Do I need to talk with a real estate agent or to an investment property person?
I want to sell a house that currently has good tenants. I want to sell it but with the stipulation that the tenants will remain until Dec 2023. Do I need to talk with a real estate agent or to an investment property person?
Asked by Anonymous | Columbia, SC| 08-05-2021| 1,021 views|Renting|Updated 3 years ago
A regular real estate agent can handle this. You don't need a separate investment property specialist, though working with an agent who has experience selling tenant-occupied properties is a plus.
Any good listing agent can market the property as an investment opportunity with tenants in place. The existing lease and current rental income are actually selling points for investor buyers because they get immediate cash flow with no vacancy. Include the lease terms, current rent amount, and tenant payment history in the listing materials so investors can quickly evaluate the deal.
Make sure your listing clearly states that the property is being sold subject to the existing lease and that the tenants will remain through the lease end date. This sets expectations upfront and attracts the right buyer pool.
Selling a home that has existing tenants involves both a real estate transaction and a landlord-tenant relationship, and the right professional to involve depends on what you want to achieve.
In South Carolina and throughout Florida, if the goal is to sell to another investor who will continue operating the property as a rental, a real estate agent experienced in investment property transactions is your primary professional. They understand how to price an income-producing property based on cap rate and gross rent multiplier, how to market to investor buyers, and how to structure the sale to accommodate the tenants rights through the transition.
If you want to sell to an owner-occupant, the tenant situation becomes more complex because the buyer will want possession at closing. Florida law requires the new owner to honor an existing lease through its term, which means an owner-occupant buyer may not be willing to close if a long-term lease is in place. In that case, you may need to negotiate a lease termination with the tenant, offer a cash-for-keys arrangement, or wait until the lease expires naturally before listing for the owner-occupant buyer pool. A real estate attorney can advise on the tenant side, and a listing agent handles the buyer side. For a straightforward investor-to-investor transaction, an investment-property-experienced listing agent can handle both aspects efficiently.
Kevin Neely & Kaitlynd Robbins | K2 Sells
Start with a real estate agent who has investment experience. They can help you analyze numbers, find opportunities, and connect you with investor-focused lenders or advisors if needed.
I am a REALTOR in the Columbia, SC area. WE often have investors that will buy properties with the tenant in place if there is a solid lease and good standing tenant with the right numbers for the return on investment. Keep in mind investors do not want to "buy your problem low-cost rental" they want a solid investment so be sure that is what you are looking to sell and offer if you want to keep the tenant in place.
However, speak to a REALTOR about the specifics of your property they will be able to give you good suggestions on what you are trying to accomplish for your real estate goals!
A real estate agent can help you in listing the home and marketing the property properly so everyone knows the lease that is currently in place will remain in effect.
A real estate agent can help you in listing the home and marketing the property properly so everyone knows the lease that is currently in place will remain in effect. The new owner most likely would be an investor that would be willing to take over the current lease.