Selling An Investment Property - Park City Property Management
Eventually all investment properties will be sold. Hopefully there has been a steady stream of both income and equity built by your investment that you can liquidated and utilize elsewhere. If your investment property is a long term rental in Park City there are a few things you should consider before beginning the sales process. These tips come from my position as a property manager for investment properties and my experience dealing with sales in Park City property management. If you are also in need of real estate advice CC Realty has the contacts available to provide you with knowledge of the Park City marketplace that will aid you in your decisions. Here are a couple of tips I recommend for those looking to sell an investment property.
Wait For Vacancy
Perhaps the easiest and most pain free way of selling an investment property is to wait until it becomes vacant. I know this is not always ideal from the position of the property owner but it will definitely make for a smoother sales process. If a tenant is currently on a month to month basis you can inform them of your desire to sell the property and see if they would be interested in either buying or moving out in the next few months. Try to be as accommodating as possible and realize that asking tenants to move, especially if they have been there long term, can be an upsetting experience. If the lease is set to expire in the near future then you should notify the tenant of your intent to not renew the lease and place the property up for sale. Again giving as much notice as possible is ideal. The last thing you want to do is renew a lease or find a new tenant to move in only to turn around and sell the property in a few months. This is a poor business practice in general and definitely a hardship on tenants. Plan ahead, pay attention to the marketplace and be up front in your dealings in Park City property management.
Selling An Occupied Property
Sometimes you can sell to another property investor who is looking to slot into a property that is already set up with a quality tenant. It is still necessary to notify your tenant of your intent to list a property, as well as provide 24 hour notice for any showings or property tours. Utah property management law provides protections for tenants with regards to entering a property so make sure you abide by these laws in Park City property management. You can market the property as having a quality tenant for investors or for a move in for home buyers. Just make sure you provide proper notice to a tenant when you need to access the property.
Considerations
You should always use a lease that contains a clause regarding the sale of the property. for example the lease I use states that an owner "may terminate this lease with thirty (30) days written notice. Such notice may be given at any time after Owner has entered into a final earnest money agreement with a bona fide third party purchaser." Remember that the terms of the lease survive the change in ownership. If a new investor purchases the property they are bound by the terms of the current lease. Always review these items when making a purchase or sale in Park City property management.
If you would like more information on selling a investment property, or further information about Park City property management in general click the link below for a free consultation. You will receive valuable information specific to your property that will help you make an informed decision. You will also receive a free, no-obligation quote on our property management services. At CC Realty we specialize in making investment property ownership a trouble free experience. Please contact us today for your free consultation.
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