Are you asking “where can I sell my rental in Cleveland Ohio“? In this article we will discuss the options for selling a rental to help you determine the best option. We’ll also present an option that is by far the fastest and easiest way to sell your rental in Cleveland (or anywhere).
The Unique Issues of Selling a Rental vs. A Single-Family Home
If you want to sell your rental you are probably aware of the added hassles that go along with selling this type of property. The more units the property has, the bigger the hassles are with coordinating showings, open houses, inspections, etc. The more tenants living in a property, the tougher it is to sell. If you are waiting for leases to end, it also might become a timing nightmare.
Options For Selling a Rental in Cleveland
Like with a primary residence and other types of investment or rental properties there are multiple ways to sell your rental. We break down some of the most common options. We also give some pros and cons for each.
Sell Your Rental to a Cleveland Cash House Buying Company
If you are looking for the absolutely easiest and cheapest way to sell your rental then selling it to a cash house buying company (we buy houses company) is your best solution.
Cash house buying companies are legitimate investment companies that buy properties for cash. They fix them up and flip them or hold them as rental properties.
These companies will buy your rental for cash, as-is, pay your closing costs, close quicker, and greatly simplify the process of coordinating showings, etc. Many of them, like our company Sesa Properties will buy your rental with tenants in place. This means you don’t have to wait out long-term leases or worry about getting your tenants out.
PROs of selling your rental to a cash buying company:
- You can sell for cash and close quickly (if you need to)
- You’ll be able to sell 100% as is, which means you won’t have to make any repairs, paint or clean
- They pay your closing costs and eliminate real estate agent commissions, which saves you money
- You can sell with your tenants in place – you don’t have to wait for leases to end or worry about getting tenants out
CONs of selling your rental to a cash buying company:
- You will save money in repairs, closing costs and agent commissions, but you will get a lower sales price
List Your Rental With A Real Estate Agent
Like with any property you can list your rental with a real estate agent.
It may seem like an easy solution. But, it should be noted that selling with a real estate agent means you will have to worry about showings and open houses. As we mentioned before showings and open houses with rental properties can be quite a pain in the you know what. But the realtor takes care of all of it, right? The real estate will coordinate showings with buyers and their agents, yes. But you, as the landlord, will be left to coordinate and confirm the showings, open houses and inspections with your tenants.
Also, do realize that listing your rental on the traditional market with a realtor has economic downsides. First, you will have to pay real estate agent commissions (5-7% of sales price). Next, you will have to pay closing costs, fees and potentially closing cost credits for your buyer. Last, you will most likely have to either make some repairs before you list or make repairs (or give concessions) after the buyer inspection.
It is also important to note that the majority of market buyers want properties delivered vacant. So you might have to wait out the leases before you can sell it. Alternatively, you might have to use the cash for keys method to get your tenants out before closing.
PROs of selling your rental in Cleveland with a realtor
- A real estate agent will market the property on the MLS for you
- They will coordinate showings on the buyers side
CONs of selling your rental in Cleveland with a realtor
- You and your tenants will have to deal with showings and open houses
- As the landlord, you will still have to coordinate showings, open houses and inspections with your tenants
- You’ll have to pay the agent 5-7% of the sales price in commissions
- Expect to pay for closing costs, fees, repairs, etc. when selling to a traditional buyer
- Most market buyers want the rental delivered vacant so you’ll have to wait for leases to end of use cash for e
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