When searching for an area to invest in, one of the most important things to look for is a steady growth rate of jobs and a population growth to match. Both of these factors are significant indicators of a good local economy, and a good local economy means there’s money to spend on necessities like rental properties. Atlanta has both qualities and owning property there can mean great things for your real estate business. However, it’s not enough to simply own these properties—you need to know how to sell them. To help you get the most out of your investment, let’s look at a few tips that will help you sell your rental property in Atlanta, Georgia.
Wait for Their Lease To Expire
The simplest option is to wait for your tenant’s lease to expire and then market the property for sale. While this is easy and effective, it’s not the most timely strategy. While property gets eaten up on the market relatively quickly in Atlanta, waiting for a lease to expire, putting the property up for listing, and waiting for responses takes time. You also have to work on the tenant’s schedule and give them adequate notice for showings.
Market While the Tenant Is in Place
While marketing the property with a tenant in place still requires you to work around their schedule, it does help cut down on time. During the active lease, you can show the property, take in bids, and speak with buyers. This way, you don’t lose out on rental income during the in-between. However, there is a limited buyer pool here, as most investors are looking to buy fast and aren’t always willing to wait for a lease to expire.
Sell to Your Tenant
If your tenant has been renting from you for a while, consider selling the property directly to them. This is especially useful if you know they’re looking for a place long-term. If your tenant is struggling to afford the home, you can offer seller financing, wherein the seller is also the mortgage lender. In this instance, you, the seller, would receive payments over time. However, it’s important to note that you cannot offer seller financing unless you fully own the property.
Pay Them To Leave
In general, properties in Atlanta tend to sell relatively fast, so you may be anxious to get the property off your hands quickly. If you want to speed up the process, you can pay your tenants to leave. Although this isn’t always an ideal scenario financially, it’s a good strategy if you’re looking to move fast. You can help them pay for moving costs, cover their new security deposit, or offer to pay the difference in rent for their first month’s lease.
Whether you’re looking to buy, sell, lease, or manage your property, or want more tips to help you sell your Atlanta, Georgia rental property, let Excalibur Homes help. We offer management and leasing services to help you find and retain the best tenants! Plus, our experienced property managers can give you insider tips and info to help you get the most out of your property.
