Owning investment property can cause serious anxiety. Whether it’s the constant home maintenance, hiring unreliable property management companies, or dealing with bad tenants, sometimes leasing out your rental home isn’t a sound or lucrative decision. So what do you do when you don’t want to be a landlord anymore?
Tired of Being a Landlord? Frustrated?
There are several reasons a homeowner might be tired of being a landlord. One of the biggest reasons includes losing capital to maintain your property. While most landlords expect a payment of minor repairs, landscaping, and other, consistent home maintenance, unexpected expenses can damper your perceived profit margin. Replacing faulty appliances or repairing a leaky roof can create a negative cash flow that deters most landlords.
Property Management Companies
Many rental property owners seek the services of third parties to manage their estates. They do this for a myriad of reasons, from saving time spent on answering tenants’ calls to hiring contractors to fix basic issues. But procuring property management companies can be a more costly, time-consuming, and wholly unsatisfying solution to a landlord’s conflicts.
Property management companies are an added expense, further subtracting from a landlord’s potential profit. A landlord can lose out on a huge portion of profit when hiring a property management company.
The expenses don’t end with monthly management fees however. Property management groups are also known to overcharge for simple repairs. A leaky faucet can turn into a several-hundred-dollar call to a plumber; a loose floorboard can cost the landlord thousands when the management company hires an outside contractor. Without a keen eye, property management companies can take advantage of a landlord’s hands-off approach.
Dealing with tenants is one of most burdensome duties of a landlord. When hiring property management groups, you trust them to deal with even the most high-maintenance renters. Yet, property management companies often don’t know what to do when tenants tear up your house.
Selling with a Real Estate Agent
If property management companies are an expensive, unreliable option to maintaining your rental property, selling your home might be your best option when you’re tired of being a landlord. Most sellers consider using a realtor when selling their property, but many real estate agents have a hard time selling a house with tenants.
Some realtors have trouble complying with tenant-landlord laws. Although state laws differ, most states give the tenant the right of first refusal (ROFR).
The ROFR is a contractual right that allows the tenant to sue a landlord if not given the offer to buy before selling the rental property. If an agent ignores the ROFR, you could be in major legal trouble and spend thousands in legal fees before selling.
Agents also must be mindful of a current tenant’s right to refuse showings. Showing a home to potential buyers is key to selling the residential property. If the tenant is unwilling to show or unable to keep the property in showroom condition, you may lose out on a sale.
Selling to a House Buying Company
If selling your property is the best option when you’re tired of being a landlord, how do you sell your house most efficiently with tenants? In many circumstances, selling to a house buying company is the best option when deciding what to do if you don’t want to be a landlord anymore. Utilizing the offers made by a house buying company often gives you the simplest and least stressful solution to many rental property problems.
You don’t have to stress over the legalities of how to evict tenants living in your current rental property. You’re able to sell to a house buying company without evicting tenants. Rid yourself of bad tenants and costly property management fees in a quick, easy sale without using an agent. House buying companies buy homes as-is, even those in poor condition due to disrespectful tenants.
You don’t have to worry about selling a house with a valid lease agreement when you sell to a house buying company! House buying companies have the expertise to handle even the stickiest lease agreements, allowing you to close quicker and move on to better investment opportunities.
Selling to a house buying agent also ensures your tenants will have a hassle-free transition from seller to buyer. This is especially great if you’re related to the existing tenants, a common occurrence for landlords.
House buying agents allow you to sell your rental property without worrying about tenants, repairs, additional fees, or leasing agreements.
If you’re tired of being a landlord, selling to a house buying company is a dream come true. Are you ready to stop landlording and sell your home for cash? Contact an expert member of the team at St. Louis Realty Advisors to learn more today! You can reach us direct at 314-326-4900.