With the recovery of the real estate market in Sioux Falls, homeowners are getting back in the market after previous unfruitful attempts. Homeowners who couldn’t sell their homes were forced to rent their properties, but with home values on the rise, homeowners may be forced to sell a house with tenants.
🤔 Why Sell a House with Tenants?
Selling a house with tenants can delay the sale of your home. You are at the mercy of the lifestyle of the current tenants, which makes it difficult to hold an open house or show the house. However, having the tenants stay in the house during the sale could be beneficial if you have open communication with them.
⌛ Wait for Lease to Expire
If the tenants react negatively to your plan of selling the home, you may want to wait for their lease to expire before proceeding. If you doubt that the tenants would keep the house ready for showings or open houses, you want to wait until they are no longer renting the house.
📱 Contact RL Real Estate Group
👨💼 Work with Tenants
If you have tenants who are cooperative and helpful, you can sell a house with tenants without additional stress. In this case, the tenants understand the importance of keeping the house orderly for showings, and they are willing to move once a sale is made.
💸 Give Tenant Incentives
You may be able to motivate tenants to help with the sale of the house by offering tenant incentives. Consider lowing the rent, helping with moving expenses or providing additional time to look for a new home. Doing these things can make the process smoother and less stressful for you and the tenants.
🏡 Sell Home to Tenants
It may be in your best interest to ask the current tenants if they are interested in buying the home. Explain your reasons for selling the house, and give them an opportunity to accept the offer. By giving them first choice on the purchase, you’re showing that you care about their housing needs.