As a real estate investor, there may come a time when you want to sell right away. This may not be as easy as it sounds when you have tenants living in the house. In our latest post, you can learn more about how to sell your home with a tenant in Chicago.
While selling a Chicago house with a tenant isn’t always the ideal situation. Consider how it will affect them before making any bold decisions. If you need to sell your house with a tenant, it can be done when handled properly. Below, we share some tips on how to sell your house with a tenant in Chicago.
Wait Until The Lease Is Up
Take a look at how much longer your tenant has on their lease. If it is a relatively short time, and you can wait a couple of months before selling, it might be in your best interest to do so. Once the lease is up, you can let them know of your plans and take it from there. If they are accommodating to the sale process, you can even let them rent month to month while the property is being shown. If you have the forethought to do so, you can make this part easier by including an early termination clause in the lease, allowing you to terminate the lease if certain conditions exist.
Anticipate Their Reaction
Do you think they will be willing to help you or do you think they will be upset about the impending sale? If you believe they won’t be agreeable with your listing, it might be in your best interest to wait until the lease is up or work with a direct buyer in order to sell without drawing attention to the matter. Only you know your relationship with your tenant and how they will possibly react.
Make The Showings Worth Their While
If you have to sell, and you decide to list and use an agent, make it worth their while to help you out. You can offer reduced rent for the inconvenience or help with their future move.
If the tenants are on your side, your much more likely to find a buyer in a timely manner. A great tenant will help keep things clean and be flexible about showings. By continuing to make money while the property is listed, you’ll be able to avoid losing too much on the sale of the home. If on the other hand, they are not happy about having to move, they can end up causing hassles with showings. Disgruntled tenants may leave a messy house when people are coming to see it, quickly making people want to turn the other way. They can also potentially sabotage you by talking to potential buyers. Letting them know about all the bad things they will need to watch out for. If you feel your tenant falls into this category, you need to do better background checks, and it might be in your best interest to sell the property once the tenant has vacated.
While ideally, your house will be empty when trying to sell it, if you do have a renter living there, you will want to make them happy and comfortable with the process. Be considerate and accommodating from beginning to end. Nobody wants to feel uncertainty about the place they are living in. Put yourself in their shoes before making the decision to sell while an active lease is in place.
Find A Direct Buyer
Selling your house to a direct buyer such as Kendall Partners can make the process easier on everyone. Make sure that selling in this manner doesn’t violate your lease in any way. You’ll also want to try to find a buyer who isn’t going to have a problem honoring the current lease. Many investors will love having a trustworthy tenant already in place. This ultimately saves them time and money in trying to find and screen tenants on their own. Working with a direct buyer is one of the best ways to sell your home with a tenant in Chicago.
Whenever possible, you will want to try to work with your tenants as best as possible. They can help you sell the house if you decide to list it. Always keep your tenant in the loop as far as when the home will be shown, how much notice you’ll provide, and what condition you expect the property to be in. Who knows, they may even be able to recommend a buyer or maybe they will want to buy the home themselves! Having open and honest communication will help you sell your home with a tenant in Chicago.