Perhaps the biggest benefit of owning a rental property is that it’s a source of passive income. But sometimes, rental property owners decide on selling it. Reasons for selling a rental home with tenants in Orlando vary. In some situations, losing money is a reason. Either because of vacancy or not enough rent to cover expenses. Or, the owner may want to move or invest in other areas.
There are cases where rental property owners decide on selling the property while still being occupied by tenants. Selling a home with tenants can be quite hard. There are a lot of aspects to consider. You have to understand and think of the welfare of the tenants, the property, and the homebuyers.
The Florida bar association outlines landlords and tenants rights and responsibilities.
Notice To Tenant to Vacate due to Sale – Florida Residential Landlord-Tenant Act.
“A tenant is entitled to the right of private, peaceful possession of the dwelling. Once rented, the dwelling is the tenant’s to lawfully use. The landlord may enter the dwelling only in order to inspect the premises or to make necessary or agreed upon repairs, but then only if the landlord gives the tenant reasonable notice and comes at a convenient time. If an emergency exists, the requirement for notice may be shortened or waived.”
While it’s best to let the lease expire before selling, your situation might be different. You can’t always wait for several months to sell a house. Here’s a helpful guide for selling an occupied property.
Wait for the lease to expire – As the rental property owner, It is best to start the process with patience.
Talk to your tenants – Before planning on selling your property, you need to talk to your tenants first. Giving them proper notice will prevent fiction.
Work with a real estate professional – Selling a rental home with tenants in Orlando can be complicated. Working with professionals who have experience with these kinds of transactions is strongly advised.
Try to sell the property to your tenants – Since your tenants are already familiar with what the property has to offer, you can try selling the property to them.
House Tour and Marketing a property with Tenants
Tenants add a big factor in the chances of the rental property being sold. Showing homebuyers a property with tenants can be stressful for both the agent and the tenants. The tenants must keep the house clean at all times and must leave when a house tour is being conducted. Worse is, when tenants do not cooperate.
We live in a digital age where we do most of our activities online and homebuyers search the internet for properties to buy. It is also not impossible to have a digital house tour.
Real Estate 360 Virtual Tour
A real estate 360 virtual tour is an advanced imaging technology that allows buyers to explore a room or space completely with 360 movements. This will allow your potential buyers to explore the house virtually but in a realistic way. This will benefit the current tenants, the real estate agent, and the homebuyer. Making a 360 real estate virtual tour will only take one time in a short time.
Tip: The key to a perfect 360 virtual tour is high-quality photos. To achieve an effective real estate 360 virtual tour, help from professionals is highly advised.
Real Estate Video Tour
Real estate video tours are commonly used by agents as a tool to market their properties. Video tours merge two things that catch buyers’ attention, movement and sound which are both vital roles in conveying information for a better engagement. It would be easier to show the occupied property using a real estate video tour. Besides, video tours are easy to share online. Making a video tour will not take a lot of time. For the best result, consult a real estate photographer that is expert and experienced in real estate photography.
Home staging of a property is very important when trying to sell a home. In cases like rental homes that are still occupied by tenants, it is hard to do a home staging. With new technological development, virtual staging can be a great alternative. Virtual staging is a process of staging a space virtually. With the help of a highly skilled real estate photographer and editor, they can magically stage the property. This process is great especially when the current look of the rented home is not that much appealing to homebuyers.
Selling a home in Orlando with tenants living in it is not easy. It is best to give proper notice to current tenants to vacate the property due to sale and wait until the lease expires before selling the property. In situations like urgent sale of the property, communication is still a must. Respect your tenants and familiarize yourself with the Florida Residential Landlord-Tenant Act. for legal concerns. Or, better consult a professional that is experienced and familiar with these kinds of cases.
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