses, townhouses, or luxury properties targeting high-end renters, there comes a point when they deteriorate. When your rental property ages, the repair cost can be far more expensive than owning a privately-occupied residential property. While you may have some sort of lease policy set in place, some tenants may not comply. So, you might end up having plumbing issues, damaged fixtures, and vandalized walls. And when you decide to sell your rental property, you’d probably want to sell it without undertaking costly repairs.
Here are some options when selling your rental property ‘as is.’
1. Sell Your Rental Property To A Cash Buyer
The eviction process in a rental property usually starts when the landlord sees a violation of the lease agreement, and frequent occurrences could lead to early tenancy termination. You’re probably fed up with handling an old rental property, planning to change business, or live abroad for good, so you decided to sell your rental property. One way to unload your fixer-upper rental property is to sell it to a reputable cash buyer. Such investment companies pay quick cash for rental properties. They earn more by closing transactions as soon as possible to sell the property fast for a modest profit and proceed to the next sale.
Here are some of the benefits when you sell your rental property to an investment company or cash buyer:
- Get Rid of Burdensome Rental Property Fast: Sell your rental property without making expensive repairs to a cash buyer. Just make sure you’re dealing with a qualified and legitimate investor with a physical business address and great reviews.
- Save Time, Money, and Energy: Dealing with an investment company can save you much time, money, and energy. You can get your cheque in less than a week and not more than 30 days, provided you have complete and updated papers.
- Proceed with Your Next Project: When you sell your rental property fast, you can proceed with your next project quickly, such as starting a new business or investing your money in stocks, bonds, or Forex exchange.
- Peace of Mind: By selling your rental property to a trusted real estate investment company, you have an assurance that you’ll be assisted throughout the process. You won’t be asked to shell out of your pocket for any processing fee or any other charge. The company pays for everything, and you’ll end up receiving the net amount of the agreed final price for your rental property.
2. Hire An Experienced Real Estate Professional
A realtor can help you sell your single-attached rental property, townhouse, or vacation home at the best price possible. Work with a qualified and experienced real estate professional to fully benefit from this option. Here are some great benefits of hiring an experienced real estate professional when selling your rental property:
- With Established Professional and Client Connections: An experienced realtor or real estate agent usually has a network of connections with a list of potential buyers readily available.
- Sell Property Fast: Experienced real estate professionals can sell your rental property faster than novice real estate professionals.
- Avoid Stress and Hassle: A good real estate agent can handle everything from listing to talking with potential buyers.
- Get the Best Price: Work with an experienced real estate professional, and you’ll obtain the highest possible price for your rental property. You won’t have to make major repairs, such as plumbing and electrical repairs, when you want to sell. Just make sure that you’re the real estate agent’s priority. Choose a realtor who regularly deals with sellers, and not with buyers, to ensure that they know what they’re doing and can protect your best interests.
3. List Your Rental Property On Your Own
If you have a background in real estate sales, you can list and sell your rental property independently. There could be interested acquaintances or people you know who wants to buy your property. There are essential factors to consider when pricing your rental apartment, condominium, or single-attached rental property. It’s important to first determine the market value of your rental property. Check the current pricing of similar establishments in your area. Find out the necessary requirements you have to prepare and whether or not you’ll accept flexible financing options from a potential buyer.
When listing and selling property on your own, make sure to keep the following things in mind:
- Upload Professional Photos: Hire a professional photographer or use a high-quality camera to take photos of your rental property. In this way, you can upload high-quality photos to your listing.
- State Condition of Your Property: You don’t have to be detailed when stating your rental property’s real condition. Leave some room for curiosity so you can personally talk to potential buyers about the details and get their buy-in.
- List Your Terms: Indicate your condition about not shouldering repairs or inspection if you decide to take this route. While doing so may steer some potential buyers away, it’s a good way to eliminate unsure buyers and ensure you’re dealing with the most interested ones.
- List in Different Platforms: List your rental property in online classified ads, social media, and marketplaces, like eBay. Increase your online visibility to reach more potential buyers. Allow them to leave a question on your listing so you can answer them outright and to let others know that you’re a legitimate seller.
If your rental property needs repairs, you can still sell it even without expensive renovation or repairs. Selling your apartment rental property ‘as is’ to a cash buyer or investment company is the fastest way to do this. Also, listing your property on your own is a good idea if you’re not in a hurry to close a sale and want to learn from the experience. Hiring qualified, and experienced real estate professional can also provide the best value for your rental property. However, there’s no guarantee that this route is faster than selling your rental property as-is to a cash buyer.