Selling a rental income property in Phoenix can be much more difficult if you are trying to sell when there is still a tenant living there. Not only are you forced to work around their schedule to show the property but you also are relying on the tenant to keep the place in good condition and clean. Many homeowners even have a hard time keeping their personal home in show ready condition so it can be hard to motivate a tenant to do it.
There are a few ways that you can get your tenant to work with you on the time frame and readiness of the property. The first option is to offer reduced rent for the time period that you have the property on the market. This is your way of financially motivating your tenant to work with you. The issue does arise though when the tenant takes advantage and dissuades the potential buyers so that they can continue to get reduced rent.
Another option is to offer the tenant money to help out with their move if you are not selling the property to another investor. In this case, it is in the tenant’s best interest to encourage the potential buyers and work with you. If the house does not sell while they are living there then they get no help with their moving costs.
If you have repairs that need to be made to the unit before you want to put it on the market, it can also be more difficult to complete that work with a tenant living in there. In this case, you might want to see if the tenant is interested in helping with some of the repairs or doing some of the repairs to earn some extra money. It would be easier for the tenant to schedule doing the repairs around his or her schedule and you would still be getting the work done affordably.
You also have the ability to turn this potentially negative situation into a positive one by marketing only to other investors. If you decide to do this then it is actually a bonus that the property has a current tenant. It also reduces the amount that you would need to invest in upgrades and repairs because the investor is going to be looking for the most affordable property to purchase. Keep your money that you would have spent on upgrades and just sell at a slightly cheaper price to another investor. This could also make your tenant happy knowing that they will not have to move, they can simply send their rent to the new owner.
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