Your Complete Guide to Prepping a Rental Property for Market

What’s involved in selling a rental property? As you can imagine, there’s a lot more to it than just hiring a real estate agent and putting it on the market. For example, you may have tenants to think about or repairs that need to be made in order for the property to sell for the best price. It’s important to go into the process armed with all the knowledge you need to achieve your home sale goals. This comprehensive guide will cover everything from deciding when it’s time to sell, to getting your property market-ready.

Timing: when to sell a rental property

You thought long and hard about investing in a rental property — and you should think just as much about the best time to sell that rental property. There are a few times that are ideal for selling your rental property.

Your equity is high

Did you buy the property years ago, in good condition, and for a relatively low price? If so, and the property value has appreciated since then, it may be a good time to list the home for sale.

It’s a seller’s market

For obvious reasons, homes tend to sell quicker when there are more local buyers than homes available— they also tend to sell for more. Consult with a real estate agent to understand if it’s a strong seller’s or buyer’s market before taking the steps to sell.

You want to diversify your investment portfolio

If your rental property doesn’t fit into your investment portfolio and investing strategy, why hang onto it endlessly? Letting it go could give you the cash to fund your next investment.

You no longer want to manage the property

Maybe you inherited a property and have no interest in being a landlord. Or maybe your interests and circumstances have changed and you’re ready to move on. In either case, this is a great reason to sell. 

The property needs significant repairs

When a property needs significant repairs that you cannot afford or simply don’t want to tackle, this is a good indicator that it’s time to sell. 

If you and your real estate agent choose to work with Curbio for pre-listing home improvements, you can reap the benefits of tackling those repairs without the time commitment and stress. Plus, you can put the money from the sale into an even better investment. Learn more about how Curbio works.

Now, let’s discuss some of the updates and other preparations you should check off before you list.

Give your tenants ample notice

Not only is it courteous to give your tenant notice that you’re going to sell, but it’s the law. Some states require 30, 60, and even 120 days’ written notice. Be sure to check the timeframe in your state to avoid any legal trouble. 

Depending on your state, you may be required to wait until your tenant’s lease expires before you can sell the property. Otherwise, you may be able to sell the property to your tenant, sell to a new owner with an active lease in place, or pay the tenant to move out. 

With decision making and prep work out of the way, it’s time to list!

Whether it’s time to free up cash for a new venture, or you’re selling to have money for retirement, when it comes to selling your rental property, you want to maximize your return on your investment and have the process go as smoothly as possible. The problem is that after having tenants living in a property, there is always some wear and tear—and oftentimes, there are major repairs and renovations that need to take place before listing.

When it’s time to let go of a rental property though, the last thing most owners want to do is put time, money, and energy into the property. With Curbio, rental property owners can keep the pre-listing prep process hassle-free, without handling any repairs, refreshes, or renovations themselves.