I want to sell my rental property in Oklahoma City!
So you’ve decided to sell your rental property in Oklahoma City. Whether you have 1 property or 200, we have some quick tips on how to approach selling rental property in Oklahoma City. As a locally owned and operated real estate investment company, we’ve seen the right way to do things and also seen some….disasters.
Often times people think selling rental property is easy. You wake up one day and say to yourself, “I want to sell my rental property in Oklahoma City”, put it on the market, and BAM! it is sold with cash in your hand. Oh if we had a nickel for every time we saw this not work out so easily…
As local investors, we want to share some advice on selling rental property in Oklahoma City. This comes from our own personal experience as a business that buys houses to flip or rent and from those of other landlords in town that have been through this. SO, if you are serious when you say “I want to sell my rental property in Oklahoma City!” then please read on….
Tip #1 – Hiring a real estate agent is NOT the first step
Most people think they need to sell rental property so hiring an agent is the next logical step. Wrong. The first step is to get your information together. By information we mean, history of rents, copy of current lease if any, list of previous repairs and when they were done. This is especially important if you are selling a portfolio of homes. If you don’t have your information together, you are not ready to sell and will cause the process to take longer than anyone wants and probably cost yourself some higher offers in the end.
One final note on this tip….don’t hire the wrong agent. For the love of all that is holy, if you hire the wrong agent, you will bring a world of headaches upon yourself. Very few agents actually understand rental property and the investment world. If you want a referral on a good agent to use for this, please, please, please….call us first (405) 673-4901.
Tip #2 – It’s rental property….not a brand new house
Many times landlords selling rental property in Oklahoma City think their house should justify top dollar. This isn’t always the case. If your house was recently remodeled to this decade’s styles and has a roof, hot water tank, HVAC system with life left you can approach top dollar. Most often the case is that a house used as a rental property for years is not able to sell for top dollar unless some improvements are made. This is because as a rental it doesn’t make sense to put the nicest updates or things in a house. When you go to sell, just keep this in mind because we can guarantee you that any buyer walking through the house will.
Tip #3 – Think about selling creatively
Rental property is great for its cash flow and return on investment while you own it and when you sell. What if you could sell your rental property for 3 times what it was worth but you wouldn’t get the money all at once? Would you do it? If you are a savvy investor, you understand how selling creatively or owner financing works. You can easily double or triple your returns over time by selling this way. If you have questions on this, please call/text us at (405) 673-4901. It may not be for everyone.
Tip #4 – Don’t forget your tenant
If you have a tenant in the house or houses you are selling, you can’t forget about them and more importantly their lease. A lease is a legally binding document and must be honored by you and the new owner if you sell a house. That is unless the lease is mutually terminated early. One scenario we see some folks run into is wanting to sell their rental property in Oklahoma City but their tenant has 10 months left on a lease that is $200 under market rents and refuses to leave until the lease is up. If the tenant won’t leave, you have to have a good reason to evict them. You can also try to give them some cash to leave early. Your potential pool of buyers shrinks if the tenant refuses to leave though as only a small percentage of people will want to or can buy a house with an existing tenant in place.
Hopefully these tips will help you sell your rental property in Oklahoma City. As a company that buys houses in the Oklahoma City area, we’d love to buy any rental property you want to sell. If you are debating selling, give us a call or text today at (405) 673-4901 to discuss your situation. Whether you are selling 1 or 200….we are always looking to buy more property and ready to make you an offer.
You can also fill out the form below and we’ll be in touch with you within 24 hours. Remember, if you are telling yourself, “I want to sell my rental property in Oklahoma City” you also need to be telling yourself, “I should call W Properties first..” 😉