What To Do If You Don’t Want to Be a Landlord Anymore
No matter whether you’re tired of tenants or the extra responsibility, it can be overwhelming at times to be a landlord. If you’ve reached your peak of frustration while holding the title of a landlord, you have a few options. If you don’t want to be a landlord anymore, you can sell the property, outsource property management or work on becoming a better landlord.
Sell the Property to Stop Being a Landlord
The most effective option to cure the landlord issues would be to sell your property. This is the best option because your buyer will assume the responsibilities as the homeowner and you can now be relieved of all owner duties while the tenants are still in the property.
How to Sell Your Property Fast
If you’d like to sell, the quickest way to get rid of your property would be with an all cash buyer. This is the fastest way to sell because no banks are involved. An all cash sale would be the best option if you need an immediate sale and are not worried about getting the absolute highest offer for your property. If you’d like to consider an all cash offer for your property and more, submit your details below. There will be no obligation to sell.
To Get Highest Value for Your Real Estate
On the other hand, if you want to get the highest amount of funds for your property, you may want to list it with an agent, promote it yourself or consider owner financing. If you’d like to sell your property outright with the highest offer, the key here is to get your property in front of as many eyes as possible to find the buyer who’s willing to pay the most.
Selling On Your Own High Offer
You may want to sell your property on your own if the agent’s commission would take too much of your profit. This is especially true if the property is fairly new since you may not have had enough time to pay down the loan or a failure to gain appreciation. Visit our other post here which gives tips on how to sell on your own.
The Difference Between the High Offer and Cash Offer
The key difference between an all cash offer and selling for the highest offer is: you may take longer to find a buyer with the high offer since the person who is willing to pay the most is not an investor; hence they are typically buying at market price. That being said, if we are talking about a single-family home, the buyer will likely be using a bank to finance the transaction only adding time and potential pitfalls with underwriting.
Owner Financed Sell
Traditionally, you get higher offers and the most money for your property by selling it to an end buyer but this usually takes a longer time unless your property is in a great condition or if demand is high. However, there are creative ways to get high amounts of value out of your property while also making it a quick sell. This is done with owner financing.
What is Owner Financing
As a quick description of owner financing, this transaction type is typically considered when you own the property in full without any loans on the property. Instead of selling it for cash or a desired purchase price and receiving a lump sum of money, you can be paid monthly as if you were the bank. Essentially, you act as the bank for your buyer and they pay you until the property is paid in full. As a result, this deal can be done in two weeks or less. If you’d like to sell your property owner financing, we can evaluate it as a possible purchase. Simply submit your details below to be contacted.
Leasing Your Home
Similar to owner financing, a lease option for your home can be considered and is also a fast way to sell. This is usually a good option if you want to get rid of your property but you’re still paying on a loan. Your new buyer can make mortgage payments on your behalf while they take responsibility for managing your property. Use the form above if you’d like to consider an option like this.
Outsource Property Management
Ultimately, you may just be tired of dealing with tenants. If so, you can hire a property management company to do all the management tasks for you. Here are some key things that property management companies can take off your hand.
Advertising Your Vacant Unit
The biggest concern with being a landlord is keeping your property occupied with a paying tenant. Every time, someone leaves, you have to get that unit turned over and ready for the new tenant. That being said, this can be a hassle for some and might be where you get frustrated. Fortunately, if you hire property management, the management company will take responsibility for marketing your unit and getting it ready for the next occupant.
Managing Repairs
Although you will have to pay for repairs, property managers can take over the responsibility of creating the person of contact and assigning the repair to the proper technician. This frees up time for you since you won’t have to get those early or late calls about repairs that need to be made.
Bookkeeping Expenses
Lastly, although bookkeeping may not seem that important or nonexistent in your portfolio, it is necessary to show the most accurate income and expenses for your property. Moreover, I would say this is 100% necessary if you own a commercial property since it’s valued is based on the financials.
If you are a single-family home owner or a multifamily property owner with four units or less, it isn’t as important to have bookkeeping but can still be helpful to show a history of income and expenses. After all, you are aiming for profits right? No matter which property type you have, your property management will handle the bookkeeping.
Become a Better Landlord
Last but not least, after considering selling your property and getting property management, if those options didn’t excite you, then you may want to improve your landlord skills. By this I mean to continue to hold your property and overcome any current nuisances.
Vacancy Issues with Resolution
For example, if you’re having a vacancy issue, you might want to consider the price and condition of your unit. Is your price based on similar style properties in the area? By style I don’t just mean the amount of bedrooms and bathrooms but also upgrades. If your property doesn’t compare, try lowing the price to make up for the lack of renovations or amenities.
Problematic Tenants
If you’re tired of problematic tenants, you might want to consider a more stringent vetting process. Are you accepting anyone who’s interested in your unit or are you filtering through your applicants to pick the first best qualified? If you’re only accepting tenants without any real or specific qualifications, this may be the source of your problems with tenants.
Books on Property Management
If your goal is to overcome the property management issues and continue to be a landlord, I’d recommend picking up a few books on property management. One that I’ve personally read and enjoyed is “The Book on Managing Rental Properties: A Proven System for Finding, Screening, and Managing Tenants With Fewer Headaches and Maximum Profit”
If All Else Fails
If you’ve tried everything and still want to get rid of your property, contact us and will be glad to go over these options or more with you.
