Exit Strategies for Your Tenants Before Selling Your Home to a Cash Buyer in Perry

Have you been a landlord for years, and you want to move forward with your life outside managing a rental?  While others may not understand what’s so tough about moving forward, at Spire Property Solutions, we fully get the difficulty of letting go of a rental, especially when you have long-standing tenants who are good to you and your property. 

That is why in this article, we want to help you deal with your tenants without straining your relationship. Let go of the negative connotation surrounding “kicking your tenants out” because there are polite, decent ways to go about eviction. Here are seven of them.

Tip#1: Help Them Find Another Home

A home or shelter is a basic necessity. If you take out people’s homes, it can spark a whirlwind of emotions that may negatively impact your relationship with your tenant. Remember, the goal here is to let them leave without a heavy heart. And so, if you need to evict your tenants, it might be best to get ahead with their objections.

Typically, if you need your tenants to leave the soonest, a normal reaction you’d get is, “Where will I go?”. If you’d have an answer for this ready, then you’re actually helping them get past their worries and stress faster.  Moreover, you shouldn’t just find a random home for the sake of offering something. You have to find a home that would suit what your tenant wants and needs. 

Tip#2: Return Their Deposit A.S.A.P

Security deposits are there to cover any untoward damage to the property. In some cases, if tenants move out before the minimum stay stipulated in the contract, the reimbursement of their security deposit is forfeited.

when can a landlord keep a security deposit?
Source: The Balance

Now whether or not you’re evicting your tenant who has just moved in or your tenant who has lived in your home for years, it can be a good gesture to return their security deposit in full.  You can say something like, “Even though it isn’t necessary for the contract, I’m going to give this an exception and return your security deposit, so you can use it when you move into another home.” Giving something of value to a person always does a great job of making them feel at ease. 

Tip#3: Explain the Situation Well

Nothing beats the good ole’ fashion dialogue.  If you need to sell your home already, avoid kicking your tenants out in haste. Find time to sit down with your tenants and explain the situation, including why you’ve decided to sell the house (considering it’s not uncomfortable for you to share some details). After you’ve spoken, allow them to express their side as well and listen to what they have to say.

They may tell you their hesitations, worries, and objections, and all you need to do is make them feel heard. If they have a request you’re not keen on saying yes to, try not to decide on it on the spot. Instead, tell your tenants that you’re going to think about it first.

Tip#4: Extend Their Notice of Eviction

The Landlord-Tenant Law in Georgia requires landlords to issue a 60-day notice before the target eviction date.  This usually allows both parties to straighten out whatever needs to be straightened out — unpaid dues, repairs, conflicts, etc. If you’re going to sell the house for personal reasons, try to see if you can inform them more than 30 days ahead of time — months if you can!

Tip#5: Offer Cash

Long time tenants can be the hardest to deal with, especially when the house has become a home to more than one generation. If your tenant disagrees with moving out and counter file a complaint to the court, it can be a more expensive process. Once you feel that there’s no convincing your tenant through words, consider creating a settlement with them and offer them cash.  You can go for a personal loan to cover this; anyway, you can get the money back once you sell the house.

Tip#6: Raise the Rent

This is one effective strategy to encourage your tenants to move out, but it is not the most recommended. Remember that honesty is still the best policy. While this saves you from having an uncomfortable conversation with your tenants on their eviction, it might be more awkward in the long run.  Plus, this isn’t really advisable if you need to sell your home as soon as possible because what if your tenant could afford and agree with the increased rent? Nonetheless, if you decide to increase the rent, make sure it is within the average in your area.

Tip#7: Accepting Whatever the Tenant Can Give

Lastly, one of the constraints that hinder tenants from moving out is unpaid dues.  If you find yourself in this situation, you can think about waiving the dues and just letting it all go. Besides, you’re going to have more money anyway once you sell the house (assuming your equity is not more than what you owe on your mortgage).

If you don’t want to go through any of the strategies above with your tenants, you have one last option to take — sell your Perry house without evicting your tenants! At Spire Property Solutions, we can buy your home and take care of the tenants for you. All you need to do is inform them that they’re going to have a new landlord! To learn more, leave us your contact information below, and we will contact you the soonest. You can also call us directly at  (678) 318 – 1801.

Get More Info On Options To Sell Your Home...

Selling a property in today's market can be confusing. Connect with us or submit your info below and we'll help guide you through your options.

  • This field is for validation purposes and should be left unchanged.

Leave a Reply

Your email address will not be published. Required fields are marked *