Selling Rental Property in New Orleans
When you decide that’s it time to either retire from the landlord business or take your equity and move on to a bigger property, there are some things you need to know when selling rental property in New Orleans. And it all relates to your tenants and how they can impact the success of a sale.
Pros and cons of listing a home with a tenant
- You continue to create income via the rent
- The property is not left vacant
- You have someone to notify you immediately if a problem arises (A/C breaks, hot water heater starts leaking, etc.)
- Investor buyers are more likely to be interested in a property that is income producing
- Tenants may not want to move and may make the property difficult to show
- Tenants may not keep the property in show ready condition (believe me, we’ve seen some messy, messy places) because they don’t have a stake in the sale
- Tenants may “bad mouth” the property to prospective buyers
- You don’t have the opportunity to clean up, repaint or do any necessary cosmetic repairs before listing
If you are going on the market while your tenants are still occupying the property, offer them an incentive to cooperate with showings. It may be a discount on their rent or assistance with their moving costs, but getting them to work with you rather than against you makes it worth the money spent.
Need help selling your rental property? Call 504-327-5303 today and we’ll be happy to help you put together the right plan to get it done.