We filed this under frequently asked questions but the reality is, many sellers don’t ask this question and we think they should! There is no definite yes or no answer for this, and there are variations in how to move forward with either way you choose to proceed. It is not a consideration to take lightly. There are many things to consider and there are more options and ideas that could benefit both you and your tenants. It is best to give as much time as possible before putting your property on the market to make sure it is being presented the best way right from the start. Your decision can easily effect the selling experience and the value.
Things to ask yourself include:
- What will accessibility to your property be like?
- How will your property look with or without the tenants?
- Is it better to have furnished or unfurnished?
- Will you be able to have good photos taken for the marketing?
- What will the condition be for the showings?
- Does work need to be done to prepare for the market?
- Will the tenants be staying after the sale?
- Do the tenants want to move?
- Are there leases in place?
- What are the options for closing dates?
We work very well with tenants who’s homes are in properties we have on the market. We understand that it is their home and they are not the sellers. The process has gone well and smoothly. It has helped to have the place furnished and staged. If the buyer will most likely want to keep the same tenants in place and the tenants would like to stay this could work out very well.
We have also had situations where it was difficult for us to get access to prepare or show the property to potential buyers. The tenants did not want to allow showings, did not want the property sold, and they do not want to move. The homes were not presented well for showings. Some properties were impossible to get acceptable photos. These situations have the potential to cost so much, the seller can easily loose more in the long run than the rental income they receive during the time it is on the market. Limited accessibility and poor presentation can negatively impact the value of your property.
If the tenants will be moving, it may be better for them to move prior to the home going on the market. It could be a better situation for them to complete their move first, without the difficulty of having their home on the market and trying to move at the same time.
If you are putting your home on the market the goal is to get it sold as quickly as possible for the best price and terms. Keep this in mind when you are making this decision. Please ask for our guidance. We have the experience and suggestions that will assist you in making sound, educated decisions. Do not overlook this very important consideration.
Let us know if you have questions about buying or selling real estate in the comments below, or send a private message.
Contact John & Cindy Farrell 978-468-9576.