Selling a Rental Home to Your Tenant

hey Mario Gonzalez here with Navy T Navy

homes just some more property management

tips today is actually almost a sales

tip we got the question should I sell to

my tenants so this is from an owner and

they're asking should I sell at home to

my tenants that's a great question and

the answer should be yes if they're

ready willing and able to buy so the

first thing if your landlord you're

looking to sell to your tenant if

they've expressed interest is do they

qualify to purchase your home have they

Arden qualified with a mortgage lender

and can they afford to your home you can

use your property manager I'm going to

talk about this a lot of your property

manager does sales as well because they

can be your best advocate in this to

assist with the sale of the home the

second thing is from the understand

point are you asking a fair market value

all right so has your property

management company done an assessment to

let you know what homes are selling for

in the area and that's just a CMA and it

can go beyond maybe really a

professional estimate of the value of

your home and give you the current

trends in the market where they see it

also advise you the best time to sell to

maximize things so are you asking that

fair market price the third piece is

what are the terms of the sale having to

gives you to the terms for the sale

you're looking for an immediate sale 30

days 60 days 90 days or are you looking

for to allow them to lease for a

specific time and then have kind of

first refusal if you decide to sale all

sorts of terms there that you should

really sit down with your property

manager or your realtor who's going to

do the sale and discuss with the

potential tenant and set your terms

first and foremost the last part is if

your and I don't wanna get into the

lease option piece you can see our blog

on that because that's a whole another

kind of monster the next piece is you

really should mark it to the widest

dissemination possible so not just a

multiple list you can see our other

blogs on marketing the home but you

really want to start if you're gonna

serious about selling the home you

should market them does a couple of

things it puts a little pressure on the

tenant to say hey I'm very serious about

selling the home and if you're not going

to buy it then we're gonna have someone

else buy it and again that's after you

already negotiated the terms with the

tenant so you're not doing anything it's

not sleight-of-hand anything

you're just advertising in case they

back out because we do see a lot of

tenants that again they'll start

shopping outside to see where else their

money won't buy them this brings me to

my last and final point if your property

manager can do sales use him or her to

assist at the sell of this home it's

gonna minimize this all the convocations

here there your advocate they're also

going to be working you know in a

capacity to assist the tenant to buy

your home and that's great that's

exactly what you want otherwise you have

another outside agent that is shopping

for this tenant everywhere and that's

where we see the majority of tenants

actually leave and purchase another home

and then your home can go vacant for a

couple of months you don't want that

where you're where you're shopping for

the home or where you're trying to sell

the home so if your property manager is

qualified to sell your home and you may

do sales as well and there should be a

licensed realtor if you're using a

property manager that's not a real

estate agent shame on you that's what we

call it illegal they're practicing real

estate without a license but back on

topic use that property manager to

assist you in the sell they'll minimize

all the showing problems they'll help

work any of the contingencies out you

can your highest chance of success it's

using that property manager to sell the

home if you have more questions about

selling your home look at our other

blogs about marketing your home about

money saving tips rehabs that you can do

to your homes that will maximize the

sale we're happy to give you as much

information as you need and at any time

feel free to give us a call and we'll

assist you with the sale or the manage

of your home Thanks