How to Sell Residential Rental Property

Residential rental property that has tenants is extremely desirable, as it can be considered instant residual income for the buyer. There are a couple of different ways to go about selling your residential rental property.

Instructions

1. Gather information. You will need to gather all applicable information about your property you will need to list with a commercial realtor or advertise on your own. This should include the demographics of the property and the tenants, the information for a recent inspection and appraisal, plus any other information you think will be pertinent.

2. Shop around for realtors. It is important to find a commercial real estate realtor that has experience selling residential rental properties. Ask how much experience they have in the particular market, and ask about success rates and connections.

3. Pick a realtor. Ask them to do a tour of the property with you and see if there is anything you need to do before listing the property. Make yourself accessible through the process for answering questions or concerns quickly. The more on top of the situation you are, the faster the sale.

4. Sell it yourself. If you have the knowledge or contacts and would like to sell the property yourself, you can save on realtor commissions. Take full advantage of every advertising aspect you are aware of. This should include online real estate sites, real estate magazines, personal networking and a possible open house, with a model house open to view.