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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| 1,063 views|Renting|Updated 3 years ago

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Juliana ReynosoReal Estate Agent2 weeks ago

I would recommend speaking with a real estate agent who has experience selling tenant-occupied properties, especially if you want the tenants to remain in place through a specific date. You can absolutely explore selling the property as an investment to a buyer who is willing to keep the existing tenants.

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Juan PicosReal Estate Agent3 months ago

A real estate agent with experience selling tenant-occupied investment properties is a great place to start. You can absolutely sell a home with tenants in place, and if the lease runs through a specific date, the buyer will typically need to honor the existing lease, subject to local laws and the terms of the agreement. This type of property may be especially attractive to investors who want immediate rental income. Your Realtor can help you determine whether it's better to market the home to investors or owner-occupants, coordinate showings with the tenants, and explain how the lease affects the sale. Before listing, gather a copy of the lease and any rental history, as prospective buyers will likely want to review that information. Juan Picos Realtor | JohnHart Real Estate

Zoltan PeresztegiReal Estate Agent3 months ago

Start with a real estate professional, not an investor, and here is the fact that makes your whole plan easier than you think: a written lease survives the sale. The buyer takes title subject to your tenants' existing lease. You do not need the buyer's goodwill to protect your tenants, you need the lease in writing and the buyer on notice of it. That reframes the whole question. You are not asking a buyer for a favor. You are selling a property that comes with an income stream already attached, and to the right buyer that is an advantage, not a condition. What to have ready before you list: An estoppel certificate from each tenant. This is a short document your tenants sign confirming the rent amount, the deposit you hold, the lease end date, and that there are no side agreements or unpaid claims. Every serious investor will ask for it, and having it ready before they do makes you look like a professional seller. It also protects you, because a tenant cannot later claim terms that contradict what they signed. The lease itself, the payment history, and the security deposit accounting. South Carolina has specific rules on transferring deposits at sale, so make sure your closing attorney handles that transfer properly rather than leaving it vague. Now, agent or investor. Take it to a regular agent first, and specifically one who works with small investors. Reason: an investor buying direct will price to their own return and you will only ever see one number. Listing it exposes it to every buyer who wants a tenant already in place, and there are more of those than people assume. If the listing does not produce a strong offer, you can still sell to an investor later. You cannot go the other direction. One thing worth asking your CPA before you sign anything: if this has been a rental rather than your own home, a 1031 like-kind exchange lets you defer the capital gains by rolling into another investment property. The rules are strict, 45 days to identify the replacement and 180 days to close, and the exchange has to be set up before your sale closes, not after. If there is meaningful gain here, that conversation is worth having early. One note since this question has been up a while: the December 2023 date you mentioned has long passed, so whatever lease you had then has either ended or rolled to month to month. If it is month to month now, that changes your position quite a bit. Month to month tenants are easier for a buyer who wants to occupy and slightly less valuable to a buyer who wants income. Worth getting a fresh written lease signed before listing if your tenants are willing. I am a real estate professional, not an attorney or a CPA, and South Carolina handles closings through attorneys, so yours will be involved anyway. I am Zoltan Peresztegi and I work with sellers in Los Angeles and the South Bay of California, so Columbia is not my market. Glad to connect you with a Midlands agent who genuinely works the small investor side if you want an introduction. Zoltan

Michael AtkinsonReal Estate Agent4 months ago

You can use a regular real estate agent, but ideally one who understands investment properties and tenant-occupied sales. Since the tenants need to stay until December 2023, that should be clearly written into the listing and purchase contract. Most likely, your buyer pool will be investors, so make sure the lease terms, rent amount, deposit, and tenant history are organized upfront.

Keith Jean PierreReal Estate Agent5 months ago

I would suggest speaking with a local real estate agent as they can handle a sale like this. Keith Jean-Pierre Managing Principal The Dapper Agents Real Estate Operations in ALL 50 States

Kevin NeelyReal Estate Agent6 months ago

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

Barrett HenryReal Estate Agent7 months 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.

Amanda CourtneyReal Estate Agent1 year ago

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.

Glenda X BozettReal Estate Agent3 years ago
Semi-Pro47 Answers

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.

Lisa And Greg HarrisReal Estate Agent3 years ago

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!

Steve LethReal Estate Agent5 years ago
Novice2 Answers

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.

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