5 Things You Should Do Before Selling Your Rental Property

By Mel and Zack Durham, eXp Realty – Olympia, Washington

Selling a rental property is different from selling a primary residence. You’re not just dealing with the physical property; you also have to consider tenants, lease agreements, and potential buyers looking for investment opportunities. If you’re planning to sell your rental property in Olympia, Washington, here are five essential steps to ensure a smooth and profitable transaction.

1. Review Your Lease Agreements

Before listing your rental property, carefully review your existing lease agreements. If you have tenants currently occupying the property, you need to determine whether they are on a month-to-month lease or a long-term lease. Some buyers may prefer a property with existing tenants, while others may want it vacant. Knowing your lease terms will help you market the property appropriately and comply with Washington’s landlord-tenant laws.

2. Notify Your Tenants Properly

If your rental property is occupied, Washington law requires that you provide proper notice before selling or showing the property. Giving your tenants ample notice and maintaining open communication can help avoid potential conflicts. You may also consider offering incentives for tenants to move out early if you intend to sell the property vacant.

3. Assess Property Condition and Make Necessary Repairs

A well-maintained property attracts more buyers and higher offers. Walk through the property and identify necessary repairs or improvements. Address any major maintenance issues, such as roof leaks, plumbing problems, or HVAC concerns. A fresh coat of paint, updated fixtures, and landscaping touch-ups can make a significant difference in the property’s appeal and value.

4. Determine Your Selling Strategy

Decide whether you want to sell your rental property as an active investment (with tenants in place) or as a vacant home. Selling to an investor means emphasizing the rental income potential, while selling to an owner-occupant may require waiting for tenant leases to expire. Work with an experienced real estate professional to evaluate market conditions and determine the best listing strategy for your property.

5. Work with a Real Estate Professional Experienced in Investment Properties

Selling a rental property requires specialized knowledge. Partnering with a real estate agent who understands investment properties and local market trends can help you navigate the complexities of selling a tenant-occupied home. An expert can also help you price your property competitively, market it effectively, and negotiate favorable terms.

Final Thoughts

Selling a rental property involves unique challenges, but with careful planning and the right guidance, you can maximize your returns and ensure a smooth transition. If you’re considering selling your rental property in Olympia, Washington, reach out to us—Mel and Zack Durham at eXp Realty. We have the expertise to help you achieve your real estate goals while minimizing stress along the way.

Ready to sell your rental property? Contact Mel and Zack Durham with eXp Realty today for a consultation!

360.481.2073

melandzack@pnwhomesgroup.com