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Answers (20)
- PukonYukon
- Contributions:173
OLD POSt
- Dina's Realty, "dinasrealty"
- Contributions:28
It's usually easier to show and it shows better when the house is vacant, especially if it's a condo or single family house. However, for multi-family homes the buyer may prefer to have a tenant at the property already. It also depends on how good the tenants are. If they keep the property up and are flexible on showings they may make the home appear more homey. Hope this helps. Good Luck!
- Sergio Hernandez, "Sergio Hernandez"
- Contributions:619
If you sell it rented, your likely audience will be investors, a group not generally known for their generosity and you'll need to negotiate a very strong lease, otherwise expect little interest.
Selling an unoccupied property may fetch a much larger buyer pool with far less effort.
Selling an unoccupied property may fetch a much larger buyer pool with far less effort.
- Mildred Valentin, "Milly from REMAX"
- Contributions:88
IF YOU HAVE A GOOD RELATIONSHIP WITH YOUR TENANTS I ADVISE THAT YOU TELL THEM THAT YOUR SELLING THE HOUSE, BUT YES YOU CAN SELL WITH THE TENANTS STILL THERE! IT WILL SHOW BETTER WITHOUT TENANTS BUT WITH THESE HARD ECONOMIC TIMES I UNDERSTAND THAT YOU STILL WANT TO COLLECT RENTS WHICH PAYS TOWARD YOUR MORTGAGE!
Best of Luck!
Millie Valentin
- Denise Oliver, "doliversells"
- Contributions:108
Better to sell it WITHOUT Tenants!
Stage it with some furniture - I find that most of my buyers even prefer when the house is empty! A little staging never hurts though.
If it is an income property - selling to an investor - Tenants are great!
Stage it with some furniture - I find that most of my buyers even prefer when the house is empty! A little staging never hurts though.
If it is an income property - selling to an investor - Tenants are great!
- Peter zanowic, "zanowic"
- Contributions:62
In New Jersey the terms of the lease will stay with the property when it's sold. I have found in the past that if there is no lease in place (the tenants are month to month) and if the tenants like living there they will make it very hard to show and have told the potential buyers not to buy the property.
- Lisa Brandenburg, "Lisa Brandenburg"
- Contributions:64
If your property would be a god investment property-- having tenants would be a selling point- if it is something buyers would want to live in- you are going to have a hard time selling it- check your state for tenant laws- In KY the lease goes with the property- not a good selling point if your buyers want to move in at close and your tenant has a lease for several months after close. I also have had a hard time getting homes with renters showed- it can be hard to get a hold of them to confirm appointments, I've had renters decline showing appointments as well- you NEED buyers to be able to get into your property when they want to- there are too many homes on the market to mess with one that isn't easy to get into.
- Charlottesville Real Estate, "Charles McDonald"
- Contributions:230
in our area a lease stays with a property.
Check your area regarding this
Check your area regarding this
- Denver PropertyCoach Denver, CO, "Lanell in Colorado"
- Contributions:5
You didn't mention the state you live in.
In some states, a lease 'stays with the property'. This means that the new buyer gets the tenants with the house. This may be a great selling feature if you have an income property. It might not be good if the buyer wants to occupy the home or wants to remodel it.
Houses definitely show better when they are occupied by CLEAN, TIDY, UNCLUTTED, 'NON-OFFENSIVE" furnishings and no pet or cooking smells. Rooms look bigger, the house looks more like a home, and the buyer can easily 'see' themselves in the house.
HOWEVER...its challenging to find a tenant that meets these criteria and who will be responsive to showings and also keep the property neat and clean.
Its possible to have the same 'occupied' effect by having the house "staged". Local decorators and others specializing in this business (or you can do it yourself ) can place some furniture and plants and pictures in strategic places to make the property more attractive and inviting. Usually a couch and a few chairs, some items on the kitchen counters, a dining table and one bedroom with a bed and night stand are sufficient. A couple of bright area rugs strategically placed always work well. It will make a big difference and is well worth the effort.
Good luck,
Lanell
In some states, a lease 'stays with the property'. This means that the new buyer gets the tenants with the house. This may be a great selling feature if you have an income property. It might not be good if the buyer wants to occupy the home or wants to remodel it.
Houses definitely show better when they are occupied by CLEAN, TIDY, UNCLUTTED, 'NON-OFFENSIVE" furnishings and no pet or cooking smells. Rooms look bigger, the house looks more like a home, and the buyer can easily 'see' themselves in the house.
HOWEVER...its challenging to find a tenant that meets these criteria and who will be responsive to showings and also keep the property neat and clean.
Its possible to have the same 'occupied' effect by having the house "staged". Local decorators and others specializing in this business (or you can do it yourself ) can place some furniture and plants and pictures in strategic places to make the property more attractive and inviting. Usually a couch and a few chairs, some items on the kitchen counters, a dining table and one bedroom with a bed and night stand are sufficient. A couple of bright area rugs strategically placed always work well. It will make a big difference and is well worth the effort.
Good luck,
Lanell
- Angela Mancinone, "angelamancinone"
- Contributions:74
Depending on your tenants and the condition of property. Some homes just look better with someone living in it. Providing their neat and clean and have some type of decorum, it could help with expenses while the home is on the market.
- Mildred Valentin, "Milly from REMAX"
- Contributions:88
I have came across an Exclusive Listing for a 3 Family dwelling! All the units where TENANT OCCUPIED AND THEY ACTUALLY gave me a very hard time when it came to showing the property. The seller had them on no leases at the time but they thought they owned the house. It was very hard to coordinate showings but lucky I had taken pictures of all the units. It took a lot of effort and time but we finally got the house SOLD!! Some of the tenants where able to stay and get 1 year leases. I was Lucky but that is not always the case because sometimes the New Buyer wants to house to be vacant at Closing and you still by Law have to give notice! I advice that it is better to Sell when its unoccupied but with these hard economic times I understand the need of "Rental Income".
Best of Luck!
Millie
Exit Realty
Best of Luck!
Millie
Exit Realty
- Sherry Uribe, "Sherry Uribe"
- Contributions:43
Unless you have Dream Tenants, who keep the place immaculate! After their lease runs out, be prepared with help to get in there and paint and repair and spruce up the place. A rented house is very difficult to sell. Your price would have to be very tempting to get buyers to look. Not a good idea...UNLESS it is in a hot spot...like near a college where investors want a rental property. Otherwise...move them out and clean it up! You will not only sell faster! You sell for more!
- Loree Wellborn, "tobylily"
- Contributions:4
Depends on the tenants & your situation. Some owners do a month to month, give a rent reduction to entice the tenants to show the home and keep the home in tip top shape. The benefits are monentary compensation to help with payments,. Also, there's someone watching the property to discourage vandalism & unwanted guests. The tenants can be sure the home is locked up, unlike a vacant home which could have doors or windows left open for days without the owner or listing agent being aware. This can be a win win situation for owner & tenant.
- Doug Maas, "Doug Maas"
- Contributions:138
It is usually better to sell your home without tenants unless it is an investment property. A lot depends on your local market and how well homes like yours are selling.
However, everyone's financial situation is different, and if you find that you cannot make the house payments and the utility payments without the assistance of a tenant, then here are a few ideas for you.
Only sign a month to month rental agreement. That way when you do get an acceptable offer you can give the tenants a 30 day notice. If they know up front that the home is for sale and they need to keep it in show condition, most will comply, especially if they are receiving reduced rent for their inconvenience.
Find a tenant that only needs short term housing. Someone building a new home that is not quite complete could need a rental for a couple of months. Or, someone with a short term work assignment in the area might only need it for a few months.
You could always rent it fully furnished so you had some control over the furnishings.
Check with a local Property Manager and see if they have anyone with short term needs. Odds are they have someone who needs just what you have to offer.
However, everyone's financial situation is different, and if you find that you cannot make the house payments and the utility payments without the assistance of a tenant, then here are a few ideas for you.
Only sign a month to month rental agreement. That way when you do get an acceptable offer you can give the tenants a 30 day notice. If they know up front that the home is for sale and they need to keep it in show condition, most will comply, especially if they are receiving reduced rent for their inconvenience.
Find a tenant that only needs short term housing. Someone building a new home that is not quite complete could need a rental for a couple of months. Or, someone with a short term work assignment in the area might only need it for a few months.
You could always rent it fully furnished so you had some control over the furnishings.
Check with a local Property Manager and see if they have anyone with short term needs. Odds are they have someone who needs just what you have to offer.
- Rose Pinto, "Rose Pinto"
- Contributions:12
It is always better to sell your home unoccupied, here are the reasons I have experienced: tenants don't typically stage the home as well as a homeowner might. Tenants are not as amenable to showing the property as a homeowner might. There really is nothing in it for them to present the home in a positive way. They will have to move, find a different home and so on. Also, a lease is a legal contract, there is a expiration date and that could create a difficult situation for the buyers. Most buyers want to buy and move into the property and/or select their own tenants.
- Dan, "the_country_hick"
- Contributions:4693
If your house has tenants with a lease the new owner is bound by that lease. Some landlords want to choose their own tenants and may not like yours. An owner-occupant just wants to move in the house with no hassles.
- wetdawgs
- Contributions:26800
There are many ways to think about this:
If this is a house where potential buyers will be considering it as their residence, it is far better to not have a tenant in the property.
If it is a residence where the average buyer is looking at it as a rental property, then having a great tenant there already would add to the appeal.
As a potential tenant, I'd be furious if I moved in and then a few days later the property went on the market.
Sorry your thread was hit by spammers who don't know to abide by Zillow's policies about not putting contact information in posts. If they can't pay attention to those details, what other details will they miss in a real estate transaction?
If this is a house where potential buyers will be considering it as their residence, it is far better to not have a tenant in the property.
If it is a residence where the average buyer is looking at it as a rental property, then having a great tenant there already would add to the appeal.
As a potential tenant, I'd be furious if I moved in and then a few days later the property went on the market.
Sorry your thread was hit by spammers who don't know to abide by Zillow's policies about not putting contact information in posts. If they can't pay attention to those details, what other details will they miss in a real estate transaction?
- Tom Lynch, "tlynch26"
- Contributions:304
Chipmonk,
It's generally easier to sell a property which is vacant. Tenants are not always accommodating, and you can't control how they leave the place looking. The "presentation" of a property is very important in selling it.
If your property looks good, and you price is right, it will sell.
Our agency lists and sells properties in Pittsfield. Please give me a call if you would like for me to take a look at your property.
All the best,
Tom Lynch
Associate Broker, Massachusetts and New York
Berkshire Property Agents
Great Barrington, Massachusetts
[contact info removed by moderator]
It's generally easier to sell a property which is vacant. Tenants are not always accommodating, and you can't control how they leave the place looking. The "presentation" of a property is very important in selling it.
If your property looks good, and you price is right, it will sell.
Our agency lists and sells properties in Pittsfield. Please give me a call if you would like for me to take a look at your property.
All the best,
Tom Lynch
Associate Broker, Massachusetts and New York
Berkshire Property Agents
Great Barrington, Massachusetts
[contact info removed by moderator]
- Amy Mullen, "amyullenremax"
- Contributions:173
Chipmonk57,
Yes, you can sell a house with tenants living in it and it's not necessarily better or worse.
If your house is empty now, it would be best to get it on the market with accurate pricing and good marketing so that it sells quickly. Then you don't have to occupy it with tenants.
If you are not ready to list at this time, then by all means put a renter in there to keep the cash flow moving but be very very very careful. I have seen some tenants reduce the market value on a house by more than $15k in less than a month.
I would be happy to discuss this with you. Please call anytime and enjoy your day!
Amy
[contact info removed by moderator]
Yes, you can sell a house with tenants living in it and it's not necessarily better or worse.
If your house is empty now, it would be best to get it on the market with accurate pricing and good marketing so that it sells quickly. Then you don't have to occupy it with tenants.
If you are not ready to list at this time, then by all means put a renter in there to keep the cash flow moving but be very very very careful. I have seen some tenants reduce the market value on a house by more than $15k in less than a month.
I would be happy to discuss this with you. Please call anytime and enjoy your day!
Amy
[contact info removed by moderator]
- droopyd
- Contributions:403
Far better to sell vacant. A new buyer will be unlikely to want to deal with your holdover tenants.
Can I sell my house with tenants already living there and how do I go about it?
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