How to Sell a House When You’re Traveling

How Do I Sell a House When I’m Traveling Or Out of the Country?

For a lot of landlords, the day-to-day of property management can become too hectic and demanding. Some are juggling part or even full-time jobs that need more of their attention, and the supplemental income from renting isn’t worth all the work involved. Others are overwhelmed with trying to maintain multiple units. Whatever the reason is for changing things up, selling your rental properties doesn’t have to be another pile of stress. In fact, it’s a smart way to streamline investments and shed properties that aren’t offering the value you want.

SoldFast buys, sells, and manages a wide variety of rental properties, so we’re well-equipped to help you downsize or even sell off all your units. Priorities change, markets shift, but you still deserve a clean break! We’ll be able to support you every step of the way, like how our Operator David Stratton helped Sara sell a high equity rental while she was still out of the country.

Property management can be more difficult when you don’t live near the property, or even if you’re just temporarily traveling. When some landlords see a shift in their day-to-day like this, they may decide trying to stay involved with the property isn’t worth the back and forth.

Finding a local buyer for the property is a great option, and a full-service professional like SoldFast can help process all the paperwork even if you’re still out of the country.

Sara Needed to Offload Her Rental Property

Sara called because she was tired of being a landlord. While the property had appreciated a great amount, the rent had only gone up a small percentage, and not enough to make the continued effort worth it. She wanted out.

David informed her that when the lease ended, we could fix the place up and list it for top dollar, but she wanted something easier. You see, Sara was a foreign citizen from Asia and was working in Europe. Her travel circumstances were way too complicated to take on the additional tasks of terminating a lease, fixing up the property, and listing it. She opted for the simplicity and convenience of cash offer.

Landlords wanting to sell some or all of their rental properties have different options depending on if they are still willing to actively manage anything over looking at retirement investments. SoldFast professionals help you explore all your options, which for downsizing property management might include our local Operator taking over management or helping to facilitate transfer of ownership, including setting up other trusts/gifts to heirs for the sale or inheritance of properties.

We can also look at options for where you can place any equity the property produced, such as in a Delaware Statutory Trust. This low-risk fractional form of real estate ownership involves a sponsor/property manager who will handle tenants and maintenance. An applicable DST is perfect for 1031 exchanges to defer your capital gains tax, but keep in mind that these trusts have strict IRS requirements.

Because Sara decided to accept our offer, we immediately started working with the current property manager to help the tenant find a new place to rent. We also arranged for a mobile US notary to come to Sara’s office so that she didn’t need to visit the US consulate in Europe to sign paperwork.

Once the Property Was Vacant, We Got to Work Making Renovations

We wanted to make some lasting updates to the rental for future tenants, so we made a wide range of cosmetic upgrades during renovations. For the interior, we put in new flooring and baseboards, plumbing fixtures and appliances, as well as lighting and hardware. Some paint and new blinds made great finishing touches, and helped the property feel entirely refreshed.

A lighter flooring is an easy way to bring more natural light into the house. The appliances and cabinets were in great shape, so we left them in place.

Turning the Garage into a Multipurpose Workspace

The property didn’t have a driveway, but we wanted to invest in some kind of upgrade, so we finished the garage walls and laid down some epoxy over the floor. Along with a moisture barrier, the epoxy seal on the concrete makes it much easier to clean. We wrapped up this portion of the renovation with a bright LED light.

This is a great way to turn your garage into a more finished, comfortable space that can double as room for hobbies or storage. Wall pegs for tools, ventilation equipment, and more dedicated storage options are other great ideas for this kind of project.

We Set Out to Make this Transition Stress Free for Both Tenants and Owners

Buying and selling properties while tenants are still in place can be a delicate situation. The seller deserves the opportunity to walk away like with any other property, but the tenant may be concerned about future ownership or even their own tenancy. SoldFast firmly believes in making deals that strengthen our communities for both renters AND homeowners.

We chose to give more notice than the contract required, an extra bit of support both the property manager and current resident were grateful for. Just because Sara wanted a fast, seamless transaction instead of top dollar didn’t mean we couldn’t also support everyone else impacted by the sale.

An experienced real estate professional is exactly who you want to navigate these delicate legal situations. We can best represent the interests on behalf of sellers unable to attend in person. Not only is it convenient, it’s also an accessible option for people who otherwise can’t travel, like the elderly as well as noncitizens or folks with disabilities.

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Minimum Notice Periods Don’t Have to Be the Standard

Largescale renovations or changing life priorities are just two of the reasons someone may decide to stop renting property. But what should the current resident do? Going above and beyond to help make these transitions comfortable for tenants isn’t just something we’re happy to do. We believe it’s a moral obligation, and that it benefits everyone to support the tenant where possible.

One way to do so is with advanced notice. Most states have some form of minimum notice period, but that doesn’t mean you can’t provide notice well ahead of time. Having plans in place and contacts in the local rental network can streamline the process and help connect tenants with new rentals as soon as possible. The flexibility and safety a tenant receives from this situation is invaluable.

Trust SoldFast for Total Support Wherever You Are

Wherever you are in your life shouldn’t get in the way of what comes next. SoldFast can help you sell rental properties weighing you down regardless if you’re in-person or halfway across the world. Give your local SoldFast Operator a call today!

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855-276-5332