Landlords: What To Do With Your Rental Property When You’re “Over It”

Written by Nick Bond Posted On Wednesday, 05 August 2020 22:03

We’ve all been there: nightmare tenants, late payments, midnight maintenance calls.

It’s fun at first but it can get really old, really fast.

Owning a rental property can be a great investment and amazing way to supplement some income but what do you do when you want OUT.

Option 1: Property Management

Handing the responsibility of managing your property over to a property management company.

This option is for the rental property owners who have good cash flow on their property. This option can relieve you from an immense amount of stress and anxiety. No more receiving phone calls in the middle of the night, no more comparing vendors for repairs, no more wasting time on worrying about screening the right tenant for your property. 

What do you pay to a management company?

You will usually end up paying around 8% to 10% of rent each month to a management company. The amount of stress they take off your plate is well worth it, but you have to keep in mind and make sure that you choose a company who is reliable and can give you the service that you need. Make sure it is a reputable company who has been serving your property’s area. These companies will screen people to make sure you have a great tenant, manage repairs and vendors, and tend to the tenants' every need so that you don’t have to.

Option 2: Sell to a Cash Home Buyer

This is also a great option for those landlords that are just tired of their property and want to get rid of it through a quick sale. 

It is a great option because these buyers will buy your property “as is”. This means, no repairs, no cleaning, no commissions, nothing.

What’s great is that these companies will make it extremely easy and fast for you! These companies take your property just as it is and you get to walk away with cash and no stress. This is an amazing option for those owners who have made enough money from their property and have the goal of getting rid of it as fast as possible. 

Make sure you choose a Home Buyer who is reputable and has the right intentions. This is extremely important because some of these companies are just in the game to make some quick cash and not looking out for the seller. Talk to multiple companies and choose the one that fits best for your needs, just like choosing the right property management company.

Option 3: Sell with a Real Estate Agent

This is another great option for those owners who do not have a need to sell their house fast.

Don’t get me wrong this option does take longer than selling to a home buyer but it does give you the option of getting market value for your property. 

You want an agent who can market your property the best way through the MLS and other avenues on the internet.

The only downside to this option is that you will have to update and repair everything to get your home up-to-date compared to recent sales in the neighborhood. 

Conclusion

There are a lot of options for you as a landlord that is just fed up with managing their property. Hopefully this article will help you make a more informed decision when it comes time for you to take action with your house.

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