Tired of Being a Landlord? Options to Sell Your House

Owning rental property can seem like the perfect way to invest your money until the responsibility of managing everything becomes a burden. Any house will require regular maintenance, and tenants can come with their own unique complications. In the end, you make get tired of being a landlord and find that it is not worth the effort required to keep up with rental property.

Reasons Why a Homeowner May Become Tired of Being a Landlord

Being a landlord isn’t always as good as it sounds. Certain situations, such as a change in life circumstances, can make it difficult to continue investing in rental property. There are several reasons why a homeowner may become tired of being a landlord, including the following:

  1. The investment may not seem worth it.

When considering an investment such as a rental property, it is understood that regular maintenance will be part of the cost of ownership. What can blindside some landlords is when unexpected damage occurs such as a leak, fire, or defective appliance. This can decrease the profit on the investment and make it harder to justify the time and effort it requires.

  • The landlord lives far away from the rental property.

It can be difficult for a landlord to adequately manage a rental property if it is far away from their own primary residence. When unforeseen events occur, the landlord may not be able to respond in person, or it could take a significant amount of time to arrive onsite. This increases the stress of being a landlord.

  • Property management companies can be unreliable.

In an effort to offset the burden of owning a rental property, some landlords leave maintenance and dealing with tenants to property management companies. However, hiring this type of service can sometimes lead to even more conflict. Hiring a property management company is an added cost that cuts into the profit you make on the investment. In addition, a property management company may not be as selective as you would be when approving tenants to live in the rental home. Some landlords don’t have the time to manage the property but are also frustrated with the company hired to do this job, so they decide to sell the property instead.

  • Rental property does not provide steady cash flow.

A preconceived notion about rental property is that it can provide a steady rate of income every month for the investor. In reality, this is hardly ever what happens. There are a variety of unexpected expenses that can occur from month to month. This makes it difficult to estimate how much profit will be made from one month to the next. The uncertainty in this investment can make a homeowner want to give it up.

For whatever reason you may be tired of being a landlord, you have several options for selling the property.

How to Sell Your House When You Are Tired of Being a Landlord

Selling a rental property can be challenging because you are having to respect the rights of your tenants will also following through with a sale. There are more factors to consider in this situation than if you were to sell your own primary residence. Below are ways to sell your rental house and the advantages of each option.

Sell the Rental House Using a Real Estate Agent

If you choose to use a realtor to sell your rental property, you are more likely to sell it for a higher price. However, make sure the realtor is aware of and willing to comply with tenant-landlord laws. In the state of Massachusetts, the tenant is given the right of first refusal, or ROFR. This means that before the landlord can sell the property to a third party, it must be offered to the current tenants at the price and terms that would be offered to the third party buyer. If the landlord or agent does not abide by ROFR, the tenant could choose to take legal action.

In addition, the existing tenant also has a right to refuse showings. Without showings, it could be extremely difficult to sell the property at a good price. Even if the tenant is willing to allow showings, they may not be able to keep the house in a presentable condition. It is the landlord’s decision to sell the property, not the tenant’s, so the tenant will likely feel less ownership about the selling process. If the tenant does not want to move, this could also create conflict and lead to the tenant being unwilling to cooperate for showings.

For more information about tenant rights, visit the Government of Massachusetts website here.

Sell the Rental House to a Professional Home Buyer

If you want to skip showings, repairs, and potential conflict with tenants altogether, you could choose to sell the house to a professional home buying company. This is one of the quickest and easiest ways to sell the property. A home buying company often has experience in tough situations such as selling a house in poor condition due to bad tenants. If you are tired of being a landlord and want the most straightforward way out, this could be the best option for you.

When selling your property to a professional home buying company, you won’t have to worry about repairs, showings, or extensive paperwork. You won’t even have to worry about evicting the current tenants. The home buying company will take over all of your previous responsibilities, so you don’t have to worry about it anymore.

The majority of conflict between a landlord and a tenant can stem from the process of putting the rental property on the market and making it appealing to potential buyers. By selling your house to a professional home buyer, it creates a smooth transition between owners. The tenants won’t feel bothered or threatened by the sale of the home. Choosing to sell your house this way could be much less stressful than selling it using a realtor.

Sell My Rental Property in Massachusetts

If you are tired of being a landlord and have decided to sell, the good thing is that you have options. You could list the house using a real estate agent, or sell it for cash to a professional home buying company. You will need to decide which option is best for you depending on your time, finances, and motivation to carry out the selling process. The disposition of the current tenants can also make a large impact on how you choose to sell the home.

If you need to sell a rental property in Massachusetts, Pavel Buys Houses has the expertise and experience to help you get the highest possible price for your home. Not only are we licensed real estate agents, but we can also buy your house for cash. You could list your rental home on the market with us knowing that you have the option to change your mind and sell it for cash at any time. To discuss your rental property, call or text us at 781-309-7085 for a quick response. 

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